NY A03987

Adds a new tax credit (Section 187-O) for factories that purchase materials for ventilation and illumination in work rooms to comply with Labor Law Sections 257 and 299.

Credit equals 35 percent of the cost of qualifying materials such as lamps, luminaries, fluorescent lamps, air conditioners, heat pumps, and furnaces placed in service during the taxable year.

Credit applies against most article taxes but not against specific minimum tax sections (183, 185, 186-A, 186-E), and excess credits above section 183 amounts apply to section 184 taxes.

Unused credits may be carried forward to subsequent years if the credit reduces taxes below the applicable minimum tax threshold.

Applies to property placed in service in taxable years beginning on or after January 1, 2009, with the commissioner authorized to establish rules and procedures for implementation.