N.Y. Tax Law § 635: Credit to trust beneficiary receiving accumulation distribution

§ 635. Credit to trust beneficiary receiving accumulation

distribution. A nonresident or part-year resident beneficiary of a trust

whose New York source income includes all or part of an accumulation

distribution by such trust, as defined in section six hundred sixty-five

of the internal revenue code, shall be allowed a credit against the tax

otherwise due under this article, computed in the same manner and

subject to the same limitation as provided by section six hundred

twenty-one with respect to a resident beneficiary except that such

limitation shall be applied as if it also referred to an exclusion from

New York source income.