N.Y. TAX Law § 187-I

§ 187-i. Environmental remediation insurance credit. 1. Allowance of\ncredit. A taxpayer shall be allowed a credit, to be computed as provided\nin section twenty-three of this chapter, against the taxes imposed by\nsections one hundred eighty-three and one hundred eighty-four of this\narticle. Provided, however, that the amount of such credit allowable\nagainst the tax imposed by section one hundred eighty-four of this\narticle shall be the excess of the amount of such credit over the amount\nof any credit allowed by this section against the tax imposed by section\none hundred eighty-three of this article.\n 2. Application of credit. In no event shall the credit under this\nsection be allowed in an amount which will reduce the tax payable to\nless than the applicable minimum tax fixed by section one hundred\neighty-three of this article. If, however, the amount of credit\nallowable under this section for any taxable year reduces the tax to\nsuch amount, any amount of credit not deductible in such taxable year\nshall be treated as an overpayment of tax to be refunded in accordance\nwith the provisions of section one thousand eighty-six of this chapter.\nProvided, however, the provisions of subsection (c) of section one\nthousand eighty-eight of this chapter notwithstanding, no interest shall\nbe paid thereon.\n