2023 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