§ 187-q. Utility COVID-19 debt relief credit. 1. Allowance of credit.
A taxpayer doing business in this state that is subject to the
supervision of the public service commission shall be allowed a credit
against the taxes imposed by this article, to be computed as hereinafter
provided, for the amount of debt that the taxpayer has waived in
accordance with procedures established by the public service commission
that was owed to the taxpayer by customers who received utility arrears
assistance pursuant to the chapter of the laws of two thousand
twenty-one that enacted this section. Provided, however, that if the
taxpayer is subject to tax under both sections one hundred eighty-three
and one hundred eighty-four of this article the amount of such credit
allowable against the tax imposed by such section one hundred
eighty-four 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 that 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
shall be treated as an overpayment of tax to be refunded in accordance
with the provisions of section one thousand eighty-six of this chapter.
Provided, however, the provisions of subsection (c) of section one
thousand eighty-eight of this chapter notwithstanding, no interest shall
be paid thereon.

3. Certification. No amount of waived customer debt may be the basis
for the credit herein unless such amount is certified by the public
service commission as provided herein. After consulting with the
commissioner, the public service commission shall establish procedures
for determining the amount of waived customer debt that may be used as a
basis for the tax credit allowed by this section. Such procedures shall
include provisions describing the application process, application due
dates, the documentation that will be provided by taxpayers to
substantiate the amount of customer debt that was waived by such
taxpayers, the process by which the public service commission shall
certify to a taxpayer and to the commissioner the amount of waived
customer debt that qualifies for the credit, and such other provisions
as deemed necessary and appropriate.

4. Timing of credit. The credit allowed by this section shall be
claimed in the taxable year in which the public service commission
certifies the amount of customer debt waived by the taxpayer that
qualifies for the credit allowed by this section.

5. Credit recapture. If the certification made by the public service
commission under subdivision three of this section is revoked by the
public service commission, the amount of credit described in this
section and claimed by the taxpayer prior to that revocation shall be
added back to the tax in the taxable year in which such revocation
becomes final.

6. Information sharing. Notwithstanding any provision of this chapter,
employees and officers of the public service commission and the
department shall be allowed and are directed to share and exchange
information regarding the credits allowed, or claimed, pursuant to this
section, and the taxpayers who are applying for credits or who are
claiming credits, including information contained in or derived from
credit claim forms submitted to the department, and the information of
the taxpayer used by the department of public service to determine the
amount of waived customer debt.