Form Tsb-M-06(3)c - Supplemental Summary Of Corporation Tax Legislative Changes Enacted In 2005 - Office Of Tax Policy Analysis Technical Services Division Page 2
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TSB-M-06(3)C
Corporation Tax
April 19, 2006
This provision applies to property placed in service after January 1, 2005, or to buildings
or structural components of buildings for which the final certificate of occupancy is received
after January 1, 2005.
(Tax Law, section 210.12)
Fuel cell electric generating equipment credit (Articles 9, 9A, 32, and 33)
Effective for tax years beginning on or after January 1, 2005, a new credit against tax is
allowed for qualified fuel cell electric generating equipment expenditures, up to a maximum
credit amount of $1,500 for each generating unit in any tax year. The credit will be allowed to
taxpayers subject to tax under sections 183, 184, or 185 of Article 9, Articles 9-A, 32, or 33 of
the Tax Law in the tax year in which the fuel cell electric generating equipment is placed in
service.
Qualified fuel cell electric generating equipment expenditures are those costs incurred on
or after July 1, 2005, that are associated with the purchase of on-site electricity generation
systems 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. The
equipment must be located in New York at the time it is placed in service. These expenditures
also include those costs incurred on or after July 1, 2005, for materials, labor for on-site
preparation, assembly and original installation, engineering services, designs and plans directly
related to the construction or installation, and utility compliance costs.
Qualified fuel cell electric generating equipment expenditures do not include interest or
other finance charges, or any amount of a federal, state or local grant received by the taxpayer
that was used for the purchase and/or installation of such equipment, where such interest, finance
charge, or grant was not included in the federal gross income of the taxpayer.
This credit is not available to taxpayers subject to tax under sections 183, 184, or 185 of
Article 9 of the Tax Law who are substantially engaged in the commercial generation,
distribution, transmission, or servicing of energy or energy products. For corporations taxable
under Article 9, sections 183 and 184, the credit and carryover of the credit are first applied
against the tax imposed under section 183, and cannot reduce the section 183 tax below the
minimum tax. Any excess credit is then applied against the tax imposed by section 184. For
section 185 taxpayers, the credit and carryover of the credit may not reduce the tax below the
fixed dollar minimum tax.
For Article 9-A taxpayers, the credit and carryover of the credit may not reduce the tax
below the fixed dollar minimum tax or the tax on the minimum taxable income base, whichever
is higher.
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