N.Y. Tax Law § 187-n*2: Fuel cell electric generating equipment expenditures credit

* § 187-n. Fuel cell electric generating equipment expenditures

credit. (1) Allowance of credit. For taxable years beginning before

January first, two thousand nine, a taxpayer whose business is not

substantially engaged in the commercial generation, distribution,

transmission, or servicing of energy or energy products shall be allowed

a credit against the taxes imposed by sections one hundred eighty-three

and one hundred eighty-four of this article, equal to its qualified fuel

cell electric generating equipment expenditures. 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. This credit shall not exceed one thousand five hundred

dollars per generating unit with respect to any taxable year. The credit

provided for herein shall be allowed with respect to the taxable year in

which the fuel cell electric generating equipment is placed in service.

(2) Qualified fuel cell electric generating equipment expenditures.

(a) Qualified fuel cell electric generating equipment expenditures are

the costs, incurred on or after July first, two thousand five,

associated with the purchase of on-site electricity generation units

utilizing proton exchange membrane fuel cells, providing a rated

baseload capacity of no less than one kilowatt of electricity and no

more than one hundred kilowatts of electricity, which are located in

this state at the time the qualified fuel cell electric generating

equipment is placed in service.

(b) Qualified fuel cell electric generating equipment expenditures

shall also include costs, incurred on or after July first, two thousand

five, for materials, labor for on-site preparation, assembly and

original installation, engineering services, designs and plans directly

related to construction or installation and utility compliance costs.

(c) Such qualified expenditures shall not include interest or other

finance charges.

(d) The amount of any federal, state or local grant received by the

taxpayer, which was used for the purchase and/or installation of such

equipment and which was not included in the federal gross income of the

taxpayer, shall not be included in the amount of such qualified

expenditures.

(3) 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

may be carried over to the following year or years and may be deducted

from the taxpayer's tax for such year or years.

* NB There are 2 § 187-n's