N.Y. Tax Law § 187-N*2 — Fuel cell electric generating equipment expenditures credit

* § 187-n. Fuel cell electric generating equipment expenditures\ncredit. (1) Allowance of credit. For taxable years beginning before\nJanuary first, two thousand nine, a taxpayer whose business is not\nsubstantially engaged in the commercial generation, distribution,\ntransmission, or servicing of energy or energy products shall be allowed\na credit against the taxes imposed by sections one hundred eighty-three\nand one hundred eighty-four of this article, equal to its qualified fuel\ncell electric generating equipment expenditures. Provided, however, that\nthe amount of such credit allowable against the tax imposed by section\none hundred eighty-four of this article shall be the excess of the\namount of such credit over the amount of any credit allowed by this\nsection against the tax imposed by section one hundred eighty-three of\nthis article. This credit shall not exceed one thousand five hundred\ndollars per generating unit with respect to any taxable year. The credit\nprovided for herein shall be allowed with respect to the taxable year in\nwhich the fuel cell electric generating equipment is placed in service.\n (2) Qualified fuel cell electric generating equipment expenditures.\n(a) Qualified fuel cell electric generating equipment expenditures are\nthe costs, incurred on or after July first, two thousand five,\nassociated with the purchase of on-site electricity generation units\nutilizing proton exchange membrane fuel cells, providing a rated\nbaseload capacity of no less than one kilowatt of electricity and no\nmore than one hundred kilowatts of electricity, which are located in\nthis state at the time the qualified fuel cell electric generating\nequipment is placed in service.\n (b) Qualified fuel cell electric generating equipment expenditures\nshall also include costs, incurred on or after July first, two thousand\nfive, for materials, labor for on-site preparation, assembly and\noriginal installation, engineering services, designs and plans directly\nrelated to construction or installation and utility compliance costs.\n (c) Such qualified expenditures shall not include interest or other\nfinance charges.\n (d) The amount of any federal, state or local grant received by the\ntaxpayer, which was used for the purchase and/or installation of such\nequipment and which was not included in the federal gross income of the\ntaxpayer, shall not be included in the amount of such qualified\nexpenditures.\n (3) Application of credit. In no event shall the credit under this\nsection be allowed in an amount which will reduce the tax payable to\nless than the applicable minimum tax fixed by section one hundred\neighty-three of this article. If, however, the amount of credit\nallowable under this section for any taxable year reduces the tax to\nsuch amount, any amount of credit not deductible in such taxable year\nmay be carried over to the following year or years and may be deducted\nfrom the taxpayer's tax for such year or years.\n * NB There are 2 § 187-n's\n