N.Y. Tax Law § 187-o: Temporary deferral nonrefundable payout credit

§ 187-o. Temporary deferral nonrefundable payout credit. 1. Allowance

of credit. A taxpayer shall be allowed a credit, to be computed as

provided in subdivision one of section thirty-four of this chapter,

against either the taxes imposed by sections one hundred eighty-three

and one hundred eighty-four, or the tax imposed by section one hundred

eighty-six-a of this article. However, the amount of such credit against

the tax imposed by section one hundred eighty-four of this article shall

be the excess of the amount of that credit over the amount of any credit

allowed by this section against the tax imposed by section one hundred

eighty-three of this article.

2. Application of credit. In no event shall the credit under this

section be allowed in an amount which will reduce the tax to less than

the applicable minimum tax fixed by section one hundred eighty-three of

this article. If, however, the amount of credit allowed under this

section for any taxable year reduces the tax to such amount, any amount

of credit not deductible in such taxable year may be carried over to the

following year or years and may be deducted from the taxpayer's tax for

such year or years.