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This entry was published on 2018-01-05
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SECTION 187-C
Biofuel production credit
Tax (TAX) CHAPTER 60, ARTICLE 9
§ 187-c. Biofuel production credit. A taxpayer shall be allowed a
credit to be computed as provided in section twenty-eight of this
chapter, as added by part X of chapter sixty-two of the laws of two
thousand six, against the tax imposed by this article. Provided,
however, that the amount of such credit allowed 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. 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 of this
article. If, however, the amount of the credit allowed under this
section for any taxable year reduces the tax to such amount, the excess
shall be treated as an overpayment of tax to be credited or refunded in
accordance with the provisions of section six hundred eighty-six of this
chapter. Provided, however, the provisions of subsection (c) of section
one thousand eighty-eight of this chapter notwithstanding, no interest
shall be paid thereon. The tax credit allowed pursuant to this section
shall apply to taxable years beginning before January first, two
thousand twenty.