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N.Y. Tax Law § 187-r

Commercial security tax credit

Redline — January 1, 2015 → current.View current text →
Current — January 1, 2025
As of January 1, 2015
* § 187-r. Economic transformation and facility redevelopment tax\ncredit. (a) Allowance of credit. A taxpayer shall be allowed a credit,\nto be computed as provided in section thirty-five of this chapter,\nagainst the tax imposed by section one hundred eighty-five of this\narticle.\n (b) Application of credit. The credit allowed under this subdivision\nfor any taxable year may not reduce the tax due for such year to less\nthan the minimum tax prescribed in subdivision two of section one\nhundred eighty-five of this article. However, if the amount of credit\nallowed under this section for any taxable year reduces the tax to such\namount, any amount of credit thus not deductible in such taxable year\nwill be treated as an overpayment of tax to be credited or refunded in\naccordance with the provisions of section one thousand eighty-six of\nthis chapter. Provided, however, the provisions of subsection (c) of\nsection one thousand eighty-eight of this chapter notwithstanding, no\ninterest will be paid thereon.\n * NB Repealed January 1, 2018\n
§ 187-r. Commercial security tax credit. 1. Allowance of credit. A\ntaxpayer shall be allowed a credit, to be computed as provided in\nsection forty-nine of this chapter, against the tax imposed by this\narticle.\n 2. Application of credit. In no event shall the credit under this\nsection be allowed in an amount that will reduce the tax payable to less\nthan the applicable minimum tax fixed by section one hundred\neighty-three of this article. If, however, the amount of credit\nallowable under this section for any taxable year reduces the tax to\nsuch amount, any amount of credit not deductible in such taxable year\nshall be treated as an overpayment of tax to be refunded in accordance\nwith the provisions of section one thousand eighty-six of this chapter.\nProvided, however, the provisions of subsection (c) of section one\nthousand eighty-eight of this chapter notwithstanding, no interest shall\nbe paid thereon.\n

Official source: NYS Open Legislation (New York State Senate). Reproduced from public-domain New York statutes; confirm against the official source for the current text. Not legal advice.