View Our Newest Version Here

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

Universal Citation:
NY Tax L § 620-A (2021)
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.
§ 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.

Disclaimer: These codes may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.