New York Consolidated Laws, Tax Law - TAX § 23. Environmental remediation insurance credit

(a) Allowance of credit. General. A taxpayer subject to tax under article nine, nine-A, twenty-two or thirty-three of this chapter shall be allowed a credit against such tax, pursuant to the provisions referenced in subdivision (e) of this section. The amount of such credit shall be equal to the lesser of thirty thousand dollars or fifty percent of the premiums paid on or after the date of the brownfield site cleanup agreement executed by the taxpayer and the department of environmental conservation pursuant to section 27-1409 of the environmental conservation law by the taxpayer for environmental remediation insurance issued with respect to a qualified site.

(b) Definitions. As used in this section, the following terms shall have the following meanings:

(c) The credit provided for in subdivision one of this section shall be allowed for the taxable year in which the certificate of completion is issued to the taxpayer. Such credit shall be allowed only once with respect to a particular certificate of completion.

(d) If the certificate of completion issued to the taxpayer with respect to a qualified site is revoked by a determination issued pursuant to section 27-1419 of the environmental conservation law, the amount of credit allowed by this section shall be added back in the taxable year in which such determination is final and no longer subject to judicial review.

(e) Cross-references. For application of the credit provided for in this section, see the following provisions of this chapter: