NY Tax L § 33-2 (2021)
2021 New York Laws TAX - Tax Article 1 - Short Title; Definitions; Miscellaneous 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