N.Y. Tax Law § 603: Separate tax on the ordinary income portion of lump sum distributions

§ 603. Separate tax on the ordinary income portion of lump sum

distributions.--(a) Imposition of separate tax. In addition to any other

tax imposed by this article, there is hereby imposed for each taxable

year a separate tax on the ordinary income portion of a lump sum

distribution of every individual, estate and trust which has made an

election of lump sum treatment under subsection (e) of section four

hundred two of the internal revenue code. The recipient of a lump sum

distribution shall be liable for the tax imposed by this section. The

credits against tax under this article, except for the credits under

paragraphs two and four of subsection (c), paragraphs two and four of

subsection (d) and subsection (e) of section six hundred six, section

six hundred twenty-A and section six hundred seventy-three, shall not be

allowed against the tax imposed by this section.

(b) Cross reference. For computation of tax, see section six hundred

twenty-four with respect to residents and section six hundred

thirty-seven with respect to nonresidents and part-year residents.