Section 187-E. 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  sections  one  hundred  eighty-three,  one   hundred
  eighty-four,  one hundred eighty-five and one hundred eighty-six of this
  article. Provided, however, that the amount  of  such  credit  allowable
  against  the  tax  imposed  by  section  one hundred eighty-four of this
  article shall be the excess of the amount of such credit over the amount
  of any credit allowed by this section against the tax imposed by section
  one hundred eighty-three of this article.
    2. Application of credit. In no event  shall  the  credit  under  this
  section  be  allowed  in  an amount which will reduce the tax payable to
  less than the applicable  minimum  tax  fixed  by  section  one  hundred
  eighty-three,  one hundred eighty-five or one hundred eighty-six of this
  article. If, however, the amount of credit allowable under this  section
  for  any  taxable  year  reduces  the  tax to such amount, any amount of
  credit not thus deductible in such taxable year shall be treated  as  an
  overpayment  of  tax  to  be credited or refunded in accordance with the
  provisions of section ten hundred eighty-six of this chapter.  Provided,
  however,  the  provisions  of  subsection  (c)  of  section  ten hundred
  eighty-eight of this chapter notwithstanding, no interest shall be  paid
  thereon.
    3. Credit recapture. For provisions requiring recapture of credit, see
  subdivision (c) of section twenty of this chapter.