N.Y. Tax Law § 33*2 — Temporary deferral of certain tax credits

* § 33. Temporary deferral of certain tax credits. 1. (a) For taxable\nyears beginning on or after January first, two thousand ten and before\nJanuary first, two thousand thirteen, the excess over two million\ndollars of the total amount of the tax credits specified in subdivision\nthree of this section that in each of those taxable years would\notherwise be used to reduce the taxpayer's tax liability to the amount\notherwise specified in this chapter or be refunded or credited as an\noverpayment will be deferred to and used or refunded in taxable years\nbeginning on or after January first, two thousand thirteen in accordance\nwith the provisions of section thirty-four of this article. Interest\nshall not be paid on the amounts of credit deferred.\n (b) To determine the amount of each tax credit allowed for the taxable\nyear to be used, refunded or credited as an overpayment the taxpayer\nshall multiply the amount of each credit subject to deferral that would\nhave been used, refunded or credited as an overpayment in the absence of\nthis section by a fraction, the numerator of which is two million\ndollars, and the denominator of which is the total amount of the\ntaxpayer's credits subject to deferral pursuant to subdivision three of\nthis section that would have been used, refunded or credited as an\noverpayment for the taxable year in the absence of this section. The\nproduct is the amount of such credit that is not subject to deferral and\nthus allowed to be used, refunded or credited as an overpayment for the\ntaxable year.\n 2. Taxpayers shall calculate and make any estimated tax payments\nrequired to be made by taking into account the deferral of credits\nrequired by this section. Taxpayers shall calculate any mandatory first\ninstallment payments made on or after the effective date of this section\nas if the deferral of credits required by this section had been in\neffect for the taxable year upon which that installment is based. In\naddition, for taxable years beginning on or after January first, two\nthousand ten and before January first, two thousand eleven, (a) no\naddition to tax under subsection (c) of section six hundred eighty-five\nof this chapter or subsection (c) of section one thousand eighty-five of\nthis chapter shall be imposed with respect to any underpayment\nattributable to the deferral required by this section of any estimated\ntaxes that are required to be paid prior to the enactment of this\nsection, provided that the taxpayer timely made those payments; and (b)\nthe required installment of estimated tax described in clause (ii) of\nsubparagraph (B) of paragraph three of subsection (c) of section six\nhundred eighty-five of this chapter, and the exception to addition for\nunderpayment of estimated tax described in paragraph one or two of\nsubsection (d) of section one thousand eighty-five of this chapter, in\nrelation to the preceding year's return, shall be calculated as if the\ndeferral required by this section had been in effect for that entire\npreceding year.\n 3. (a) This section shall apply to the credits allowed under the\nfollowing provisions in article nine-a of this chapter and any\napplicable counterpart provisions in articles nine, twenty-two,\nthirty-two and thirty-three of this chapter:\n Section 210(12) investment tax credit\n Section 210(12-B) empire zone investment tax credit\n Section 210(12-C) empire zone employment incentive credit\n Section 210(12-D) employment incentive credit\n Section 210(12-E) QETC employment credit\n Section 210(12-F) QETC capital tax credit\n Section 210(12-G) QETC facilities, operations, and training credit\n Section 210(17) special additional mortgage recording tax credit\n Section 210(19) empire zone wage tax credit\n Section 210(20) empire zone capital tax credit\n Section 210(21-a) credit for servicing certain mortgages\n Section 210(23) credit for employment of persons with disabilities\n Section 210(24) alternative fuels credit\n Section 210(25) credit for purchase of an automated external\ndefibrillator\n Section 210(27) QEZE credit for real property taxes\n Section 210(28) QEZE tax reduction credit\n Section 210(30) low income housing credit\n Section 210(31) green building credit\n Section 210(33) brownfield redevelopment tax credit\n Section 210(34) remediated brownfield credit for real property taxes\nfor qualified sites\n Section 210(35) environmental remediation insurance credit\n Section 210(37) security training tax credit\n Section 210(37) credit for fuel cell electric generating equipment\nexpenditures\n Section 210(38) conservation easement tax credit\n Section 210(38) empire state commercial production credit\n Section 210(38) biofuel production credit\n Section 210(39) clean heating fuel credit\n Section 210(40) credit for rehabilitation of historic properties\n Section 210(40) credit for companies who provide transportation to\nindividuals with disabilities\n (b) This section shall also apply to the credits allowed by the\nfollowing sections:\n Section 186-a(9) power for jobs credit\n Section 606(g-1) solar energy system equipment credit\n Section 606(pp) historic homeownership rehabilitation credit\n Section 1511(k) credit for certain investments in certified capital\ncompanies\n * NB There are 2 § 33's\n