§ 359. Cap on tax credit. 1. Except with respect to tax credits issued
to Green CHIPS projects as articulated in subdivision four of this
section, the total amount of tax credits issued by the commissioner for
any taxable year may not exceed the limitations set forth in this
subdivision. Except with respect to tax credits issued to Green CHIPS
projects as articulated in subdivision four of this section, one-half of
any amount of tax credits not awarded for a particular taxable year may
be used by the commissioner to award tax credits in another taxable
year.
Credit components in the aggregate With respect to taxable
shall not exceed: years beginning in:

$ 50 million 2011

$ 100 million 2012

$ 150 million 2013

$ 200 million 2014

$ 250 million 2015

$ 183 million 2016

$ 183 million 2017

$ 183 million 2018

$ 183 million 2019

$ 183 million 2020

$ 183 million 2021

$ 133 million 2022

$ 83 million 2023

$ 36 million 2024

$ 200 million 2025

$ 200 million 2026

$ 200 million 2027

$ 200 million 2028

$ 200 million 2029

2. Twenty-five percent of tax credits shall be allocated to businesses
accepted into the program under subdivision four of section three
hundred fifty-three of this article and seventy-five percent of tax
credits shall be allocated to businesses accepted into the program under
subdivision three of section three hundred fifty-three of this article.

3. Provided, however, if by September thirtieth of a calendar year,
the department has not allocated the full amount of credits available in
that year to either: (i) businesses accepted into the program under
subdivision four of section three hundred fifty-three of this article or
(ii) businesses accepted into the program under subdivision three of
section three hundred fifty-three of this article, the commissioner may
allocate any remaining tax credits to businesses referenced in this
paragraph as needed; provided, however, that under no circumstances may
the aggregate statutory cap for all program years be exceeded. One
hundred percent of the unawarded amounts remaining at the end of two
thousand twenty-nine may be allocated in subsequent years,
notwithstanding the fifty percent limitation on any amounts of tax
credits not awarded in taxable years two thousand eleven through two
thousand twenty-nine. Provided, however, no tax credits may be allowed
for taxable years beginning on or after January first, two thousand
forty.

4. The total amount of tax credits issued by the commissioner for the
taxable years two thousand twenty-two to two thousand forty-one for
Green CHIPS projects shall not exceed five hundred million per year. One
hundred percent of any amount of tax credits not awarded for a
particular taxable year may be used by the commissioner to award tax
credits in another taxable year. Notwithstanding the foregoing, Green
CHIPS projects may be allowed to claim credits for taxable years up to
January first, two thousand fifty.