187-J - QEZE credit for real property taxes for agricultural cooperatives. - New York Statutes

§ 187-j. QEZE credit for real property taxes for agricultural cooperatives. 1. Allowance of credit. A taxpayer, subject to the tax imposed by section one hundred eighty-five of this article, which is a qualified empire zone enterprise shall be allowed a credit for eligible real property taxes, to be computed as provided in section fifteen of this chapter, against the tax imposed by such section. 2. Application of credit. The credit allowed under this section for any taxable year shall not reduce the tax due for such year to less than the minimum tax prescribed in subdivision two of section one hundred eighty-five of this article. If the amount of credit allowed under this section for any taxable year reduces the taxpayer's tax for such year to such amount, any amount of credit thus not deductible shall be treated as an overpayment of tax to be credited or 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.