N.Y. Tax Law § 33*2: Temporary deferral of certain tax credits

* § 33. 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 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 section six hundred eighty-five

of this chapter or subsection (c) of 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 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 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 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