N.Y. Tax Law § 34*2: Temporary deferral payout credits

* § 34. Temporary deferral payout credits. 1. The amounts of

nonrefundable credits that are deferred pursuant to 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

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