NY S09896

Allows taxpayers subject to tax under articles 9, 9-A, 22, or 33 of New York tax law to claim a credit equal to 50 percent of licensing or relicensing fees assessed by any state or federal agency

Applies the hydroelectric power credit to personal income taxes (article 9), corporate franchise taxes (article 9-A), New York City income taxes (article 22), and utility corporation taxes (article 33)

Permits unused credit amounts to be carried forward to subsequent taxable years, but prohibits reducing tax liability below applicable minimum tax thresholds

For utility corporation taxes, unused credits that exceed the minimum tax threshold are treated as overpayment of tax and credited to the taxpayer with no interest

Takes effect immediately upon enactment