2019 New York Laws
TAX - Tax
Article 22 - Personal Income Tax
Part 1 - General
603 - Separate Tax on the Ordinary Income Portion of Lump Sum Distributions.

Universal Citation:
NY Tax L § 603 (2019)
Learn more This media-neutral citation is based on the American Association of Law Libraries Universal Citation Guide and is not necessarily the official citation.
§  603.  Separate  tax  on  the  ordinary  income  portion of lump sum
distributions.--(a) Imposition of separate tax. In addition to any other
tax imposed by this article, there is hereby imposed  for  each  taxable
year  a  separate  tax  on  the  ordinary  income  portion of a lump sum
distribution of every individual, estate and trust  which  has  made  an
election  of  lump  sum  treatment  under subsection (e) of section four
hundred two of the internal revenue code. The recipient of  a  lump  sum
distribution  shall  be  liable for the tax imposed by this section. The
credits against tax under this article, except  for  the  credits  under
paragraphs  two  and  four of subsection (c), paragraphs two and four of
subsection (d) and subsection (e) of section six  hundred  six,  section
six hundred twenty-A and section six hundred seventy-three, shall not be
allowed against the tax imposed by this section.

(b) Cross reference. For computation of tax, see section six hundred twenty-four with respect to residents and section six hundred thirty-seven with respect to nonresidents and part-year residents.

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