N.Y. Tax Law § 34*2 — Temporary deferral payout credits

* § 34. Temporary deferral payout credits. 1. The amounts of\nnonrefundable credits that are deferred pursuant to section thirty-three\nof this article in taxable years beginning on or after January first,\ntwo thousand ten and before January first, two thousand thirteen shall\nbe accumulated and constitute the taxpayer's temporary deferral\nnonrefundable payout credit. The taxpayer may first claim this credit in\nthe taxable year beginning on or after January first, two thousand\nthirteen and before January first, two thousand fourteen. The taxpayer\nshall be allowed to claim this credit until the accumulated amounts are\nexhausted. The credit shall be allowed against the taxpayer's tax as\nprovided in the provisions referenced in paragraph (a) of subdivision\nthree of this section.\n 2. The amounts of refundable credits that are deferred pursuant to\nsection thirty-three of this article in taxable years beginning on or\nafter January first, two thousand ten and before January first, two\nthousand thirteen shall be accumulated and constitute the taxpayer's\ntemporary deferral refundable payout credit. In the taxable year\nbeginning on or after January first, two thousand thirteen and before\nJanuary first, two thousand fourteen, the taxpayer shall be allowed to\nclaim a credit equal to fifty percent of the amount accumulated. In the\ntaxable year beginning on or after January first, two thousand fourteen\nand before January first, two thousand fifteen, the taxpayer shall be\nallowed to claim a credit equal to seventy-five percent of the balance\nof the amount accumulated. In the taxable year beginning on or after\nJanuary first, two thousand fifteen and before January first, two\nthousand sixteen, the taxpayer shall be allowed to claim a credit equal\nto the remaining balance of the amount accumulated. The credit shall be\nallowed against the taxpayer's tax as provided in the provisions\nreferenced in paragraph (b) of subdivision three of this section.\n 3. (a) For application of the temporary deferral nonrefundable payout\ncredit, see the following provisions of this chapter:\n (1) Article 9: section 187-o\n (2) Article 9-A: section 210-B(33)\n (3) Article 22: section 606(qq)\n (4) Article 33: section 1511(y)\n (b) For application of the temporary deferral refundable payout\ncredit, see the following provisions of this chapter:\n (1) Article 9: section 187-p\n (2) Article 9-A: section 210-B(34)\n (3) Article 22: section 606(rr)\n (4) Article 33: section 1511(z)\n * NB There are 2 § 34's\n