NY 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 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:

(1) Qualified site.  A “” is a site with respect to which a certificate of completion has been issued to the taxpayer by the commissioner of environmental conservation pursuant to to an “applicant” as that term is defined in .

(2) Certificate of completion.  A “” issued by the commissioner of environmental conservation pursuant to .

(3) Environmental remediation insurance.  The term “” shall mean that type of insurance described in .

(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 , 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:

(1) Article 9:  

(2) Article 9-A:  

(3) Article 22:   and

(4) Article 33:  .