N.Y. Tax Law § 187-B — Alternative fuels and electric vehicle recharging property credit

§ 187-b. Alternative fuels and electric vehicle recharging property\ncredit. 1. General. A taxpayer shall be allowed a credit, to be credited\nagainst the taxes imposed under sections one hundred eighty-three and\none hundred eighty-four of this article. Such credit, to be computed as\nhereinafter provided, shall be allowed for alternative fuel vehicle\nrefueling and electric vehicle recharging property placed in service\nduring the taxable year. Provided, however, that the amount of such\ncredit allowable against the tax imposed by section one hundred\neighty-four of this article shall be the excess of the credit allowed by\nthis section over the amount of such credit allowable against the tax\nimposed by section one hundred eighty-three of this article.\n 2. (a) Alternative fuel vehicle refueling property and electric\nvehicle recharging property. The credit under this section for\nalternative fuel vehicle refueling and electric vehicle recharging\nproperty shall equal for each installation of property the lesser of\nfive thousand dollars or the product of fifty percent and the cost of\nany such property less any costs paid from the proceeds of grants.\n (b) To qualify for the credit, the property must:\n (i) be located in this state;\n (ii) constitute alternative fuel vehicle refueling property or\nelectric vehicle recharging property; and\n (iii) not be paid for from the proceeds of grants awarded before\nJanuary first, two thousand fifteen, including grants from the New York\nstate energy research and development authority or the New York power\nauthority.\n 3. Definitions. (a) The term "alternative fuel vehicle refueling\nproperty" means all of the equipment needed to dispense any fuel at\nleast eighty-five percent of the volume of which consists of one or more\nof the following: natural gas, liquified natural gas, liquified\npetroleum, or hydrogen.\n (b) The term "electric vehicle recharging property" means all the\nequipment needed to convey electric power from the electric grid or\nanother power source to an onboard vehicle energy storage system.\n 4. Carryovers. In no event shall the credit under this section be\nallowed in an amount which will reduce the tax payable to less than the\napplicable minimum tax fixed by section one hundred eighty-three of this\narticle. If, however, the amount of credit allowable under this section\nfor any taxable year reduces the tax to such amount, any amount of\ncredit not deductible in such taxable year may be carried over to the\nfollowing year or years and may be deducted from the taxpayer's tax for\nsuch year or years.\n 5. Credit recapture. If, at any time before the end of its recovery\nperiod, alternative fuel vehicle refueling or electric vehicle\nrecharging property ceases to be qualified, a recapture amount must be\nadded back in the year in which such cessation occurs.\n (i) Cessation of qualification. Alternative fuel vehicle refueling\nproperty or electric vehicle recharging property ceases to be qualified\nif:\n (I) the property no longer qualifies as alternative fuel vehicle\nrefueling property or electric vehicle recharging property; or\n (II) fifty percent or more of the use of the property in a taxable\nyear is other than a trade or business in this state; or\n (III) the taxpayer receiving the credit under this section sells or\ndisposes of the property and knows or has reason to know that the\nproperty will be used in a manner described in this subparagraph.\n (ii) Recapture amount. The recapture amount is equal to the credit\nallowable under this section multiplied by a fraction, the numerator of\nwhich is the total recovery period for the property minus the number of\nrecovery years prior to, but not including, the recapture year, and the\ndenominator of which is the total recovery period.\n 6. Termination. The credit allowed by subdivision two of this section\nshall not apply in taxable years beginning after December thirty-first,\ntwo thousand twenty-eight.\n