2021 New York Laws
TAX - Tax
Article 22 - Personal Income Tax
Part 2 - Residents
620-A - Credit Against Separate Tax.

§ 620-A. Credit against separate tax. (a) General. A resident shall be
allowed  a  credit  against the separate tax otherwise due under section
six hundred three for any income tax imposed for  the  taxable  year  by
another  state  of  the  United  States, a political subdivision of such
state, the District of Columbia  or  a  province  of  Canada,  upon  the
ordinary  income  portion  (or  part thereof) of a lump sum distribution
both derived therefrom and subject to tax under such section. Where such
ordinary income portion (or part thereof) of a lump sum distribution  is
not  subject  to  separate  income  taxation  by such other state or its
political subdivision or the District  of  Columbia  or  a  province  of
Canada,  but  is  included as income under an income tax imposed by such
jurisdiction, the portion of the tax on such  income  which  constitutes
the income tax imposed on such ordinary income portion (or part thereof)
of  a lump sum distribution shall be an amount bearing the same ratio to
the entire tax paid to such other jurisdiction  as  the  amount  of  the
ordinary  income  portion  (or  part thereof) of a lump sum distribution
included in the income subject to such tax bears to all  income  subject
to such tax.
  (b)  Limitations.  (1)  The credit under this section shall not exceed
the percentage of the tax otherwise due under section six hundred  three
determined  by  dividing  the  portion of the taxpayer's ordinary income
portion of a lump  sum  distribution  taxable  both  under  section  six
hundred  three and by such other jurisdiction by the total amount of the
taxpayer's ordinary income portion of a lump  sum  distribution  taxable
under section six hundred three.
  (2)  The  credit under this section shall not reduce the tax otherwise
due under section six hundred three to an amount less  than  would  have
been  due  if  the  portion of the ordinary income portion of a lump sum
distribution taxable both under section six hundred three  and  by  such
other  jurisdiction  were  excluded from the computation of the separate
tax imposed under section six hundred three.
  (3) In the case of a taxpayer who elects  to  claim  the  foreign  tax
credit  for  federal  income tax purposes, the credit under this section
for income tax imposed by a province of Canada shall be allowed for that
portion of the provincial tax not claimed for federal purposes  for  the
taxable  year  or  a  preceding  taxable  year, provided however, to the
extent the  provincial  tax  is  claimed  for  federal  purposes  for  a
succeeding  taxable  year,  the  credit under this section must be added
back in such succeeding taxable year. The provincial tax shall be deemed
to be claimed last for federal income tax purposes and for  purposes  of
this subsection.