Section 1511. Credits  


Latest version.
  • (a)  Credit  for  certain  other premium taxes. In
      computing the tax imposed by this  article  there  shall  be  allowed  a
      credit  for  the  amount of taxes paid or accrued by the taxpayer during
      the taxable year on premiums for any insurance against loss or damage by
      fire under section nine  thousand  one  hundred  four  or  section  nine
      thousand  one hundred five of the insurance law or under the charters of
      the cities of Buffalo or New York; provided, however,  that  any  unused
      credit remaining may not be carried over to any other year.
        (b)  Credit  against  reciprocal  taxes  imposed  by  this  state.  In
      assessing taxes under the reciprocal provisions of section one  thousand
      one hundred twelve of the insurance law, credit shall be allowed for any
      taxes paid under this article.
        (c)  Credit  for certain taxes payable to other jurisdictions. (1) If,
      by the laws of any state other than this state, or by the action of  any
      public  official of such other state, any insurer organized or domiciled
      in this state, or the duly authorized agents thereof, shall be  required
      to pay taxes for the privilege of doing business in such other state and
      such  amounts  are  imposed  or  assessed because the taxes which are or
      would be imposed under this chapter and the insurance law upon  insurers
      organized  or  domiciled  in  such  other  state  are greater than those
      required of insurers organized or domiciled in this state by the laws of
      such other state for the privilege of doing business therein,  then  and
      in  every case, to the extent such amounts are legally due to such other
      states, an insurer organized or domiciled in  this  state  may  claim  a
      credit,  as  hereinafter  provided,  against the tax payable pursuant to
      this article of a sum not to exceed ninety  per  cent  of  such  amount.
      Provided,  such credit shall in no event be greater than the tax payable
      pursuant to this article during the taxable year with respect  to  which
      such  amount  has  been  imposed  or  assessed by such other states. For
      purposes of this section, the term "taxes for  the  privilege  of  doing
      business"  shall  include,  but  shall  not  be  limited to, a tax on or
      measured by income.
        (2) A credit may be claimed for the amount  computed  as  provided  in
      paragraph  one  of  this subdivision, on the return required pursuant to
      section fifteen hundred fifteen, against the  tax  imposed  pursuant  to
      this article for the taxable year in which such amount shall be paid. To
      the  extent  such  credit  shall  exceed  the amount payable pursuant to
      section fifteen hundred sixteen of this article  for  the  taxable  year
      against  which  the credit is allowed, the difference between the amount
      allowed as a credit and the tax  payable  pursuant  to  section  fifteen
      hundred  sixteen  shall  be  credited or refunded by the tax commission,
      without interest.
        (3) The credit allowed  pursuant  to  this  subdivision  shall  be  in
      addition  to the credits allowed pursuant to subdivisions (a) and (b) of
      this section.
        (4) The superintendent of  insurance  and  the  tax  commission  shall
      examine  claims for credit or refund made under this subdivision. If the
      superintendent of insurance or the tax commission shall  determine  that
      any  amount  for  which a credit shall have been claimed was not legally
      due to another state or that an error exists in  the  amount  of  credit
      shown on such return, or the amount claimed as a refund or refunded, the
      tax  commission shall take appropriate action under this chapter for the
      assessment and collection of any tax resulting from the disallowance  of
      a  claim  for credit made under this subdivision or to disallow any such
      claim for refund.
        (5) Any taxpayer which commences an action or proceeding in any  state
      or  federal court to contest the validity of any assessment made against
      the taxpayer by another state pursuant to a statute similar  to  section
    
      one  thousand  one  hundred  twelve  of  the  insurance law or any other
      statute or regulation of another state under which retaliatory taxes  or
      other  charges  are imposed or assessed against such taxpayer shall give
      the  state  tax  commission  and the superintendent of insurance written
      notice of the commencement of such action or proceeding within five days
      after such commencement.
        (d) Credit relating to eligible business facilities. (1) On  or  after
      April  first, nineteen hundred eighty-three, for taxable years beginning
      before January first, two thousand, a credit against the tax imposed  by
      this article shall be allowed only to an insurance corporation owning or
      operating  an  eligible  business  facility  where  such corporation has
      received a certificate of eligibility for tax credits, or a  renewal  or
      extension  thereof,  for  such  facility  from  the  New  York state job
      incentive board prior to April first, nineteen hundred eighty-three,  or
      has  received a certificate of eligibility for tax credits, or a renewal
      or extension thereof, for such facility from the  state  tax  commission
      subsequent to such date pursuant to paragraph eight of this subdivision,
      and  only  with  respect to such facility, to be computed as hereinafter
      provided.
        (2) The amount of the credit allowable in any taxable  year  shall  be
      the  sum determined by multiplying the tax otherwise due by a percentage
      to be determined by:
        (A) ascertaining the percentage which the total of  eligible  property
      values  during  the  taxable  year, as defined in paragraph four of this
      subdivision, bears to  the  average  value  of  all  real  and  tangible
      personal  property  connected with the insurance corporation and located
      within  the  state,  during  such  year.  For  the  purposes   of   this
      subparagraph  only,  real  and tangible personal property connected with
      the insurance corporation shall include not only such property owned  by
      the  insurance corporation but also property rented to it, and the value
      of rented property shall be deemed to be  eight  times  the  net  annual
      rental  rate,  that  is,  the  annual  rental rate paid by the insurance
      corporation less any annual rental rate received by it from subrentals.
        (B) ascertaining the percentage which the total  wages,  salaries  and
      other   personal   service  compensation  during  the  taxable  year  to
      employees, except general executive officers, serving in jobs created or
      retained in an eligible area (as the term "eligible area" was defined by
      section one hundred fifteen of the commerce law as it existed  on  March
      thirty-first,  nineteen hundred eighty-three) by such business facility,
      bears  to  the  total  wages,  salaries  and  other   personal   service
      compensation  during  such  taxable year of such insurance corporation's
      employees within the state, except general executive officers.
        (C) adding together the percentages so  determined  and  dividing  the
      result  by  two;  provided, however, that if no wages, salaries or other
      personal service compensation was paid  or  incurred  by  the  insurance
      corporation  during  such  year to employees in this state, subparagraph
      (B) of this paragraph shall be disregarded  and  the  amount  of  credit
      allowable  shall  be  determined by multiplying the tax otherwise due by
      the percentage specified in subparagraph (A) of this paragraph.
        (3) In no event shall the credit herein provided for be allowed in  an
      amount  which will reduce the tax payable to less than the minimum fixed
      by paragraph four of subdivision (a) of section fifteen hundred  two  of
      such chapter.
        (4) (A) Eligible property values, for the purposes of this subsection,
      shall  include  such  part of the value of depreciable real and tangible
      personal  property  included  in  an  eligible  business   facility   as
      represents:
    
        (i)  expenditures  paid  or  incurred  by  the  taxpayer  for  capital
      improvements consisting of the construction, reconstruction, erection or
      improvement of real property included in an eligible business  facility,
      which   construction,   reconstruction,   erection  or  improvement  was
      commenced  on  or  after  July  first,  nineteen hundred sixty-eight and
      expenditures paid or incurred by the taxpayer  for  the  acquisition  of
      real  property,  included  in an eligible business facility, on or after
      January first, nineteen hundred seventy-seven.
        (ii) in the case of real property leased by the taxpayer from  another
      party,   eight   times  the  portion  of  the  net  annual  rental  rate
      attributable to such expenditures paid or incurred  by  the  lessor  for
      such  construction, reconstruction, erection or improvement commenced on
      or after July first, nineteen hundred sixty-eight and, with  respect  to
      real  property  leased  by  the  taxpayer from another party on or after
      January first, nineteen hundred seventy-seven, eight times any remaining
      portion of the net annual rental rate.
        (iii) expenditures paid or incurred by the taxpayer for  the  purchase
      of  tangible  personal  property,  other  than  vehicles, included in an
      eligible business facility, provided such property was purchased  on  or
      after July first, nineteen hundred sixty-eight; and
        (iv)  in  the case of tangible personal property, other than vehicles,
      leased by the taxpayer from another party and included  in  an  eligible
      business  facility, eight times the net annual rental rate, provided the
      period for which such property was leased by the taxpayer  began  on  or
      after July first, nineteen hundred sixty-eight.
        (B)  Provided,  however, eligible property values for purposes of this
      subsection shall not include expenditures paid or incurred more than one
      year prior to  the  filing  of  an  application  for  a  certificate  of
      eligibility  pursuant  to  section  one hundred nineteen of the commerce
      law, as such section existed on  March  thirty-first,  nineteen  hundred
      eighty-three.
        (5)  The  total of all credits allowed pursuant to this subdivision in
      any taxable year or  years  with  reference  to  any  eligible  business
      facility shall not exceed the total eligible property values included in
      such facility.
        (6)  If a credit is allowed for any taxable year as herein provided on
      the basis of a certificate of eligibility, and if  such  certificate  is
      revoked  or  modified,  the  taxpayer  shall  report  such revocation or
      modification in its report for the taxable year during which  it  occurs
      and  the  tax  commission shall recompute such credit and may assess any
      additional tax resulting from such recomputation within the  time  fixed
      by  paragraph nine of subsection (c) of section ten hundred eighty-three
      of this chapter.
        (7)  If  a  business  facility  owned  or  operated  by  an  insurance
      corporation  shall  be  an eligible business facility for only part of a
      taxable year, the credit allowed by this subdivision shall  be  prorated
      according to the period such facility was an eligible business facility,
      and  if  the  total  of  the eligible property values shall have changed
      during any  taxable  year,  a  pro-rata  adjustment  shall  be  made  in
      computing such credit.
        (8)  The  state  tax  commission shall be empowered, on or after April
      first,  nineteen  hundred  eighty-three,  to  issue  a  certificate   of
      eligibility  for  tax  credits  to  a  taxpayer for an eligible business
      facility with regard to which such taxpayer has, prior  to  July  first,
      nineteen  hundred  eighty-three,  received  from  the New York state job
      incentive board initial approval of an application for such  certificate
      by such board as evidenced by the minutes of the meeting of the board at
      which such application was approved, or a letter of intent authorized by
    
      section  102.4 of part one hundred two of title five of the codes, rules
      and regulations of the state of New York regarding such  certificate  of
      eligibility  and  to  renew,  extend,  revoke or modify a certificate of
      eligibility  for  tax credits, pursuant to section one hundred twenty of
      the commerce law as such section existed on March thirty-first, nineteen
      hundred eighty-three.
        (9) For purposes of the requirement for  eligibility  for  the  credit
      allowed under this subdivision that a business facility create or retain
      not  less  than  five jobs as provided in subdivision (c) of section one
      hundred eighteen of the commerce law as such section  existed  on  March
      thirty-first,  nineteen  hundred eighty-three, a business facility shall
      have (i) created not less than five jobs only if the number of jobs  for
      the  taxable  year  exceeds  the  number  of  jobs  at  the  time of the
      commencement of the project as stated on  its  application  for  initial
      approval  by five or more; or (ii) retained not less than five jobs only
      if initial approval was based on the retention of five or more jobs  and
      (A)  the  number  of  jobs for the taxable year is at least equal to the
      number of jobs at the time of the commencement of the project as  stated
      on  its  application  for initial approval or (B) where initial approval
      was based on the retention of fewer jobs than the number of jobs at  the
      time of the commencement of the project as stated on its application for
      initial  approval,  the  number of jobs for the taxable year is at least
      equal to the  number  approved  for  retention.  For  purposes  of  this
      paragraph,  the  phrase  "initial approval was based on the retention of
      five or more jobs" shall mean that such initial approval  was  given  by
      the  job  incentive  board  to  an  applicant that had not stated in its
      application for initial approval that it would increase  the  number  of
      jobs at its facility by at least five.
        (e)  Mortgage  recording tax credit. (1) A taxpayer shall be allowed a
      credit, to be credited against the tax  imposed  by  this  article.  The
      amount  of  the  credit  shall  be  the amount of the special additional
      mortgage recording tax paid by the taxpayer pursuant to  the  provisions
      of  subdivision one-a of section two hundred fifty-three of this chapter
      on mortgages recorded on  and  after  January  first,  nineteen  hundred
      seventy-nine. Provided, however, no credit shall be allowed with respect
      to a mortgage of real property principally improved or to be improved by
      one  or  more  structures  containing in the aggregate not more than six
      residential dwelling units, each dwelling unit having its  own  separate
      cooking facilities, where the real property is located in one or more of
      the   counties   comprising  the  metropolitan  commuter  transportation
      district and where the mortgage is  recorded  on  or  after  May  first,
      nineteen  hundred  eighty-seven.  Provided,  however, no credit shall be
      allowed with respect to a mortgage of real property principally improved
      or to be improved by one or more structures containing in the  aggregate
      not  more than six residential dwelling units, each dwelling unit having
      its own separate cooking facilities, where the real property is  located
      in the county of Erie and where the mortgage is recorded on or after May
      first, nineteen hundred eighty-seven.
        (2)  In no event shall the credit herein provided for be allowed in an
      amount which will reduce the tax payable to less than  the  minimum  tax
      fixed  by  paragraph  four of subdivision (a) of section fifteen hundred
      two of this article or section fifteen hundred two-a  of  this  article,
      whichever  is  applicable.  If,  however, the amount of credit allowable
      under this subdivision 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.
    
        (f)  Credit  relating   to   life   insurance   guaranty   corporation
      assessments.  A credit shall be allowed against the tax imposed pursuant
      to  this  article  (other  than  section  fifteen hundred five-a of this
      article), for a portion of the assessments paid by a  taxpayer  pursuant
      to  article seventy-five or section seven thousand seven hundred nine of
      the insurance law. The credit shall be determined in accordance with the
      following provisions.
        (1)  The  maximum  authorized  credit  for  each  taxpayer  shall   be
      determined as provided in subsection (a) of section seven thousand seven
      hundred twelve of the insurance law.
        (2)  Thirty-three  and  one-third per centum of the maximum authorized
      credit for the second calendar year preceding the taxable year, plus any
      amount carried forward under subparagraph (C) of paragraph three of this
      subdivision or paragraph four of this subdivision, shall be allowed as a
      credit under this subdivision for such taxable  year,  and  thirty-three
      and  one  third  per  centum  of such maximum authorized credit for such
      second preceding calendar year, plus any amount  carried  forward  under
      subparagraph   (C)  of  this  subdivision  or  paragraph  four  of  this
      subdivision, shall be allowed in each of the two taxable years following
      such taxable year.
        (3) (A) For each calendar year for which a credit has been  authorized
      pursuant to section seven thousand seven hundred twelve of the insurance
      law,  the commissioner of taxation and finance shall determine the total
      tax liability of all life insurance  corporations  under  this  article,
      other  than under section fifteen hundred five-a of this article, before
      the application of any credits allowed pursuant  to  this  section,  for
      taxable  years beginning in such calendar year. Such total tax liability
      shall be published in the state register on or before the thirtieth  day
      of September of the next succeeding calendar year.
        (B)  The  credit  allowed  under paragraph two of this subdivision for
      each taxpayer shall not exceed the product of (x) and (y) where (x) is a
      fraction, the numerator of which is the sum  of  the  gross  assessments
      paid  by  the particular taxpayer during the calendar year for which the
      credit has been authorized and the denominator of which is  the  sum  of
      the  gross  assessments  paid by all companies during such year, both as
      shown in the most  recent  statement  of  operations  furnished  by  the
      superintendent  of  insurance  under  subsection  (a)  of  section seven
      thousand seven  hundred  twelve  of  the  insurance  law  and  both  the
      numerator  and denominator being reduced, as appropriate, by any refunds
      or reimbursements and (y) is the greater of (i) forty per centum of  the
      total   tax   liability   published  by  the  commissioner  pursuant  to
      subparagraph (A) of this paragraph and (ii) forty million dollars.
        (C)  The  amount  by  which  the  allowable  credit  computed  without
      reference  to  the  limitation  contained  in  subparagraph  (B) of this
      paragraph exceeds the allowable credit for such taxable  year  shall  be
      carried forward as a credit under paragraph two of this subdivision.
        (D)  With  respect  to  estimated  taxes payable under section fifteen
      hundred fourteen of this article any increase in estimated taxes due  to
      the  limitation imposed by this paragraph shall be deemed timely paid if
      paid on or before the fifteenth day of December next following the  date
      specified in subparagraph (A) of this paragraph.
        (4)  If for any taxable year the credits allowable under paragraph two
      of this subdivision determined without regard to this  paragraph  exceed
      the  taxpayer's  liability  for taxes under this article for the taxable
      year after the allowance of all other credits under this  section,  then
      the  sum  of  two  hundred  fifty  dollars  and the amount by which such
      credits under this  subdivision  exceed  such  tax  liability  shall  be
    
      carried  forward as a credit under paragraph two of this subdivision for
      the taxable year next following.
        (5)  No  credit  allowed pursuant to this subdivision shall reduce the
      tax payable by any taxpayer under this article for any taxable  year  to
      an  amount  less  than  the  minimum  tax  fixed  by  paragraph  four of
      subdivision (a) of section  fifteen  hundred  two  of  this  article  or
      section fifteen hundred two-a of this article, whichever is applicable.
        (g)  Empire  zone  wage  tax credit. (1) A taxpayer shall be allowed a
      credit, to be computed as hereinafter provided, against the tax  imposed
      by  this  article  where  the  taxpayer  has  been certified pursuant to
      article eighteen-B of the general  municipal  law.  The  amount  of  the
      credit shall be as prescribed in paragraph four hereof.
        (2)  For  purposes of this subdivision, the following terms shall have
      the following meanings: (A) "Empire zone wages" means wages paid by  the
      taxpayer  for  full-time  employment,  other  than  to general executive
      officers, during the taxable year, in an area designated  or  previously
      designated as an empire zone or zone equivalent area pursuant to article
      eighteen-B  of  the general municipal law, where such employment is in a
      job created in the area (i) during the period of its designation  as  an
      empire   zone,  (ii)  within  four  years  of  the  expiration  of  such
      designation, or (iii) during the ten year period  immediately  following
      the  date  of  designation as a zone equivalent area, provided, however,
      that if the taxpayer's certification under  article  eighteen-B  of  the
      general  municipal law is revoked with respect to an empire zone or zone
      equivalent area, any wages  paid  by  the  taxpayer,  on  or  after  the
      effective  date  of  such  decertification,  for employment in such zone
      shall not constitute empire zone wages.
        (B) "Targeted employee" means a New York resident who receives  empire
      zone  wages and who is (i) an eligible individual under the provision of
      the targeted jobs tax credit (section fifty-one of the internal  revenue
      code),  (ii) eligible for benefits under the provisions of the workforce
      investment act as a dislocated worker or a low-income  individual  (P.L.
      105-220,  as  amended), (iii) a recipient of public assistance benefits,
      (iv) an individual whose income is below the most  recently  established
      poverty rate promulgated by the United States department of commerce, or
      a  member  of  a  family  whose family income is below the most recently
      established poverty rate promulgated by the appropriate  federal  agency
      or  (v) an honorably discharged member of any branch of the armed forces
      of the United States.
        An individual who satisfies the criteria  set  forth  in  clause  (i),
      (ii),  (iv)  or  (v)  at  the time of initial employment in the job with
      respect to which the credit is claimed, or who satisfies  the  criterion
      set  forth  in  clause  (iii)  at  such  time  or at any time within the
      previous two years, shall  be  a  targeted  employee  so  long  as  such
      individual continues to receive empire zone wages.
        (C)  "Average  number  of  individuals,  excluding  general  executive
      officers, employed full-time" shall  be  computed  by  ascertaining  the
      number  of such individuals employed by the taxpayer on the thirty-first
      day of March, the thirtieth day of June, the thirtieth day of  September
      and  the  thirty-first day of December during each taxable year or other
      applicable period, by adding together the  number  of  such  individuals
      ascertained  on  each  of such dates and dividing the sum so obtained by
      the number of such dates occurring within such  taxable  year  or  other
      applicable period.
        (3)  The  credit  provided  for herein shall be allowed only where the
      average number of individuals,  excluding  general  executive  officers,
      employed full-time by the taxpayer in (i) the state and, (ii) the empire
      zone  or area previously constituting such zone or zone equivalent area,
    
      during the taxable year exceeds the average number of  such  individuals
      employed  full-time  by the taxpayer in (i) the state and (ii) such zone
      or area subsequently or previously constituting such zone or  such  zone
      equivalent   area,  respectively,  during  the  four  years  immediately
      preceding the first taxable year in which the  credit  is  claimed  with
      respect  to  such  zone  or  area. Where the taxpayer provided full-time
      employment within (i) the state or (ii) such zone or area during only  a
      portion  of  such  four-year period, then for purposes of this paragraph
      the term "four years" shall be deemed to refer instead to such  portion,
      if any.
        The  credit  shall  be  allowed only with respect to the first taxable
      year during which payments  of  empire  zone  wages  are  made  and  the
      conditions  set  forth in this paragraph are satisfied, and with respect
      to each of the four taxable years next following (but only, with respect
      to each of such years, if such conditions are satisfied), in  accordance
      with  paragraph  four  of this subdivision. Subsequent certifications of
      the taxpayer pursuant to article eighteen-B  of  the  general  municipal
      law, at the same or a different location in the same empire zone or zone
      equivalent  area  or  at  a  location in a different empire zone or zone
      equivalent area, shall not extend the five taxable year time  limitation
      on  the  allowance  of  the  credit set forth in the preceding sentence.
      Provided, further, however, that no credit shall be allowed with respect
      to any taxable year beginning more than four years following the taxable
      year in which designation as an empire zone expired  or  more  than  ten
      years after the designation as a zone equivalent area.
        (4) The amount of the credit shall equal the sum of
        (A)  the  product  of three thousand dollars and the average number of
      individuals (excluding general executive officers) employed full-time by
      the taxpayer, computed pursuant to the provisions of subparagraph (C) of
      paragraph two of this subdivision, who (i) received  empire  zone  wages
      for more than half of the taxable year,
        (ii)  received,  with  respect  to  more  than  half  of the period of
      employment by the taxpayer during the taxable year, an hourly wage which
      was at least  one  hundred  thirty-five  percent  of  the  minimum  wage
      specified in section six hundred fifty-two of the labor law, and
        (iii) are targeted employees; and
        (B)  the  product of fifteen hundred dollars and the average number of
      individuals  (excluding  general  executive  officers  and   individuals
      described  in  subparagraph (A) of this paragraph) employed full-time by
      the taxpayer, computed pursuant to the provisions of subparagraph (C) of
      paragraph two of this subdivision, who received empire  zone  wages  for
      more than half of the taxable year.
        (C)  For purposes of calculating the amount of the credit, individuals
      employed within an empire  zone  or  zone  equivalent  area  within  the
      immediately  preceding sixty months by a related person, as such term is
      defined in subparagraph (c) of paragraph  three  of  subsection  (b)  of
      section  four hundred sixty-five of the internal revenue code, shall not
      be  included  in  the  average  number  of  individuals   described   in
      subparagraph  (A)  or  subparagraph  (B)  of this paragraph, unless such
      related person was never allowed a credit under  this  subdivision  with
      respect  to  such  employees.  For  the purposes of this subparagraph, a
      "related person" shall include an entity which would have qualified as a
      "related  person"  to  the  taxpayer  if  it  had  not  been  dissolved,
      liquidated,  merged  with another entity or otherwise ceased to exist or
      operate.
        (D) If a taxpayer is certified in  an  empire  zone  designated  under
      subdivision  (a)  or  (d)  of  section  nine  hundred fifty-eight of the
      general municipal law, the dollar amounts specified  under  subparagraph
    
      (A)  or (B) of this paragraph shall be increased by five hundred dollars
      for each qualifying individual under  such  subparagraph  who  received,
      during the taxable year, wages in excess of forty thousand dollars.
        (E)  The  requirement  in this paragraph that an employee must receive
      empire zone wages for more than half the taxable year shall not apply in
      the first taxable year of a taxpayer satisfying the criteria  set  forth
      in  this  subparagraph.  In  such  a case, the credit allowed under this
      subdivision shall be computed by utilizing  the  number  of  individuals
      (excluding  general  executive  officers)  employed  full  time  by  the
      taxpayer on the last day of its first taxable  year.  A  taxpayer  shall
      satisfy  the  following  criteria:  (i)  such  taxpayer acquired real or
      tangible personal property during its first taxable year from an  entity
      which  is  not  a related person (as such term is defined in subdivision
      (g) of section fourteen of this chapter); (ii) the first taxable year of
      such taxpayer shall be a short taxable  year  of  not  more  than  seven
      months  in  duration;  and  (iii)  the  number  of  individuals employed
      full-time on the last day of such first taxable year shall be  at  least
      one  hundred  ninety and substantially all of such individuals must have
      been previously  employed  by  the  entity  from  whom  such  enterprise
      purchased its assets.
        Provided,  further,  however, that the credit provided for herein with
      respect to the taxable year,  and  carryovers  of  such  credit  to  the
      taxable  year,  deducted  from  the  tax  otherwise due, may not, in the
      aggregate, exceed fifty percent of (i) in the case of taxpayers  subject
      to  tax  under  subdivision  (b)  of section fifteen hundred ten of this
      article, the lesser of (I) the limitation on tax  computed  pursuant  to
      subdivision  (a) of section fifteen hundred five, or (II) the greater of
      the sum of the taxes imposed under  sections  fifteen  hundred  one  and
      fifteen   hundred  ten  or  the  amount  of  tax  computed  pursuant  to
      subdivision (b) of section fifteen hundred five, or (ii) for  all  other
      insurance  corporations,  the  tax imposed under section fifteen hundred
      two-a of this article, computed without regard to  any  credit  provided
      for under this article.
        (5)  The  credit  or  carryovers  of  such  credit  allowed under this
      subdivision for any taxable year shall not, in the aggregate, reduce the
      tax due for such year to less than the minimum tax  fixed  by  paragraph
      four  of  subdivision (a) of section fifteen hundred two of this article
      or by section fifteen  hundred  two-a  of  this  article,  whichever  is
      applicable.  However,  if  the  amount  of  credit or carryovers of such
      credit, or both, allowed under this subdivision  for  any  taxable  year
      reduces  the  tax  to  such  amount,  or  if  any  part of the credit or
      carryovers of such credit may not be deducted from the tax otherwise due
      by reason of the final sentence in paragraph four hereof, any amount  of
      credit  or carryovers of such credit thus 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.
        (5-a)  Any carry over of a credit from prior taxable years will not be
      allowed if an empire zone retention certificate is not  issued  pursuant
      to  subdivision  (w)  of  section nine hundred fifty-nine of the general
      municipal law to the empire zone enterprise which is the  basis  of  the
      credit.
        (h)  Empire  zone  capital credit.   (1) A taxpayer shall be allowed a
      credit against the tax imposed by this article. The amount of the credit
      shall be equal to twenty-five  percent  of  the  sum  of  the  following
      investments and contributions made during the taxable year and certified
      by  the  commissioner  of  economic  development:  (A) for taxable years
      beginning before January first, two thousand five, qualified investments
      made in, or contributions in the form of donations made to, one or  more
    
      empire  zone  capital  corporations established pursuant to section nine
      hundred sixty-four of the general municipal law prior to January  first,
      two   thousand   five,  (B)  qualified  investments  in  certified  zone
      businesses  which  during  the twelve month period immediately preceding
      the month in which such investment is made employed full-time within the
      state an average number  of  individuals,  excluding  general  executive
      officers,  of  two  hundred  fifty  or  fewer,  computed pursuant to the
      provisions of subparagraph (C) of paragraph two  of  subsection  (g)  of
      this section, except for investments made by or on behalf of an owner of
      the  business,  including, but not limited to, a stockholder, partner or
      sole proprietor, or any related person, as defined in  subparagraph  (C)
      of  paragraph three of subsection (b) of section four hundred sixty-five
      of the  internal  revenue  code,  and  (C)  contributions  of  money  to
      community  development projects as defined in regulations promulgated by
      the commissioner of economic development.  "Qualified investments" means
      the contribution of property to a corporation in exchange  for  original
      issue  capital  stock  or  other ownership interest, the contribution of
      property  to  a  partnership  in  exchange  for  an  interest   in   the
      partnership,  and similar contributions in the case of a business entity
      not in corporate or  partnership  form  in  exchange  for  an  ownership
      interest  in  such  entity.  The  total  amount of credit allowable to a
      taxpayer under this provision for all years,  taken  in  the  aggregate,
      shall  not  exceed  three hundred thousand dollars, and shall not exceed
      one hundred  thousand  dollars  with  respect  to  the  investments  and
      contributions  described  in  each  of subparagraphs (A), (B) and (C) of
      this paragraph.
        (2) The credit  and  carryover  of  such  credit  allowed  under  this
      subdivision for any taxable year shall not, in the aggregate, reduce the
      tax  due  for such year to less than the minimum fixed by paragraph four
      of subdivision (a) of section fifteen hundred two of this article or  by
      section  fifteen hundred two-a of this article, whichever is applicable.
      However, if the amount of credit or carryovers of such credit, or  both,
      allowed  under  this subdivision for any taxable year reduces the tax to
      such amount, or if any part of the credit or carryovers of  such  credit
      may  not  be  deducted from the tax otherwise due by reason of the final
      sentence of this paragraph, any amount of credit or carryovers  of  such
      credit  thus  not deductible in such taxable year may be carried over to
      the following year or years and may be deducted from the  tax  for  such
      year or years. In addition, the amount of such credit, and carryovers of
      such credit to the taxable year, deducted from the tax otherwise due may
      not,  in  the  aggregate,  exceed  fifty  percent  of (i) in the case of
      taxpayers subject to  tax  under  subdivision  (b)  of  section  fifteen
      hundred  ten  of  this  article, the lesser of (I) the limitation on tax
      computed pursuant to subdivision (a) of section fifteen hundred five, or
      (II) the greater of the sum of the taxes imposed under sections  fifteen
      hundred  one  and  fifteen  hundred  ten  or  the amount of tax computed
      pursuant to subdivision (b) of section fifteen hundred five, or (ii) for
      all other insurance corporations, the tax imposed under section  fifteen
      hundred  two-a  of  this  article, computed without regard to any credit
      provided for under this article.
        (2-a) Any carry over of a credit from prior taxable years will not  be
      allowed  to  an empire zone enterprise which is the basis of the credit,
      if an empire zone retention certificate is not  issued  to  such  entity
      pursuant  to  subdivision  (w) of section nine hundred fifty-nine of the
      general municipal law.
        (3) Where the stock, partnership interest or other ownership  interest
      arising  from  a  qualified investment as described in subparagraphs (A)
      and (B) of paragraph  one  of  this  subdivision  is  disposed  of,  the
    
      taxpayer's  entire net income shall be computed, pursuant to regulations
      promulgated by the commissioner, so as to properly reflect  the  reduced
      cost  thereof  arising  from  the application of the credit provided for
      herein.
        (4)(A)  Where  a  taxpayer  sells,  transfers or otherwise disposes of
      corporate stock, a partnership  interest  or  other  ownership  interest
      arising  from  the making of a qualified investment which was the basis,
      in whole or in part, for the allowance of the credit provided for  under
      this  subdivision,  or  where a contribution or investment which was the
      basis for such allowance  is  in  any  manner,  in  whole  or  in  part,
      recovered  by  such  taxpayer,  and  such disposition or recovery occurs
      during the taxable year or within thirty-six months from  the  close  of
      the  taxable  year  with  respect  to  which  such  credit  is  allowed,
      subparagraph (B) of this paragraph shall apply.
        (B) The taxpayer shall add back with respect to the  taxable  year  in
      which  the disposition or recovery described in subparagraph (A) of this
      paragraph  occurred  the  required  portion  of  the  credit  originally
      allowed.
        (C) The required portion of the credit originally allowed shall be the
      product  of  (i) the portion of such credit attributable to the property
      disposed of or the  payment  or  contribution  recovered  and  (ii)  the
      applicable percentage.
        (D) The applicable percentage shall be:
        (i)  one hundred percent, if the disposition or recovery occurs within
      the taxable year with respect to which the credit is allowed  or  within
      twelve months of the end of such taxable year,
        (ii)  sixty-seven  percent, if the disposition or recovery occurs more
      than twelve but not more than twenty-four months after the  end  of  the
      taxable year with respect to which the credit is allowed, or
        (iii) thirty-three percent, if the disposition or recovery occurs more
      than  twenty-four  but  not more than thirty-six months after the end of
      the taxable year with respect to which the credit is allowed.
        (i) Credit for certain other taxes payable to other jurisdictions. (1)
      If, by the laws of any state other than this state, or by the action  of
      any  public  official  of  such  other  state,  an  insurer organized or
      domiciled in this state, or the duly authorized agents thereof, shall be
      required to pay taxes for the privilege of doing business in such  other
      state,  which  taxes  are imposed or assessed because of amounts imposed
      upon and required to be paid by insurers organized or domiciled in  such
      other  state  pursuant  to  section  twenty-eight hundred seven-t of the
      public health law, then and in every case, to the extent such taxes  are
      legally  due to such other state, such insurer organized or domiciled in
      this state may claim a credit, as hereinafter provided, against the  tax
      payable  pursuant to this article of a sum not to exceed ninety per cent
      of such amount. Provided, such credit shall in no event be greater  than
      the  tax  payable  pursuant to this article during the taxable year with
      respect to which such taxes have been imposed or assessed by such  other
      state.  For  purposes of this section, the term "taxes for the privilege
      of doing business" shall include, but shall not be limited to, a tax  on
      or measured by income.
        (2)  A  credit  may  be claimed for the amount computed as provided in
      paragraph one of this subdivision, on the return  required  pursuant  to
      section  fifteen  hundred  fifteen,  against the tax imposed pursuant to
      this article for the taxable year in which such amount shall be paid. To
      the extent such credit shall  exceed  the  amount  payable  pursuant  to
      section  fifteen  hundred sixteen for the taxable year against which the
      credit is allowed, the difference between the amount allowed as a credit
    
      and the tax payable pursuant to section fifteen hundred sixteen shall be
      credited or refunded by the commissioner, without interest.
        (3)  The  credit  allowed  pursuant  to  this  subdivision shall be in
      addition to the credits allowed pursuant to subdivisions  (a),  (b)  and
      (c) of this section.
        (4) The superintendent of insurance and the commissioner shall examine
      claims  for  credit  or  refund  made  under  this  subdivision.  If the
      superintendent of insurance or the commissioner shall determine that any
      tax for which a credit shall have been claimed was not  legally  due  to
      another  state  or that an error exists in the amount of credit shown on
      such return or in the amount  claimed  as  a  refund  or  refunded,  the
      commissioner  shall  take  appropriate action under this chapter for the
      assessment and collection of any tax resulting from the disallowance  of
      a  claim  for credit made under this subdivision or to disallow any such
      claim for refund.
        (5) Any taxpayer which commences an action or proceeding in any  state
      or  federal court to contest the validity of any assessment made against
      the taxpayer by another state pursuant to a statute similar  to  section
      one  thousand  one  hundred  twelve  of  the  insurance law or any other
      statute or regulation of another state under which retaliatory taxes  or
      other  charges  are imposed or assessed against such taxpayer shall give
      the commissioner and the superintendent of insurance written  notice  of
      the  commencement  of  such  action or proceeding within five days after
      such commencement.
        (6) The commissioner shall report annually, on or before the first day
      of March, on the amount of credits claimed pursuant to this  subdivision
      on  returns  filed during the preceding calendar year. Such report shall
      be provided to the director of the budget, the  commissioner  of  health
      and the superintendent of insurance.
        (7)  In addition to any other requirements of this article, an insurer
      claiming a credit under this subdivision shall  attach  to  the  returns
      required  pursuant  to  section  fifteen  hundred  fifteen a computation
      identifying the credit  attributable  to  taxes  paid  to  other  states
      because  of  the  amounts  imposed  and  required to be paid pursuant to
      section twenty-eight hundred seven-t of the  public  health  law,  which
      credit shall be further broken down to reflect amounts and taxable years
      to which the retaliatory taxes giving rise to the credit relate.
        (j)  Credit for employment of persons with disabilities. (1) Allowance
      of credit. A taxpayer shall be allowed  a  credit,  to  be  computed  as
      hereinafter  provided,  against  the  tax  imposed  by this article, for
      employing within the state a qualified employee.
        (2) Qualified employee. A qualified employee is an individual:
        (A) who is certified by the education department, or in the case of an
      individual who is blind or visually handicapped,  by  the  state  agency
      responsible  for  provision of vocational rehabilitation services to the
      blind and visually handicapped: (i) as a person with a disability  which
      constitutes  or results in a substantial handicap to employment and (ii)
      as having completed or as receiving  services  under  an  individualized
      written  rehabilitation  plan  approved  by  the education department or
      other state agency responsible for providing  vocational  rehabilitation
      services to such individual; and
        (B)  who  has  worked  on  a  full-time  basis for the employer who is
      claiming the credit for at least one hundred eighty days or four hundred
      hours.
        (3) Amount of credit. Except as provided in  paragraph  four  of  this
      subdivision,  the  amount  of credit shall be thirty-five percent of the
      first six thousand dollars in qualified first-year wages earned by  each
      qualified  employee.  "Qualified  first-year  wages" means wages paid or
    
      incurred by the taxpayer during the taxable year to qualified  employees
      which  are  attributable, with respect to any such employee, to services
      rendered during the one-year period beginning with the day the  employee
      begins work for the taxpayer.
        (4)  Credit  where  federal  work opportunity tax credit applies. With
      respect to any qualified employee whose qualified first-year wages under
      paragraph three of this subdivision also constitute qualified first-year
      wages for purposes of the work opportunity  tax  credit  for  vocational
      rehabilitation referrals under section fifty-one of the internal revenue
      code,  the  amount of credit under this subdivision shall be thirty-five
      percent of the first six thousand dollars in qualified second-year wages
      earned by each such employee. "Qualified second-year wages" means  wages
      paid  or  incurred  by the taxpayer during the taxable year to qualified
      employees which are attributable, with respect to any such employee,  to
      services  rendered  during  the one-year period beginning one year after
      the employee begins work for the taxpayer.
        (5) Carryover. The credit and carryovers of such credit allowed  under
      this  subdivision  for  any  taxable  year  shall not, in the aggregate,
      reduce the tax due for such year to less than the minimum tax  fixed  by
      paragraph four of subdivision (a) of section fifteen hundred two of this
      article  or  by section fifteen hundred two-a of this article, whichever
      is applicable. However, if the amount of credit or  carryovers  of  such
      credit,  or  both,  allowed  under this subdivision for any taxable year
      reduces the tax to such amount, then any amount of credit or  carryovers
      of  such  credit thus 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.
        (6)  Coordination  with  federal  work  opportunity  tax  credit.  The
      provisions of sections fifty-one and fifty-two of the  internal  revenue
      code,  as  such  sections  applied  on  October  first, nineteen hundred
      ninety-six, that apply to the work opportunity tax credit for vocational
      rehabilitation  referrals  shall  apply  to  the   credit   under   this
      subdivision  to  the  extent  that such sections are consistent with the
      specific provisions of this subdivision, provided that in the event of a
      conflict the provisions of this subdivision shall control.
        (k) Credit for certain investments in certified capital companies. (1)
      A taxpayer shall be allowed a credit,  to  be  computed  as  hereinafter
      provided,  against  the  tax  imposed by this article. The amount of the
      credit shall be equal  to  one  hundred  percent  of  an  investment  of
      certified  capital  in  a  certified capital company program made by the
      taxpayer pursuant to section eleven of this chapter.
        (2) Ten percent of such credit shall be allowed in the taxable year to
      which such investment  is  allocated  pursuant  to  subdivision  (h)  of
      section eleven of this chapter and in each of the nine following taxable
      years.  In  addition, in any taxable year subsequent to the taxable year
      for which such investment is so allocated, any  amount  carried  forward
      under  paragraphs  three  and  four  of  this subdivision may be carried
      forward indefinitely until such credits are utilized.
        (3) No credit allowable pursuant to this subdivision shall reduce  the
      tax  payable  under  this  article to less than the minimum tax fixed by
      paragraph four of subdivision (a) of section fifteen hundred two of this
      article or by section fifteen hundred two-a of this  article,  whichever
      is  applicable.  If,  however, the amount of credit allowable under this
      subdivision for any taxable year reduces the tax  to  such  amount,  any
      amount  of  credit not taken 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.
    
        (4)  If  for any taxable year the credit allowable under paragraph two
      of this subdivision exceeds such minimum tax for such taxable year, then
      the amount by which such credit exceeds such minimum tax liability shall
      be carried forward as a credit under paragraph two of  this  subdivision
      to  the  following year or years and may be deducted from the taxpayer's
      tax for such year or years.
        (5) Decertification of a certified capital company  from  a  certified
      capital  company  program shall cause the disallowance and the recapture
      of the credit allowed  under  paragraph  one  of  this  subdivision,  as
      follows:
        (A)  Decertification  of  a certified capital company from a certified
      capital company program within two years of its starting date  prior  to
      meeting  the  requirements  of  subparagraph  (A)  of  paragraph  one of
      subdivision  (c)  of  section  eleven  of  this  chapter   shall   cause
      disallowance  of  one  hundred  percent  of  the  credit  allowed  under
      paragraph one of this subdivision with respect to such certified capital
      company program and the recapture of any portion of such credit that was
      previously taken.
        (B) Decertification of a certified capital company  from  a  certified
      capital   company   program   which,  having  met  all  requirements  of
      subparagraph (A) of paragraph one of subdivision (c) of  section  eleven
      of  this  chapter,  subsequently  fails  to  meet  the  requirements for
      continued certification under the provisions of subparagraph (B) of such
      paragraph one, shall cause the disallowance of  eighty-five  percent  of
      the  credit allowed under paragraph one of this subdivision with respect
      to such certified capital company program and recapture of  any  portion
      of such credit in excess of fifteen percent that was previously taken.
        (C)  Decertification  of  a certified capital company from a certified
      capital  company  program  which,  having  met   all   requirements   of
      subparagraphs (A) and (B) of paragraph one of subdivision (c) of section
      eleven  of this chapter, subsequently fails to meet the requirements for
      continued certification under the provisions of subparagraph (C) of such
      paragraph one, shall cause the disallowance of seventy  percent  of  the
      credit  allowed  under paragraph one of this subdivision with respect to
      such certified capital company program and the recapture of any  portion
      of such credit in excess of thirty percent that was previously taken.
        (D)  Decertification  of  a certified capital company from a certified
      capital company program pursuant to paragraph two of subdivision (e)  of
      section eleven of this chapter, other than on the grounds of the failure
      of   such   certified  capital  company  to  meet  the  requirements  of
      subparagraphs (A), (B) or (C) of paragraph one  of  subdivision  (c)  of
      such  section,  shall  not  cause the disallowance of any of the credits
      allowed under paragraph one of this subdivision  with  respect  to  such
      certified  capital  company program, nor the recapture of any portion of
      such credits that was previously taken.
        (E) If, after twelve years after a certified capital company  receives
      an  investment  of  certified  capital  under  certified capital company
      program four and any subsequent program, such certified capital  company
      has  failed  to  invest  one  hundred  percent  of its certified capital
      allocable  to  such  certified  capital  company  program  in  qualified
      investments,  such certified capital company shall be required to pay to
      the department, for deposit in the general fund, an amount equal to  two
      times  the  amount  of  net profits on qualified investments as required
      under paragraph five of  subdivision  (d)  of  section  eleven  of  this
      chapter  at  such subsequent time when it has fully invested one hundred
      percent and has begun  to  make  a  distribution  of  its  net  profits;
      provided  that  such  requirement shall not apply to a certified capital
      company in which at least fifty percent of the  voting  stock,  capital,
    
      membership  interests,  or  other beneficial ownership interests, as the
      case may be, are owned  by  an  entity  that  is  managed,  directly  or
      indirectly,  by  a non-profit corporation. This amount of payment to the
      department shall not be reduced by the amount set forth in paragraph six
      of  subdivision  (d)  of section eleven of this chapter, and a certified
      capital company making a payment  under  this  paragraph  shall  not  be
      eligible  to create a fund pursuant to such paragraph six of subdivision
      (d) of section eleven of this  chapter  for  that  particular  certified
      capital company program.
        (6)  Revocation  of  certification  from  a  certified capital company
      program pursuant to subdivision (f) of section eleven of  this  chapter,
      before  the later of (i) the third anniversary of the certification date
      of the certified capital company or (ii) the date on which the certified
      capital company  satisfies  the  requirements  of  subparagraph  (C)  of
      paragraph  one  of  subdivision  (c)  of section eleven of this chapter,
      shall cause disallowance of one hundred percent of  the  credit  allowed
      under  paragraph  one of this subdivision with respect to such certified
      capital company program and the recapture of any portion of such  credit
      that was previously taken.
        (7)  No  credit shall be allowed in any tax year in which the taxpayer
      shall, individually or with or through one  or  more  affiliates,  be  a
      managing  general  partner  of or underwrite or control the direction of
      investments of a certified capital company  for  which  the  credit  was
      allowed  under  paragraph  one of this subdivision. This provision shall
      not preclude a certified investor, insurance company or any other  party
      from exercising its legal rights and remedies (which may include interim
      management of a certified capital company) in the event that a certified
      capital  company  is  in  default  of  its  statutory obligations or its
      contractual obligations to such certified investor, insurance company or
      other party or from monitoring the certified capital company  to  ensure
      its  compliance  with  section eleven of this chapter or disallowing any
      investments that have not been approved by the  superintendent  pursuant
      to  subparagraph (D) of paragraph one of subdivision (c) of such section
      eleven. For purposes of this paragraph, affiliate shall mean a  business
      entity  in  which  the  taxpayer holds at least a ten percent beneficial
      interest.
        (8) A certified investor  allowed  a  credit  against  its  state  tax
      liability  earned  through  an investment in a certified capital company
      shall not be required to  pay  any  additional  retaliatory  tax  levied
      pursuant  to  section  eleven  hundred  twelve of the insurance law as a
      result of claiming such credit.
        (9) A taxpayer is permitted to transfer or sell  tax  credits  allowed
      under  this subdivision, in whole or in part, to any affiliate within an
      affiliated group of taxpayers, who are subject  to  tax  in  this  state
      under  this  article.  Such  transfer  or sale shall not affect the time
      schedule for  claiming  the  credit  transferred  or  sold.  Any  credit
      recaptured  shall  be the liability of the taxpayer who actually claimed
      the credit. The claim of a transferee shall be  permitted  in  the  same
      manner  and  subject  to  the same provisions and limitations of section
      eleven of this chapter as applied to the taxpayer to whom the credit was
      originally allowed. For purposes of this paragraph, the term "affiliated
      group" shall have the same  meaning  as  described  in  section  fifteen
      hundred  four  of  the  internal  revenue  code, without exclusion for a
      company listed under paragraph two of subsection (b) of section  fifteen
      hundred four of the internal revenue code, except that the references to
      "at  least eighty percent" in such section fifteen hundred four shall be
      read as "more than fifty percent".  Whenever  a  taxpayer  transfers  or
      sells  a  tax  credit  pursuant  to  this paragraph, such taxpayer shall
    
      notify the department and the insurance department of such  transfer  or
      sale within forty-five days.
        (l)  Credit  for  purchase  of  an automated external defibrillator. A
      taxpayer shall be allowed a credit as hereinafter provided, against  the
      tax  imposed by this article for the purchase, other than for resale, of
      an automated external defibrillator, as such term is defined in  section
      three  thousand-b  of  the  public  health law. The amount of the credit
      shall be the cost to the taxpayer of automated  external  defibrillators
      purchased  during  the  taxable  year,  such  credit  not to exceed five
      hundred dollars with respect to each unit purchased. The credit  allowed
      under this subdivision for any taxable year shall not reduce the tax due
      for  such  year  to less than the minimum tax fixed by paragraph four of
      subdivision (a) of section fifteen hundred two of  this  article  or  by
      section fifteen hundred two-a of this article, whichever is applicable.
        (m)  (1)  A taxpayer shall be allowed a credit against the tax imposed
      by this article equal to twenty percent of the premium paid  during  the
      taxable  year for long-term care insurance. In order to qualify for such
      credit, the taxpayer's premium payment must be for the  purchase  of  or
      for  continuing  coverage  under  a long-term care insurance policy that
      qualifies for such credit pursuant to section one thousand  one  hundred
      seventeen of the insurance law.
        (2)  In no event shall the credit herein provided for be allowed in an
      amount which will reduce the tax payable to less than  the  minimum  tax
      fixed  by  paragraph  four of subdivision (a) of section fifteen hundred
      two of this article or by section fifteen hundred two-a of this article,
      whichever is applicable. If, however, the  amount  of  credit  allowable
      under  this  subdivision  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.
        (n)  Low-income  housing  credit.  (1) Allowance of credit. A taxpayer
      shall be allowed a credit against the tax imposed by this  article  with
      respect  to  the ownership of eligible low-income buildings, computed as
      provided in section eighteen of this chapter.
        (2) Application of credit. The credit and carryovers  of  such  credit
      allowed  under  this  subdivision for any taxable year shall not, in the
      aggregate, reduce the tax due for such year to less than the minimum tax
      fixed by paragraph four of subdivision (a) of  section  fifteen  hundred
      two of this article or by section fifteen hundred two-a of this article,
      whichever  is applicable. However, if the amount of credit or carryovers
      of such credit, or both, allowed under this subdivision for any  taxable
      year  reduces  the  tax  to  such  amount,  then any amount of credit or
      carryovers of such credit thus 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.
        (3) Credit recapture. For provisions requiring  recapture  of  credit,
      see subdivision (b) of section eighteen of this chapter.
        (o)  Green  building credit. (1) Allowance of credit. A taxpayer shall
      be allowed a credit, to be computed as provided in section  nineteen  of
      this chapter, against the taxes imposed by this article.
        (2)  Carryover. The credit and carryovers of such credit allowed under
      this subdivision for any taxable  year  shall  not,  in  the  aggregate,
      reduce  the  tax due for such year to less than the minimum tax fixed by
      paragraph four of subdivision (a) of section fifteen hundred two of this
      article or by section fifteen hundred two-a of this  article,  whichever
      is  applicable.  However,  if the amount of credit or carryovers of such
      credit, or both, allowed under this subdivision  for  any  taxable  year
      reduces  the tax to such amount, then any amount of credit or carryovers
    
      of such credit thus 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.
        (p) Credit for transportation improvement contributions. (1) Allowance
      of  credit.  A  taxpayer  shall  be  allowed a credit, to be computed as
      provided in section twenty of this chapter, against the taxes imposed by
      this article.
        (2) Application of credit. The credit allowed under  this  subdivision
      for  any taxable year shall not reduce the tax due for such year to less
      than the minimum tax fixed by  paragraph  four  of  subdivision  (a)  of
      section  fifteen  hundred  two  of  this  article  or by section fifteen
      hundred two-a of this article, whichever is applicable. However, if  the
      amount  of  credit  allowed  under this subdivision for any taxable year
      reduces the tax to such amount, then  any  amount  of  credit  thus  not
      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.
        (3) Credit recapture. For provisions requiring  recapture  of  credit,
      see subdivision (c) of section twenty of this chapter.
        (q)  Investment  tax  credit  (ITC). (1) A taxpayer shall be allowed a
      credit, to be computed as hereinafter provided, against the tax  imposed
      by this article. Provided, however, a taxpayer shall not be allowed such
      credit provided by this subdivision unless (A) eighty percent or more of
      the  employees  performing  the  administrative  and  support  functions
      resulting from or related to the qualifying uses of such  equipment  are
      located  in  this  state,  or  (B)  the average number of employees that
      perform the administrative  and  support  functions  resulting  from  or
      related to the qualifying uses of such equipment and are located in this
      state  during  the taxable year for which the credit is claimed is equal
      to or  greater  than  ninety-five  percent  of  the  average  number  of
      employees  that  perform  these  functions and are located in this state
      during the thirty-six months immediately preceding the  year  for  which
      the  credit  is  claimed, or (C) the number of employees located in this
      state during the taxable year for which the credit is claimed  is  equal
      to  or greater than ninety percent of the number of employees located in
      this state on December thirty-first, nineteen hundred  ninety-eight  or,
      if  the  taxpayer  was  not a calendar year taxpayer in nineteen hundred
      ninety-eight, the last day  of  its  first  taxable  year  ending  after
      December  thirty-first,  nineteen  hundred ninety-eight. If the taxpayer
      becomes subject to tax in this state after the taxable year beginning in
      nineteen hundred ninety-eight, then the  taxpayer  is  not  required  to
      satisfy  the  employment test provided in the preceding sentence of this
      subparagraph for its first taxable year. For  purposes  of  subparagraph
      (C) of this paragraph the employment test will be based on the number of
      employees  located  in  this  state on the last day of the first taxable
      year the taxpayer is subject to tax in this state. If the  uses  of  the
      property  must  be  aggregated  to  determine  whether  the  property is
      principally used in qualifying uses, then either  each  affiliate  using
      the  property  must satisfy this employment test or this employment test
      must be satisfied through  the  aggregation  of  the  employees  of  the
      taxpayer,  its  affiliated  regulated  broker,  dealer,  and  registered
      investment adviser using the property. The amount of the credit shall be
      the percent provided for herein below of the investment credit base. The
      investment credit base is the cost or other basis for federal income tax
      purposes of tangible personal  property  and  other  tangible  property,
      including buildings and structural components of buildings, described in
    
      paragraph  two  of this subdivision, less the amount of the nonqualified
      nonrecourse financing with respect to such property to the  extent  such
      financing  would  be excludible from the credit base pursuant to section
      46(c)(8) of the Internal Revenue Code (treating such property as section
      thirty-eight  property  irrespective  of  whether  or  not  it  in  fact
      constitutes section thirty-eight property).   If,  at  the  close  of  a
      taxable  year  following  the  taxable  year  in which such property was
      placed in service, there is a net decrease in the amount of nonqualified
      nonrecourse financing with respect to such property, such  net  decrease
      shall  be  treated  as  if  it  were the cost or other basis of property
      described in paragraph two of this  subdivision  acquired,  constructed,
      reconstructed  or  erected during the year of the decrease in the amount
      of nonqualified nonrecourse financing. In the case of a combined return,
      the term investment credit base shall mean the  sum  of  the  investment
      credit  base of each corporation included on such return. The percentage
      to be used to compute the credit allowed pursuant  to  this  subdivision
      shall  be  five  percent  with  respect to the first three hundred fifty
      million dollars of the investment credit base,  and  four  percent  with
      respect  to  the investment credit base in excess of three hundred fifty
      million dollars.
        (2) A credit shall be allowed under this subdivision with  respect  to
      tangible  personal  property  and  other  tangible  property,  including
      buildings and structural components of buildings, which are: depreciable
      pursuant to section one hundred  sixty-seven  of  the  Internal  Revenue
      Code, have a useful life of four years or more, are acquired by purchase
      as  defined  in  section  one  hundred  seventy-nine (d) of the Internal
      Revenue Code, have a situs in this state and are (A) principally used in
      the ordinary course of the taxpayer's trade or business as a  broker  or
      dealer  in connection with the purchase or sale (which shall include but
      not be limited to  the  issuance,  entering  into,  assumption,  offset,
      assignment,   termination,  or  transfer)  of  stocks,  bonds  or  other
      securities as defined in section four hundred seventy-five (c)(2) of the
      Internal Revenue Code, or of commodities  as  defined  in  section  four
      hundred   seventy-five   (e)  of  the  Internal  Revenue  Code,  or  (B)
      principally used in the ordinary  course  of  the  taxpayer's  trade  or
      business  of  providing  investment  advisory  services  for a regulated
      investment company as defined in section eight hundred fifty-one of  the
      Internal  Revenue Code, or lending, loan arrangement or loan origination
      services to customers in connection with the  purchase  or  sale  (which
      shall  include  but  not  be  limited  to  the  issuance, entering into,
      assumption, offset, assignment, termination, or transfer) of  securities
      as  defined  in section four hundred seventy-five (c)(2) of the Internal
      Revenue Code.  For  purposes  of  subparagraphs  (A)  and  (B)  of  this
      paragraph,  property purchased by a taxpayer affiliated with a regulated
      broker, dealer or registered investment  adviser  is  allowed  a  credit
      under  this  subdivision  if  the  property  is  used  by its affiliated
      regulated broker, dealer or registered investment adviser in  accordance
      with  this  subdivision.  For purposes of determining if the property is
      principally used in qualifying uses, the uses by the taxpayer  described
      in  subparagraphs  (A)  and  (B) of this paragraph may be aggregated. In
      addition, the uses by the taxpayer,  its  affiliated  regulated  broker,
      dealer  and  registered  investment adviser under either or both of such
      subparagraphs may be aggregated.
        (3) A taxpayer shall not be allowed a credit  under  this  subdivision
      with  respect to tangible personal property and other tangible property,
      including buildings and structural components  of  buildings,  which  it
      leases to any other person or corporation except where a taxpayer leases
      property  to  an  affiliated  broker,  dealer,  or registered investment
    
      adviser that uses such property in accordance with subparagraph  (A)  or
      (B)  of paragraph two of this subdivision. For purposes of the preceding
      sentence, any contract or agreement to lease or rent or for a license to
      use such property shall be considered a lease.
        (4) Except as otherwise provided in this paragraph, the credit allowed
      under this subdivision for any taxable year shall not reduce the tax due
      for  such  year  to  less  than  the  amount  fixed  as a minimum tax by
      paragraph four of subdivision (a) of section fifteen hundred two of this
      article or by section fifteen hundred two-a of this  article,  whichever
      is  applicable.  However,  if  the amount of credit allowable under this
      subdivision for any taxable year reduces the tax  to  such  amount,  any
      amount  of  credit allowed for a taxable year may be carried over to the
      fifteen taxable years next  following  such  taxable  year  and  may  be
      deducted from the taxpayer's tax for such year or years. In lieu of such
      carryover,  any  such  taxpayer  which qualifies as a new business under
      paragraph seven of this subdivision may elect to  treat  the  amount  of
      such  carryover  as  an overpayment of tax to be credited or 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.
        (5)  At  the  option of the taxpayer an eligible business facility for
      which a credit is allowed under subdivision (d) of this section  may  be
      treated  as  property (A) principally used in the ordinary course of the
      taxpayer's trade or business as a broker or dealer  in  connection  with
      the  purchase  or  sale  (which  shall include but not be limited to the
      issuance, entering into, assumption, offset, assignment, termination, or
      transfer) of stocks, bonds or other securities  as  defined  in  section
      four  hundred  seventy-five  (c)(2)  of the Internal Revenue Code, or of
      commodities as defined in section four hundred seventy-five (e)  of  the
      Internal Revenue Code, or (B) principally used in the ordinary course of
      the  taxpayer's  trade  or  business  of  providing  investment advisory
      services for a regulated investment company as defined in section  eight
      hundred  fifty-one  of  the  Internal  Revenue  Code,  or  lending, loan
      arrangement or loan origination services to customers in connection with
      the purchase or sale (which shall include but  not  be  limited  to  the
      issuance, entering into, assumption, offset, assignment, termination, or
      transfer)  of securities as defined in section four hundred seventy-five
      (c)(2) of the Internal Revenue  Code  provided  the  property  otherwise
      qualifies  under  paragraph  two  of  this subdivision, in which event a
      credit shall not be allowed under subdivision (d) of this section.
        (6) (A) With respect to property  which  is  depreciable  pursuant  to
      section  one hundred sixty-seven of the Internal Revenue Code but is not
      subject to the provisions of section one  hundred  sixty-eight  of  such
      code  and which is disposed of or ceases to be in qualified use prior to
      the end of the taxable year in which the credit  is  to  be  taken,  the
      amount of the credit shall be that portion of the credit provided for in
      this  subdivision  which  represents  the  ratio  which  the  months  of
      qualified use bear to the months of useful life. If  property  on  which
      credit  has  been  taken is disposed of or ceases to be in qualified use
      prior to the end of its useful life, the difference between  the  credit
      taken  and  the  credit allowed for actual use must be added back in the
      year of disposition. Provided, however, if such property is disposed  of
      or  ceases to be in qualified use after it has been in qualified use for
      more than twelve consecutive years, it shall not  be  necessary  to  add
      back  the  credit as provided in this subparagraph. The amount of credit
      allowed for actual use shall be determined by multiplying  the  original
      credit by the ratio which the months of qualified use bear to the months
    
      of  useful  life.  For  purposes  of  this  subparagraph, useful life of
      property shall be  the  same  as  the  taxpayer  uses  for  depreciation
      purposes when computing his federal income tax liability.
        (B)  Except with respect to that property to which subparagraph (D) of
      this paragraph applies, with respect to three-year property, as  defined
      in  subsection  (e)  of  section one hundred sixty-eight of the Internal
      Revenue Code, which is disposed of or ceases  to  be  in  qualified  use
      prior to the end of the taxable year in which the credit is to be taken,
      the  amount  of  the credit shall be that portion of the credit provided
      for in this subdivision which represents the ratio which the  months  of
      qualified  use  bear to thirty-six. If property on which credit has been
      taken is disposed of or ceases to be in qualified use prior to  the  end
      of  thirty-six  months,  the difference between the credit taken and the
      credit allowed for actual  use  must  be  added  back  in  the  year  of
      disposition.  The  amount  of  credit  allowed  for  actual use shall be
      determined by multiplying the original credit by  the  ratio  which  the
      months of qualified use bear to thirty-six.
        (C)  Except with respect to that property to which subparagraph (D) of
      this  paragraph  applies,  with  respect  to  property  subject  to  the
      provisions  of  section  one hundred sixty-eight of the Internal Revenue
      Code, other than three-year property as defined  in  subsection  (e)  of
      such  section  one hundred sixty-eight which is disposed of or ceases to
      be in qualified use prior to the end of the taxable year  in  which  the
      credit is to be taken, the amount of the credit shall be that portion of
      the  credit  provided for in this subdivision which represents the ratio
      which the months of qualified use bear to sixty. If  property  on  which
      credit  has  been  taken is disposed of or ceases to be in qualified use
      prior to the end of sixty months,  the  difference  between  the  credit
      taken  and  the  credit allowed for actual use must be added back in the
      year of disposition. The amount of credit allowed for actual  use  shall
      be  determined by multiplying the original credit by the ratio which the
      months of qualified use bear to sixty.
        (D) With  respect  to  any  property  to  which  section  one  hundred
      sixty-eight of the Internal Revenue Code applies, which is a building or
      a  structural component of a building and which is disposed of or ceases
      to be in a qualified use prior to the end of the taxable year  in  which
      the  credit  is  to  be  taken,  the  amount of the credit shall be that
      portion of the credit provided for in this subdivision which  represents
      the  ratio which the months of qualified use bear to the total number of
      months over which the taxpayer chooses to deduct the property under  the
      Internal  Revenue  Code.  If  property on which credit has been taken is
      disposed of or ceases to be in qualified use prior to  the  end  of  the
      period  over which the taxpayer chooses to deduct the property under the
      Internal Revenue Code, the difference between the credit taken  and  the
      credit  allowed  for  actual  use  must  be  added  back  in the year of
      disposition. Provided, however, if  such  property  is  disposed  of  or
      ceases  to  be  in  qualified use after it has been in qualified use for
      more than twelve consecutive years, it shall not  be  necessary  to  add
      back  the  credit as provided in this subparagraph. The amount of credit
      allowed for actual use shall be determined by multiplying  the  original
      credit  by the ratio which the months of qualified use bear to the total
      number of months over which the taxpayer chooses to deduct the  property
      under the Internal Revenue Code.
        (E)  The  amount  required to be added back pursuant to this paragraph
      shall be augmented by an amount equal to the product of such amount  and
      the  underpayment  rate of interest (without regard to compounding), set
      by the commissioner pursuant to subsection (e) of section  one  thousand
    
      ninety-six  of  this  chapter,  in effect on the last day of the taxable
      year.
        (F)  If,  as of the close of the taxable year, there is a net increase
      with respect to the taxpayer in the amount of  nonqualified  nonrecourse
      financing  (within  the  meaning  of  section  46(c)(8)  of the Internal
      Revenue Code) with respect to any property with  respect  to  which  the
      credit   under  this  subdivision  was  limited  based  on  attributable
      nonqualified nonrecourse financing, then an amount equal to the decrease
      in such credit which would have resulted from reducing, by the amount of
      such net increase, the cost or  other  basis  taken  into  account  with
      respect  to  such  property must be added back in such taxable year. The
      amount of nonqualified nonrecourse financing shall  not  be  treated  as
      increased  by  reason  of  a  transfer of (or agreement to transfer) any
      evidence of an indebtedness if such transfer occurs (or  such  agreement
      is entered into) more than one year after the date such indebtedness was
      incurred.
        (7) For purposes of paragraph four of this subdivision, a new business
      shall include any corporation, except a corporation which:
        (A)  over fifty percent of the number of shares of stock entitling the
      holders thereof to vote for the election of  directors  or  trustees  is
      owned  or  controlled,  either  directly  or  indirectly,  by a taxpayer
      subject to tax under this article; section one hundred eighty-three, one
      hundred eighty-four, one hundred eighty-five or one  hundred  eighty-six
      of  article  nine; article nine-A or article thirty-two of this chapter;
      or
        (B) is substantially similar  in  operation  and  in  ownership  to  a
      business entity (or entities) taxable, or previously taxable, under this
      article;  section one hundred eighty-three, one hundred eighty-four, one
      hundred eight-five or one hundred eighty-six of  article  nine;  article
      nine-A  or  article  thirty-two of this chapter; article twenty-three of
      this chapter or which would have been subject to tax under such  article
      twenty-three  (as  such article was in effect of January first, nineteen
      hundred eighty)  or  the  income  (or  losses)  of  which  is  (or  was)
      includable  under  article twenty-two of this chapter whereby the intent
      and purpose of this paragraph and paragraph  four  of  this  subdivision
      with respect to refunding of credit to new business would be evaded; or
        (C)  has  been  subject  to  tax under this article for more than five
      taxable years (excluding short taxable years).
        (8)(A)(i)  If  a  taxpayer  is  required  by  paragraph  six  of  this
      subdivision  to  add back a portion of the credit taken because property
      was destroyed or ceased to be in qualified use as a direct result of the
      September eleventh, two thousand one terrorist  attacks,  such  taxpayer
      may  elect to defer the amount to be recaptured for all such property to
      the  taxable  year  next  succeeding  the  taxable  year  in  which  the
      destruction  or cessation of qualified use occurred. The taxable year in
      which the destruction or cessation of qualified use  occurred  shall  be
      hereinafter  referred  to  as the "recapture event taxable year". If the
      taxpayer's total employment number in the  state  on  the  last  day  of
      taxable  year  next  succeeding  the  recapture  event taxable year is a
      significant percentage of the taxpayer's average total employment number
      in the state for the taxpayer's recapture event taxable year and the two
      taxable years immediately preceding the recapture  event  taxable  year,
      then  the  taxpayer  shall  not be required to recapture any credit with
      respect to such property. If the taxpayer's total employment  number  in
      the  state  on  the  last  day  of  the taxable year next succeeding the
      recapture event taxable year is not  a  significant  percentage  of  the
      taxpayer's  average  total  employment  number  in  the  state  for  the
      taxpayer's recapture event  taxable  year  and  the  two  taxable  years
    
      immediately  preceding  the  recapture  event taxable year, the taxpayer
      shall be required to recapture the portion of  the  credit  taken  under
      this  subdivision, as required by paragraph six of this subdivision, for
      all  of its property destroyed or which ceased to be in qualified use as
      a direct result of the September eleventh, two  thousand  one  terrorist
      attacks.  The  amount  required  to  be recaptured shall be augmented as
      required  pursuant  to  subparagraph  (E)  of  paragraph  six  of   this
      subdivision  by  using  an  interest rate equal to two times the rate of
      interest specified in such subparagraph (E) applicable for  the  taxable
      year in which the recapture occurs.
        (ii)   The  taxpayer's  total  employment  number  shall  include  all
      employees of the taxpayer employed full-time  by  the  taxpayer  in  the
      state.  The average total employment number for the taxpayer's recapture
      event taxable year and the two taxable years immediately  preceding  the
      recapture  event  taxable  year  shall  be  computed  by determining the
      taxpayer's total employment number on the thirty-first day of March, the
      thirtieth  day  of  June,  the  thirtieth  day  of  September  and   the
      thirty-first day of December during the applicable taxable years, adding
      together  the number of such individuals determined to be so employed on
      each of such dates and dividing the sum so obtained  by  the  number  of
      such  dates  occurring within such applicable taxable years. However, in
      the case of the taxable year  which  included  September  eleventh,  two
      thousand  one, the average total employment number for such taxable year
      shall be determined by using the total employment  number  on  September
      first, two thousand one in lieu of September thirtieth, two thousand one
      and,  if  such taxable year included December thirty-first, two thousand
      one, by excluding the total employment number on December  thirty-first,
      two thousand one.
        (B)  In  lieu  of  subparagraph  (A) of this paragraph, a taxpayer may
      elect  to  recapture  the  portion  of  the  credit  taken  under   this
      subdivision,  as  required by paragraph six of this subdivision, for all
      of its property destroyed or which ceased to be in qualified  use  as  a
      direct  result  of  the  September  eleventh, two thousand one terrorist
      attacks, in the taxable year in which the destruction  or  cessation  of
      qualified use occurred. If the taxpayer makes such election and acquires
      property  (hereinafter referred to as "replacement property") to replace
      any property destroyed as a direct result of the September eleventh, two
      thousand one terrorist attacks (regardless of  when  such  property  was
      placed  in  service  and  whether  a credit was claimed on that property
      pursuant to this subdivision), and such replacement property is  similar
      or  related in service or use to such destroyed property, the investment
      credit base of the replacement  property  shall  be  determined  without
      regard  to  any basis reduction required pursuant to section 1033 of the
      internal revenue code.
        (C) The election made by the taxpayer under subparagraph (A) or (B) of
      this paragraph shall be made in the manner and form  prescribed  by  the
      commissioner.
        (D) A taxpayer, over fifty percent of whose employees died as a direct
      result  of  the  September eleventh, two thousand one terrorist attacks,
      may  make  the  election  provided  for  in  subparagraph  (A)  of  this
      paragraph,  and  shall  not  be  required  to  recapture any credit with
      respect to property which  was  destroyed  or  which  ceased  to  be  in
      qualified  use  as  a  direct  result of such attacks, whether or not it
      meets the employment test specified in clause (i) of subparagraph (A) of
      this paragraph.
        (r) QEZE credit for real property taxes. (1) Allowance  of  credit.  A
      taxpayer  which is a qualified empire zone enterprise shall be allowed a
      credit for eligible real property taxes, to be computed as  provided  in
    
      section  fifteen  of  this  chapter,  against  the  tax  imposed by this
      article.
        (2)  Application  of credit. The credit allowed under this subdivision
      for any taxable year shall not reduce the tax due for such year to  less
      than  the  minimum  tax  fixed  by  paragraph four of subdivision (a) of
      section fifteen hundred two  of  this  article  or  by  section  fifteen
      hundred  two-a of this article, whichever is applicable. However, if the
      amount of credit allowed under this subdivision  for  any  taxable  year
      reduces  the  tax  to  such  amount,  then any amount of credit thus not
      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.
        (s)  QEZE  tax  reduction  credit. (1) Allowance of credit. A taxpayer
      which is a qualified empire zone enterprise shall be allowed a QEZE  tax
      reduction  credit, to be computed as provided in section sixteen of this
      chapter, against the tax imposed by this article.
        (2) Application of credit. The credit allowed under  this  subdivision
      for  any taxable year shall not reduce the tax due for such year to less
      than the minimum tax fixed by  paragraph  four  of  subdivision  (a)  of
      section  fifteen  hundred  two  of  this  article  or by section fifteen
      hundred two-a of this article, whichever is applicable.
        (t) Order of credits. Notwithstanding the succeeding sentences of this
      subdivision, the credits provided for in subdivisions  (g)  and  (h)  of
      this  section shall be deducted before any other credits allowable under
      this article, and the credit provided for in such subdivision (g)  shall
      be deducted after the credit provided for in such subdivision (h). After
      application  of  the  first  sentence  of  this subdivision, the credits
      allowable under this article which cannot be carried over and which  are
      not  refundable  shall  be  deducted first. Credits allowable under this
      article which can be carried over, and carryovers of such credits, shall
      be deducted next, and among such credits, those whose  carryover  is  of
      limited  duration  shall  be deducted before those whose carryover is of
      unlimited duration. Credits  allowable  under  this  article  which  are
      refundable  shall  be  deducted last. Credits under subdivisions (g) and
      (h) of this section may not be  deducted  from  the  limitation  on  tax
      computed  pursuant to subdivision (a) of section fifteen hundred five of
      this article.
        (u) Brownfield redevelopment tax credit. (1) Allowance  of  credit.  A
      taxpayer  shall  be  allowed  a  credit,  to  be computed as provided in
      section twenty-one of this chapter, against the taxes  imposed  by  this
      article.
        (2)  Application  of credit. The credit allowed under this subdivision
      for any taxable year shall not reduce the tax due for such year to  less
      than  the  minimum fixed by paragraph four of subdivision (a) of section
      fifteen hundred two of this article. However, if the amount  of  credits
      allowed  under  this subdivision for any taxable year reduces the tax to
      such amount, any amount of credit thus not 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.
        (v) Remediated brownfield credit for real property taxes for qualified
      sites.  (1)  Allowance  of  credit. A taxpayer which is a developer of a
      qualified site shall be allowed a  credit  for  eligible  real  property
      taxes,  to  be  computed  as  provided  in  subdivision  (b)  of section
    
      twenty-two of this chapter, against the tax imposed by this article. For
      purposes of this subdivision, the terms "qualified site" and "developer"
      shall have the same meaning as set forth in paragraphs  two  and  three,
      respectively, of subdivision (a) of section twenty-two of this chapter.
        (2)  Application  of credit. The credit allowed under this subdivision
      for any taxable year shall not reduce the tax due for such year to  less
      than  the  minimum  tax  fixed  by  paragraph four of subdivision (a) of
      section fifteen hundred two of this article. However, if the  amount  of
      credit  allowed  under this subdivision for any taxable year reduces the
      tax to such amount, any amount of credit thus  not  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.
        (w) 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 this article.
        (2)  Application  of credit. The credit allowed under this subdivision
      for any taxable year shall not reduce the tax due for such year to  less
      than  the  minimum fixed by paragraph four of subdivision (a) of section
      fifteen hundred two or section fifteen hundred two-a  of  this  article.
      However, if the amount of credits allowed under this subdivision for any
      taxable  year  reduces the tax to such amount, any amount of credit thus
      not 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 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.
        * (x) Security  training  tax  credit.  (1)  Allowance  of  credit.  A
      taxpayer  shall  be  allowed  a  credit,  to  be computed as provided in
      section twenty-six of this chapter, against  the  tax  imposed  by  this
      article.
        (2)  Application  of credit. The credit allowed under this subdivision
      for any taxable year shall not reduce the tax due for such year to  less
      than  the  minimum fixed by paragraph four of subdivision (a) of section
      fifteen hundred two or section fifteen hundred two-a  of  this  article.
      However, if the amount of credits allowed under this subdivision for any
      taxable  year  reduces the tax to such amount, any amount of credit thus
      not 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 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.
        * NB There are 2 sb (x)'s
        * (x) Credit for fuel cell electric generating equipment expenditures.
      (1) Allowance of credit. For  taxable  years  beginning  before  January
      first,  two  thousand nine, a taxpayer shall be allowed a credit against
      the tax imposed by this  article,  equal  to  its  qualified  fuel  cell
      electric generating equipment expenditures. This credit shall not exceed
      one  thousand  five  hundred dollars per generating unit with respect to
      any taxable year. The credit provided for in this subdivision  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  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. The credit allowed under this subdivision
      for any taxable year shall not reduce the tax due for such year to  less
      than  the  minimum  tax  fixed  by  paragraph four of subdivision (a) of
      section fifteen hundred two  of  this  article  or  by  section  fifteen
      hundred  two-a of this article, whichever is applicable. However, if the
      amount of credit allowed under this subdivision  for  any  taxable  year
      reduces the tax to such amount, any amount of credit thus 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 sb (x)'s