N.Y. General City Law art. 2-D, § 20: Credit to trust beneficiary receiving accumulation distribution

§ 20. Credit to trust beneficiary receiving accumulation

distribution.--(a) General.--A resident beneficiary of a trust whose

city adjusted gross income includes all or part of an accumulation

distribution by such trust, as defined in section six hundred sixty-five

of the internal revenue code, shall be allowed a credit against the tax

otherwise due under this local law for all or a proportionate part of

any tax paid by the trust under this local law for any preceding taxable

year which would not have been payable if the trust had in fact made

distributions to its beneficiaries at the times and in the amounts

specified in section six hundred sixty-six of the internal revenue code.

(b) Limitation.--The credit under this section shall not reduce the

tax otherwise due from the beneficiary under this local law to an amount

less than would have been due if the accumulation distribution or his

part thereof were excluded from his city adjusted gross income.