N.Y.
Tax Law Section 33*2
Temporary deferral of certain tax credits
1.
(a) For taxable years beginning on or after January first, two thousand ten and before January first, two thousand thirteen, the excess over two million dollars of the total amount of the tax credits specified in subdivision three of this section that in each of those taxable years would otherwise be used to reduce the taxpayer’s tax liability to the amount otherwise specified in this chapter or be refunded or credited as an overpayment will be deferred to and used or refunded in taxable years beginning on or after January first, two thousand thirteen in accordance with the provisions of § 34 (Tax return preparers and software companies not to charge separately for New York e-file services)section thirty-four of this article. Interest shall not be paid on the amounts of credit deferred.(b)
To determine the amount of each tax credit allowed for the taxable year to be used, refunded or credited as an overpayment the taxpayer shall multiply the amount of each credit subject to deferral that would have been used, refunded or credited as an overpayment in the absence of this section by a fraction, the numerator of which is two million dollars, and the denominator of which is the total amount of the taxpayer’s credits subject to deferral pursuant to subdivision three of this section that would have been used, refunded or credited as an overpayment for the taxable year in the absence of this section. The product is the amount of such credit that is not subject to deferral and thus allowed to be used, refunded or credited as an overpayment for the taxable year.2.
Taxpayers shall calculate and make any estimated tax payments required to be made by taking into account the deferral of credits required by this section. Taxpayers shall calculate any mandatory first installment payments made on or after the effective date of this section as if the deferral of credits required by this section had been in effect for the taxable year upon which that installment is based. In addition, for taxable years beginning on or after January first, two thousand ten and before January first, two thousand eleven, (a) no addition to tax under subsection (c) of § 685 (Additions to tax and civil penalties)section six hundred eighty-five of this chapter or subsection (c) of § 1085 (Additions to tax and civil penalties)section one thousand eighty-five of this chapter shall be imposed with respect to any underpayment attributable to the deferral required by this section of any estimated taxes that are required to be paid prior to the enactment of this section, provided that the taxpayer timely made those payments; and(b)
the required installment of estimated tax described in clause (ii) of subparagraph (B) of paragraph three of subsection (c) of § 685 (Additions to tax and civil penalties)section six hundred eighty-five of this chapter, and the exception to addition for underpayment of estimated tax described in paragraph one or two of subsection (d) of § 1085 (Additions to tax and civil penalties)section one thousand eighty-five of this chapter, in relation to the preceding year’s return, shall be calculated as if the deferral required by this section had been in effect for that entire preceding year.3.
(a) This section shall apply to the credits allowed under the following provisions in article 9-A (Franchise Tax On Business Corporations)article nine-a of this chapter and any applicable counterpart provisions in articles nine, twenty-two, thirty-two and thirty-three of this chapter: Section 210(12) investment tax credit Section 210(12-B) empire zone investment tax credit Section 210(12-C) empire zone employment incentive credit Section 210(12-D) employment incentive credit Section 210(12-E) QETC employment credit Section 210(12-F) QETC capital tax credit Section 210(12-G) QETC facilities, operations, and training credit Section 210(17) special additional mortgage recording tax credit Section 210(19) empire zone wage tax credit Section 210(20) empire zone capital tax credit Section 210(21-a) credit for servicing certain mortgages Section 210(23) credit for employment of persons with disabilities Section 210(24) alternative fuels credit Section 210(25) credit for purchase of an automated external defibrillator Section 210(27) QEZE credit for real property taxes Section 210(28) QEZE tax reduction credit Section 210(30) low income housing credit Section 210(31) green building credit Section 210(33) brownfield redevelopment tax credit Section 210(34) remediated brownfield credit for real property taxes for qualified sites Section 210(35) environmental remediation insurance credit Section 210(37) security training tax credit Section 210(37) credit for fuel cell electric generating equipment expenditures Section 210(38) conservation easement tax credit Section 210(38) empire state commercial production credit Section 210(38) biofuel production credit Section 210(39) clean heating fuel credit Section 210(40) credit for rehabilitation of historic properties Section 210(40) credit for companies who provide transportation to individuals with disabilities (b) This section shall also apply to the credits allowed by the following sections: Section 186-a(9) power for jobs credit Section 606(g-1) solar energy system equipment credit Section 606(pp) historic homeownership rehabilitation credit Section 1511(k) credit for certain investments in certified capital companies * NB There are 2 § 33’s
Source:
Section 33*2 — Temporary deferral of certain tax credits, https://www.nysenate.gov/legislation/laws/TAX/33*2 (updated Sep. 22, 2014; accessed Oct. 26, 2024).
