2020 New York Laws
TAX - Tax
Article 1 - Short Title; Definitions; Miscellaneous
34*2 - Temporary Deferral Payout Credits.

* §  34.    Temporary  deferral  payout  credits.  1.  The  amounts of
nonrefundable credits that are deferred pursuant to section thirty-three
of this article in taxable years beginning on or  after  January  first,
two  thousand  ten and before January first, two thousand thirteen shall
be  accumulated  and  constitute  the  taxpayer's   temporary   deferral
nonrefundable payout credit. The taxpayer may first claim this credit in
the  taxable  year  beginning  on  or  after January first, two thousand
thirteen and before January first, two thousand fourteen.  The  taxpayer
shall  be allowed to claim this credit until the accumulated amounts are
exhausted. The credit shall be allowed against  the  taxpayer's  tax  as
provided  in  the  provisions referenced in paragraph (a) of subdivision
three of this section.
  2. The amounts of refundable credits that  are  deferred  pursuant  to
section  thirty-three  of  this article in taxable years beginning on or
after January first, two thousand ten  and  before  January  first,  two
thousand  thirteen  shall  be  accumulated and constitute the taxpayer's
temporary  deferral  refundable  payout  credit.  In  the  taxable  year
beginning  on  or  after January first, two thousand thirteen and before
January first, two thousand fourteen, the taxpayer shall be  allowed  to
claim  a credit equal to fifty percent of the amount accumulated. In the
taxable year beginning on or after January first, two thousand  fourteen
and  before  January  first, two thousand fifteen, the taxpayer shall be
allowed to claim a credit equal to seventy-five percent of  the  balance
of  the  amount  accumulated.  In the taxable year beginning on or after
January first, two  thousand  fifteen  and  before  January  first,  two
thousand  sixteen, the taxpayer shall be allowed to claim a credit equal
to the remaining balance of the amount accumulated. The credit shall  be
allowed  against  the  taxpayer's  tax  as  provided  in  the provisions
referenced in paragraph (b) of subdivision three of this section.
  3. (a) For application of the temporary deferral nonrefundable  payout
credit, see the following provisions of this chapter:
  (1) Article 9: section 187-o
  (2) Article 9-A: section 210-B(33)
  (3) Article 22: section 606(qq)
  (4) Article 33: section 1511(y)
  (b)  For  application  of  the  temporary  deferral  refundable payout
credit, see the following provisions of this chapter:
  (1) Article 9: section 187-p
  (2) Article 9-A: section 210-B(34)
  (3) Article 22: section 606(rr)
  (4) Article 33: section 1511(z)
  * NB There are 2 § 34's