N.Y. Tax Law § 187-p: Temporary deferral refundable payout credit

§ 187-p. Temporary deferral refundable payout credit. 1. Allowance of

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

in subdivision two of section thirty-four of this chapter, against the

taxes imposed by sections one hundred eighty-three and one hundred

eighty-four of this article, 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 shall be treated as an

overpayment of tax to be refunded in accordance with the provisions of

section one thousand eighty-six of this chapter, provided however, that

no interest shall be paid thereon.