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This entry was published on 2018-01-05
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SECTION 187-N*2
Fuel cell electric generating equipment expenditures credit
Tax (TAX) CHAPTER 60, ARTICLE 9
* § 187-n. Fuel cell electric generating equipment expenditures
credit. (1) Allowance of credit. For taxable years beginning before
January first, two thousand nine, a taxpayer whose business is not
substantially engaged in the commercial generation, distribution,
transmission, or servicing of energy or energy products shall be allowed
a credit against the taxes imposed by sections one hundred eighty-three
and one hundred eighty-four of this article, equal to its qualified fuel
cell electric generating equipment expenditures. Provided, however, that
the amount of such credit allowable 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. This credit shall not exceed one thousand five hundred
dollars per generating unit with respect to any taxable year. The credit
provided for herein shall be allowed with respect to the taxable year in
which the fuel cell electric generating equipment is placed in service.

(2) Qualified fuel cell electric generating equipment expenditures.
(a) Qualified fuel cell electric generating equipment expenditures are
the costs, incurred on or after July first, two thousand five,
associated with the purchase of on-site electricity generation units
utilizing proton exchange membrane fuel cells, providing a rated
baseload capacity of no less than one kilowatt of electricity and no
more than one hundred kilowatts of electricity, which are located in
this state at the time the qualified fuel cell electric generating
equipment is placed in service.

(b) Qualified fuel cell electric generating equipment expenditures
shall also include costs, incurred on or after July first, two thousand
five, for materials, labor for on-site preparation, assembly and
original installation, engineering services, designs and plans directly
related to construction or installation and utility compliance costs.

(c) Such qualified expenditures shall not include interest or other
finance charges.

(d) The amount of any federal, state or local grant received by the
taxpayer, which was used for the purchase and/or installation of such
equipment and which was not included in the federal gross income of the
taxpayer, shall not be included in the amount of such qualified
expenditures.

(3) Application of credit. 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 credit
allowable under this section for any taxable year reduces the tax to
such amount, any amount of credit not deductible in such taxable year
may be carried over to the following year or years and may be deducted
from the taxpayer's tax for such year or years.

* NB There are 2 § 187-n's