N.Y. Tax Law 187-H – Remediated brownfield credit for real property taxes for qualified sites
§ 187-h. Remediated brownfield credit for real property taxes for qualified sites. 1. Allowance of credit. A taxpayer shall be allowed a credit, to be computed as provided in subdivision (b) of section twenty-two 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 allowed 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.
Terms Used In N.Y. Tax Law 187-H
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
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 allowed under this section for any taxable year reduces the tax to such amount, any amount of credit not thus deductible in such taxable year shall be treated as an overpayment of tax to be credited or refunded in accordance with the provisions of section ten hundred eighty-six of this chapter. Provided, however, the provisions of subsection (c) of section ten hundred eighty-eight of this chapter notwithstanding, no interest shall be paid thereon.