Section 187-N*2. Fuel cell electric generating equipment expenditures credit

(1) Allowance of credit. For  taxable  years  beginning  before  January  first,  two  thousand  nine,  a  taxpayer whose business is not
  substantially  engaged  in  the  commercial  generation,   distribution,
  transmission, or servicing of energy or energy products shall be allowed
  a credit against the taxes imposed by sections one hundred eighty-three,
  one  hundred  eighty-four  and  one hundred eighty-five of this article,
  equal  to  its  qualified  fuel  cell  electric   generating   equipment
  expenditures.    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. This credit shall not
  exceed one thousand  five  hundred  dollars  per  generating  unit  with
  respect  to  any  taxable  year. The credit provided for herein 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 of electricity 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.  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 or one hundred eighty-five 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  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 § 187-n's