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New York Tax Law Section 14-a - Imb Credit For Energy Taxes.

Legal Research Home > New York Lawyer > Tax > New York Tax Law Section 14-a - Imb Credit For Energy Taxes.

    * § 14-a.  IMB  credit  for  energy taxes. (a) Allowance of credit. A
  taxpayer which is an industrial  or  manufacturing  business  (IMB),  or
  which  is a sole proprietor of an IMB or a member of a partnership which
  is an IMB,  and  which  is  subject  to  tax  under  article  nine-A  or
  twenty-two  of this chapter, shall be allowed a credit against such tax,
  pursuant to  the  provisions  referenced  in  subdivision  (d)  of  this
  section. Such credit shall be equal to the sum (or pro rata share of the
  sum,  in  the  case  of  a member of a partnership) of the taxes imposed
  under sections one hundred eighty-six-a, one hundred  eighty-six-c,  one
  hundred  eighty-nine and one hundred eighty-nine-a of this chapter which
  during the taxable year were either paid by, or passed through  to,  the
  IMB,  on  or  after January first, two thousand, but only with regard to
  gas, electricity, steam,  water  or  refrigeration,  or  gas,  electric,
  steam,  water  or refrigeration services, consumed or used by the IMB in
  this state.
    (b) Definitions. The term "industrial or manufacturing business" shall
  mean a business which during the taxable year is principally engaged  in
  activities  described  in  clause  (A),  (B)  or (C), or any combination
  thereof, of subparagraph (i) of paragraph (b) of subdivision  twelve  of
  section two hundred ten of this chapter.
    (c)  Any  person who collects from, or passes through to, the IMB, any
  tax as described in subdivision (a) of this section, shall  provide  the
  IMB  with  the information with respect to such tax passed through which
  may be required to enable the taxpayer to correctly compute  the  credit
  provided for in this section.
    (d)  Cross-references.  For  application of the credit provided for in
  this section, see the following provisions of this chapter:
    (1) Article 9-A: Section 210.26-a.
    (2) Article 22: Sections 606(i) and (t-1).
    * NB Repealed for taxable years ending on and after January 1, 2007

Last modified: September 7, 2006