New York Codes, Rules and Regulations
Title 20 - DEPARTMENT OF TAXATION AND FINANCE
Chapter I - Franchise and Certain Business Taxes
Subchapter A - Business Corporation Franchise Tax
Part 5 - CREDITS AGAINST TAX
Subpart 5-1 - INVESTMENT TAX CREDIT
Section 5-1.1 - General

(a) A corporation is allowed an investment tax credit against the tax imposed by article 9-A with respect to qualified tangible personal property and other tangible property, including buildings and structural components of buildings that were acquired, constructed, reconstructed or erected after December 31, 1968.

(b) A corporation must claim the investment tax credit for the first taxable year in which the property becomes qualified property.

(c) The investment tax credit shall not reduce the tax to less than the fixed dollar minimum tax. If the corporation has an excess investment tax credit after reducing the tax due to the fixed dollar minimum tax or otherwise pays tax on the fixed dollar minimum, the excess credit may be carried over to the fifteen taxable years immediately following such taxable year and may be deducted from the corporation's tax for such year or years. Provided, in lieu of the carryover, a corporation may elect to treat the excess credit as an overpayment of tax to be credited or refunded if it qualifies for such treatment under section 210-B(1)(d).

(d) A corporation must submit a Claim for Investment Tax Credit on Form CT-46 when claiming the credit.