N.Y. Tax Law § 23: Environmental remediation insurance credit

§ 23. Environmental remediation insurance credit. (a) Allowance of

credit. General. A taxpayer subject to tax under article nine, nine-A,

twenty-two or thirty-three of this chapter shall be allowed a credit

against such tax, pursuant to the provisions referenced in subdivision

(e) of this section. The amount of such credit shall be equal to the

lesser of thirty thousand dollars or fifty percent of the premiums paid

on or after the date of the brownfield site cleanup agreement executed

by the taxpayer and the department of environmental conservation

pursuant to section 27-1409 of the environmental conservation law by the

taxpayer for environmental remediation insurance issued with respect to

a qualified site.

(b) Definitions. As used in this section, the following terms shall

have the following meanings:

(1) Qualified site. A "qualified site" is a site with respect to which

a certificate of completion has been issued to the taxpayer by the

commissioner of environmental conservation pursuant to section 27-1419

of the environmental conservation law to an "applicant" as that term is

defined in subdivision one of section 27-1405 of the environmental

conservation law.

(2) Certificate of completion. A "certificate of completion" issued by

the commissioner of environmental conservation pursuant to section

27-1419 of the environmental conservation law.

(3) Environmental remediation insurance. The term "environmental

remediation insurance" shall mean that type of insurance described in

section three thousand four hundred forty-seven of the insurance law.

(c) The credit provided for in subdivision one of this section shall

be allowed for the taxable year in which the certificate of completion

is issued to the taxpayer. Such credit shall be allowed only once with

respect to a particular certificate of completion.

(d) If the certificate of completion issued to the taxpayer with

respect to a qualified site is revoked by a determination issued

pursuant to section 27-1419 of the environmental conservation law, the

amount of credit allowed by this section shall be added back in the

taxable year in which such determination is final and no longer subject

to judicial review.

(e) Cross-references. For application of the credit provided for in

this section, see the following provisions of this chapter:

(1) Article 9: Section 187-i

(2) Article 9-A: Section 210-B, subdivision 19

(3) Article 22: Section 606, subsections (i) and (ff)

(4) Article 33: Section 1511, subdivision (w).