N.Y. Tax Law § 187-i: Environmental remediation insurance credit

§ 187-i. Environmental remediation insurance credit. 1. Allowance of

credit. A taxpayer shall be allowed a credit, to be computed as provided

in section twenty-three of this chapter, against the taxes imposed by

sections one hundred eighty-three and one hundred eighty-four of this

article. Provided, however, that the amount of such credit allowable

against the tax imposed by section one hundred eighty-four of this

article shall be the excess of the amount of such credit over the amount

of any credit allowed by this section against the tax imposed by section

one hundred eighty-three of this article.

2. Application of credit. In no event shall the credit under this

section be allowed in an amount which will reduce the tax payable to

less than the applicable minimum tax fixed by section one hundred

eighty-three of this article. If, however, the amount of credit

allowable under this section for any taxable year reduces the tax to

such amount, any amount of credit not deductible in such taxable year

shall be treated as an overpayment of tax to be refunded in accordance

with the provisions of section one thousand eighty-six of this chapter.

Provided, however, the provisions of subsection (c) of section one

thousand eighty-eight of this chapter notwithstanding, no interest shall

be paid thereon.