Form Tsb-M-06(4)i - Supplemental Summary Of Personal Income Tax Legislative Changes Enacted In 2005 And Expiring Provisions - Office Of Tax Policy Analysis Technical Services Division Page 2
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TSB-M-06(4)I
Income Tax
April 12, 2006
• a studio lighting grid,
• lighting and grip equipment,
• multi-line phone service,
• broadband information technology access,
• industrial scale electrical capacity,
• food services,
• security services, and
• heating, ventilation and air conditioning.
For purposes of the investment tax credit, the use of a qualified film production facility
by a qualified film production company is not considered a lease of such facility to such
company. In addition, qualified film production facility and qualified film production company
means those facilities and companies as defined under section 24 of the Tax Law (relating to the
Empire State film production credit.) However, any property used to claim the Empire State film
production credit cannot be used to claim the investment tax credit.
This provision applies to property placed in service after January 1, 2005, or to buildings
or structural components of buildings for which a final certificate of occupancy is received after
January 1, 2005.
(Tax Law, section 606(a))
Fuel cell electric generating equipment credit
Effective for tax years beginning on or after January 1, 2005, individuals, including
partners in a partnership (including members of an LLC that is treated as a partnership for federal
income tax purposes), shareholders of S corporations, and beneficiaries of estates and trusts may
claim the fuel cell electric generating equipment credit. The credit applies to qualified fuel cell
electric generating equipment expenditures made on or after July 1, 2005, and must be claimed
for the tax year in which the fuel cell electric generating equipment is placed in service.
Note: Estates and trusts cannot claim their share of the credit directly on the estate’s or trust’s
fiduciary return. However, beneficiaries are eligible to claim their share of the credit from the
estate or trust on their tax return.
For purposes of this credit:
• fuel cell electric generating equipment means an on-site electricity generation system that
utilizes proton exchange membrane fuel cells, providing a rated baseload capacity of at
least one kilowatt but no more than 100 kilowatts of electricity operated in accordance
with applicable industry standards.
• Qualified fuel cell electric generating equipment expenditures means qualified
expenditures incurred on or after July 1, 2005, associated with the purchase of fuel cell
electric generating equipment which is installed and used in New York State.
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