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 5
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TSB-M-06(3)C
Corporation Tax
April 19, 2006
Clean-fuel means natural gas, liquefied petroleum gas, hydrogen, and electricity. It also
means any other fuel that is at least 85%, singly or in combination, methanol, ethanol, any other
alcohol, or ether.
The credit is not refundable, but any unused credit may be carried forward and applied in
subsequent tax years.
For an Article 9-A taxpayer, the credit is allowed for clean-fuel vehicle refueling property
placed in service during the tax year. The credit and carryover of the credit may not reduce the
tax to below the fixed dollar minimum tax or the tax on the minimum taxable income base,
whichever is higher. In addition, an Article 9-A taxpayer may elect to transfer its unused
alternative fuels credit to an affiliate. An affiliate is the taxpayer’s parent, an 80% or more owned
subsidiary, or other member of the taxpayer’s affiliated group as defined in section 1504(a) of
the Internal Revenue Code. The taxpayer and affiliate must both consent to the election. Once
the election is made, the credit becomes the credit of the affiliate, and any credit recapture
becomes chargeable to the affiliate. This election is made at the time the credit claim is filed.
For an Article 9 taxpayer, the credit is allowed for clean-fuel refueling property placed in
service during the tax year. However, the credit will not be allowed for property placed in
service in a tax year that begins after July 26, 2008. Under sections 183 and 184 of Article 9, 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. Under section 185 of Article 9, the credit and carryover
of the credit may not reduce the tax below the minimum tax.
A recapture of the credit is required if within the recovery period (depreciable life):
a) the property ceases to be used as clean-fuel vehicle refueling property, or
b) less than 50% of the use of the property in a tax year is in a trade or business in New
York State, or
c) the taxpayer receiving the credit sells or disposes of the property and knows or has
reason to know that the property will be used in a manner described in a) or b) above.
(Tax Law, sections 187-b and 210.24)
Power for jobs tax credit extension (Article 9)
The power for jobs tax credit has been extended to include calendar year 2006. The
credit is claimed on Forms CT-186-P, Utility Services Tax Return-Gross Income, and CT-186-E,
Telecommunications Tax Return and Utility Services Tax Return, and is available to qualified
electric corporations.
(Tax Law section 186-a (9))
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