N.Y.
Tax Law Section 34*2
Temporary deferral payout credits
1.
The amounts of nonrefundable credits that are deferred pursuant to § 33 (Correction periods for electronic tax documents and payments)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 § 33 (Correction periods for electronic tax documents and payments)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
Source:
Section 34*2 — Temporary deferral payout credits, https://www.nysenate.gov/legislation/laws/TAX/34*2 (updated Jan. 9, 2015; accessed May 4, 2024).
