Section 1511. Credits

(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