187-G - Brownfield redevelopment tax credit.

§  187-g. Brownfield redevelopment tax credit. 1. Allowance of credit.  A taxpayer shall be allowed a credit, to  be  computed  as  provided  in  section  twenty-one  of  this  chapter,  against  the  taxes  imposed by  sections one hundred  eighty-three,  one  hundred  eighty-four  and  one  hundred  eighty-five 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  or  one  hundred eighty-five 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 deductible in  such taxable year shall be treated  as  an  overpayment  of  tax  to  be  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.