N.Y. Tax Law § 23 — Environmental remediation insurance credit

§ 23. Environmental remediation insurance credit. (a) Allowance of\ncredit. General. A taxpayer subject to tax under article nine, nine-A,\ntwenty-two or thirty-three of this chapter shall be allowed a credit\nagainst such tax, pursuant to the provisions referenced in subdivision\n(e) of this section. The amount of such credit shall be equal to the\nlesser of thirty thousand dollars or fifty percent of the premiums paid\non or after the date of the brownfield site cleanup agreement executed\nby the taxpayer and the department of environmental conservation\npursuant to section 27-1409 of the environmental conservation law by the\ntaxpayer for environmental remediation insurance issued with respect to\na qualified site.\n (b) Definitions. As used in this section, the following terms shall\nhave the following meanings:\n (1) Qualified site. A "qualified site" is a site with respect to which\na certificate of completion has been issued to the taxpayer by the\ncommissioner of environmental conservation pursuant to section 27-1419\nof the environmental conservation law to an "applicant" as that term is\ndefined in subdivision one of section 27-1405 of the environmental\nconservation law.\n (2) Certificate of completion. A "certificate of completion" issued by\nthe commissioner of environmental conservation pursuant to section\n27-1419 of the environmental conservation law.\n (3) Environmental remediation insurance. The term "environmental\nremediation insurance" shall mean that type of insurance described in\nsection three thousand four hundred forty-seven of the insurance law.\n (c) The credit provided for in subdivision one of this section shall\nbe allowed for the taxable year in which the certificate of completion\nis issued to the taxpayer. Such credit shall be allowed only once with\nrespect to a particular certificate of completion.\n (d) If the certificate of completion issued to the taxpayer with\nrespect to a qualified site is revoked by a determination issued\npursuant to section 27-1419 of the environmental conservation law, the\namount of credit allowed by this section shall be added back in the\ntaxable year in which such determination is final and no longer subject\nto judicial review.\n (e) Cross-references. For application of the credit provided for in\nthis section, see the following provisions of this chapter:\n (1) Article 9: Section 187-i\n (2) Article 9-A: Section 210-B, subdivision 19\n (3) Article 22: Section 606, subsections (i) and (ff)\n (4) Article 33: Section 1511, subdivision (w).\n