N.Y. Tax Law § 187-Q — Utility COVID-19 debt relief credit

§ 187-q. Utility COVID-19 debt relief credit. 1. Allowance of credit.\nA taxpayer doing business in this state that is subject to the\nsupervision of the public service commission shall be allowed a credit\nagainst the taxes imposed by this article, to be computed as hereinafter\nprovided, for the amount of debt that the taxpayer has waived in\naccordance with procedures established by the public service commission\nthat was owed to the taxpayer by customers who received utility arrears\nassistance pursuant to the chapter of the laws of two thousand\ntwenty-one that enacted this section. Provided, however, that if the\ntaxpayer is subject to tax under both sections one hundred eighty-three\nand one hundred eighty-four of this article the amount of such credit\nallowable against the tax imposed by such section one hundred\neighty-four shall be the excess of the amount of such credit over the\namount of any credit allowed by this section against the tax imposed by\nsection one hundred eighty-three of this article.\n 2. Application of credit. In no event shall the credit under this\nsection be allowed in an amount that will reduce the tax payable to less\nthan 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\nshall be treated as an overpayment of tax to be refunded in accordance\nwith the provisions of section one thousand eighty-six of this chapter.\nProvided, however, the provisions of subsection (c) of section one\nthousand eighty-eight of this chapter notwithstanding, no interest shall\nbe paid thereon.\n 3. Certification. No amount of waived customer debt may be the basis\nfor the credit herein unless such amount is certified by the public\nservice commission as provided herein. After consulting with the\ncommissioner, the public service commission shall establish procedures\nfor determining the amount of waived customer debt that may be used as a\nbasis for the tax credit allowed by this section. Such procedures shall\ninclude provisions describing the application process, application due\ndates, the documentation that will be provided by taxpayers to\nsubstantiate the amount of customer debt that was waived by such\ntaxpayers, the process by which the public service commission shall\ncertify to a taxpayer and to the commissioner the amount of waived\ncustomer debt that qualifies for the credit, and such other provisions\nas deemed necessary and appropriate.\n 4. Timing of credit. The credit allowed by this section shall be\nclaimed in the taxable year in which the public service commission\ncertifies the amount of customer debt waived by the taxpayer that\nqualifies for the credit allowed by this section.\n 5. Credit recapture. If the certification made by the public service\ncommission under subdivision three of this section is revoked by the\npublic service commission, the amount of credit described in this\nsection and claimed by the taxpayer prior to that revocation shall be\nadded back to the tax in the taxable year in which such revocation\nbecomes final.\n 6. Information sharing. Notwithstanding any provision of this chapter,\nemployees and officers of the public service commission and the\ndepartment shall be allowed and are directed to share and exchange\ninformation regarding the credits allowed, or claimed, pursuant to this\nsection, and the taxpayers who are applying for credits or who are\nclaiming credits, including information contained in or derived from\ncredit claim forms submitted to the department, and the information of\nthe taxpayer used by the department of public service to determine the\namount of waived customer debt.\n