§ 19. Green building credit. (a) Allowance of credit. (1) General.\n(A) Green building credit. A taxpayer subject to tax under article nine,\nnine-A, twenty-two or thirty-three of this chapter shall be allowed a\ngreen building credit against such tax, pursuant to the provisions\nreferenced in subdivision (f) of this section. Provided, however, no\ncredit shall be allowed under this section unless the taxpayer has\ncomplied with the applicable requirements of paragraph two of\nsubdivision (d) of this section (relating to reports to DEC). The amount\nof the credit shall be the sum of the credit components specified in\nparagraphs two through seven of this subdivision. Provided, however, the\namount of each such credit component shall not exceed the limit set\nforth in the initial credit component certificate obtained pursuant to\nsubdivision (c) of this section. In the determination of such credit\ncomponents, no cost paid or incurred by the taxpayer shall be the basis\nfor more than one such component.\n (B) Credit to successor owner. If a credit is allowed to a building\nowner pursuant to this subdivision with respect to property, and such\nproperty (or an interest therein) is sold, the credit for the period\nafter the sale which would have been allowable under this subdivision to\nthe prior owner had the property not been sold shall be allowable to the\nnew owner. Credit for the year of sale shall be allocated between the\nparties on the basis of the number of days during such year that the\nproperty or interest was held by each.\n (C) Credit to successor tenant. If a credit is allowed to a tenant\npursuant to this subdivision with respect to property, and if such\ntenancy is terminated but such property remains in use in the building\nby a successor tenant, the credit for the period after such termination\nwhich would have been allowable under this subdivision to the prior\ntenant had the tenancy not been terminated shall be allowable to the\nsuccessor tenant. Credit for the year of termination shall be allocated\nbetween the parties on the basis of the number of days during such year\nthat the property was used by each.\n (D) Notwithstanding any other provision of law to the contrary, in the\ncase of allowance of credit under this section to a successor owner or\ntenant, as provided in subparagraph (B) or (C) of this paragraph, the\ncommissioner shall have the authority to reveal to the successor owner\nor tenant any information, with respect to the credit of the prior owner\nor tenant, which is the basis for the denial in whole or in part of the\ncredit claimed by such successor owner or tenant.\n (2) Green whole-building credit component. The green whole-building\ncredit component shall be equal to the applicable percentage of the\nallowable costs paid or incurred by the taxpayer (whether owner or\ntenant), for either the construction of a green building or the\nrehabilitation of a building which is not a green building to be a green\nbuilding. Provided, however, the credit component shall not exceed the\nmaximum amount specified in the initial credit component certificate.\nThe applicable percentage shall be 1.4 percent, except that if the\nbuilding is located in an economic development area, the applicable\npercentage shall be 1.6 percent. The credit component amount so\ndetermined shall be allowed for the credit allowance year, but only if\n(A) the taxpayer has obtained and filed both an initial credit component\ncertificate and an eligibility certificate issued pursuant to\nsubdivision (c) of this section, (B) a certificate of occupancy for the\nbuilding has been issued and (C) where the credit allowance year is a\nyear described in subparagraph (B) of paragraph two-a of subdivision (b)\nof this section, the green building or rehabilitation remains in service\nduring such year. Such credit component amount shall be allowed also for\neach of the next four succeeding taxable years with respect to which the\ntaxpaye
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.