Sec. 5-2.7. Limitation and carry-over of the investment tax credit

Tax Law, § 210(12)(e)

(a) The investment tax credit shall not reduce the tax below the minimum tax described in section 3-5.1 of this Title.

(b) If the taxpayer has an excess investment tax credit after reducing the tax due to the minimum tax, the excess amount may be carried over to the following year or years and may be deducted from the taxpayer's tax for such succeeding year or years.

(c) If, after applying the eligible business facility credit, the credit for sales and compensating use taxes on any catalytic, purifying or bleaching chemical agent and the credit for sales and compensating use taxes on tangible personal property used in industrial waste treatment or pollution abatement, the tax is the minimum tax, the investment tax credit must still be claimed and the entire amount of the investment tax credit may be carried over to the following year or years and may be deducted from the taxpayer's tax for such succeeding year or years.