* § 187-r. Economic transformation and facility redevelopment tax credit. (a) Allowance of credit. A taxpayer shall be allowed a credit, to be computed as provided in section thirty-five of this chapter, against the tax imposed by section one hundred eighty-five of this article.

1. (b) Application of credit. The credit allowed under this subdivision for any taxable year may not reduce the tax due for such year to less than the minimum tax prescribed in subdivision two of section one hundred eighty-five of this article. However, if the amount of credit allowed under this section for any taxable year reduces the tax to such amount, any amount of credit thus not deductible in such taxable year will be treated as an overpayment of tax to be credited or refunded in accordance with the provisions of section one thousand eighty-six of this chapter. Provided, however, the provisions of subsection (c) of section one thousand eighty-eight of this chapter notwithstanding, no interest will be paid thereon. * NB Repealed January 1, 2018