§ 187-b. Alternative fuels and electric vehicle recharging property
credit. 1. General. A taxpayer shall be allowed a credit, to be credited
against the taxes imposed under sections one hundred eighty-three and
one hundred eighty-four of this article. Such credit, to be computed as
hereinafter provided, shall be allowed for alternative fuel vehicle
refueling and electric vehicle recharging property placed in service
during the taxable year. 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 credit allowed by
this section over the amount of such credit allowable against the tax
imposed by section one hundred eighty-three of this article.

2. (a) Alternative fuel vehicle refueling property and electric
vehicle recharging property. The credit under this section for
alternative fuel vehicle refueling and electric vehicle recharging
property shall equal for each installation of property the lesser of
five thousand dollars or the product of fifty percent and the cost of
any such property less any costs paid from the proceeds of grants.

(b) To qualify for the credit, the property must:

(i) be located in this state;

(ii) constitute alternative fuel vehicle refueling property or
electric vehicle recharging property; and

(iii) not be paid for from the proceeds of grants awarded before
January first, two thousand fifteen, including grants from the New York
state energy research and development authority or the New York power
authority.

3. Definitions. (a) The term "alternative fuel vehicle refueling
property" means all of the equipment needed to dispense any fuel at
least eighty-five percent of the volume of which consists of one or more
of the following: natural gas, liquified natural gas, liquified
petroleum, or hydrogen.

(b) The term "electric vehicle recharging property" means all the
equipment needed to convey electric power from the electric grid or
another power source to an onboard vehicle energy storage system.

4. Carryovers. 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 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 may be carried over to the
following year or years and may be deducted from the taxpayer's tax for
such year or years.

5. Credit recapture. If, at any time before the end of its recovery
period, alternative fuel vehicle refueling or electric vehicle
recharging property ceases to be qualified, a recapture amount must be
added back in the year in which such cessation occurs.

(i) Cessation of qualification. Alternative fuel vehicle refueling
property or electric vehicle recharging property ceases to be qualified
if:

(I) the property no longer qualifies as alternative fuel vehicle
refueling property or electric vehicle recharging property; or

(II) fifty percent or more of the use of the property in a taxable
year is other than a trade or business in this state; or

(III) the taxpayer receiving the credit under this section sells or
disposes of the property and knows or has reason to know that the
property will be used in a manner described in this subparagraph.

(ii) Recapture amount. The recapture amount is equal to the credit
allowable under this section multiplied by a fraction, the numerator of
which is the total recovery period for the property minus the number of
recovery years prior to, but not including, the recapture year, and the
denominator of which is the total recovery period.

6. Termination. The credit allowed by subdivision two of this section
shall not apply in taxable years beginning after December thirty-first,
two thousand twenty-five.