187-E - Credit for transportation improvement contributions.

§  187-e.  Credit  for  transportation  improvement  contributions. 1.  Allowance of credit. A  taxpayer  shall  be  allowed  a  credit,  to  be  computed  as  provided  in  section  twenty of this chapter, against the  taxes  imposed  by  sections  one  hundred  eighty-three,  one   hundred  eighty-four,  one hundred eighty-five and one hundred eighty-six of this  article. Provided, however, that the amount  of  such  credit  allowable  against  the  tax  imposed  by  section  one hundred eighty-four of this  article shall be the excess of the amount of such credit over the amount  of any credit allowed by this section against the tax imposed by section  one hundred eighty-three of this article.    2. Application of credit. In no event  shall  the  credit  under  this  section  be  allowed  in  an amount which will reduce the tax payable to  less than the applicable  minimum  tax  fixed  by  section  one  hundred  eighty-three,  one hundred eighty-five or one hundred eighty-six of this  article. If, however, the amount of credit allowable under this  section  for  any  taxable  year  reduces  the  tax to such amount, any amount of  credit not thus deductible in such taxable year shall be treated  as  an  overpayment  of  tax  to  be credited or refunded in accordance with the  provisions of section ten hundred eighty-six of this chapter.  Provided,  however,  the  provisions  of  subsection  (c)  of  section  ten hundred  eighty-eight of this chapter notwithstanding, no interest shall be  paid  thereon.    3. Credit recapture. For provisions requiring recapture of credit, see  subdivision (c) of section twenty of this chapter.