New York Tax Law (Consolidated Laws)
N.Y. Tax Law § 34*2
Temporary deferral payout credits
* § 34. Temporary deferral payout credits. 1. The amounts of nonrefundable credits that are deferred pursuant to section thirty-three of this article in taxable years beginning on or after January first, two thousand ten and before January first, two thousand thirteen shall be accumulated and constitute the taxpayer's temporary deferral nonrefundable payout credit. The taxpayer may first claim this credit in the taxable year beginning on or after January first, two thousand thirteen and before January first, two thousand fourteen. The taxpayer shall be allowed to claim this credit until the accumulated amounts are exhausted. The credit shall be allowed against the taxpayer's tax as provided in the provisions referenced in paragraph (a) of subdivision three of this section.
2. The amounts of refundable credits that are deferred pursuant to section thirty-three of this article in taxable years beginning on or after January first, two thousand ten and before January first, two thousand thirteen shall be accumulated and constitute the taxpayer's temporary deferral refundable payout credit. In the taxable year beginning on or after January first, two thousand thirteen and before January first, two thousand fourteen, the taxpayer shall be allowed to claim a credit equal to fifty percent of the amount accumulated. In the taxable year beginning on or after January first, two thousand fourteen and before January first, two thousand fifteen, the taxpayer shall be allowed to claim a credit equal to seventy-five percent of the balance of the amount accumulated. In the taxable year beginning on or after January first, two thousand fifteen and before January first, two thousand sixteen, the taxpayer shall be allowed to claim a credit equal to the remaining balance of the amount accumulated. The credit shall be allowed against the taxpayer's tax as provided in the provisions referenced in paragraph (b) of subdivision three of this section.
3. (a) For application of the temporary deferral nonrefundable payout credit, see the following provisions of this chapter:
# (1)
Article 9: section 187-o
# (2)
Article 9-A: section 210-B(33)
# (3)
Article 22: section 606(qq)
# (4)
Article 33: section 1511(y)
(b) For application of the temporary deferral refundable payout credit, see the following provisions of this chapter:
(1) Article 9: section 187-p
(2) Article 9-A: section 210-B(34)
(3) Article 22: section 606(rr)
(4) Article 33: section 1511(z)
* NB There are 2 § 34's
Source: view the official text
In this article (40 sections)
- 22 · Tax credit for remediated brownfields
- 23 · Environmental remediation insurance credit
- 24 · Empire state film production credit
- 24-A · Musical and theatrical production credit
- 24-B · Television writers' and directors' fees and salaries credit
- 24-C · New York city musical and theatrical production tax credit
- 24-D · Empire state independent film production credit
- 25 · Disclosure of certain transactions and related information
- 26 · Security training tax credit
- 27 · Suspension of tax-exempt status of terrorist organizations
- 28 · Empire state commercial production credit
- 28*2 · Biofuel production credit
- 29 · Mandatory electronic filing and payment
- 30 · Bad check or failed electronic funds withdrawal fee
- 31 · Excelsior jobs program credit
- 31*2 · Empire state film post production credit
- 32 · Registration of tax return preparers
- 33 · Correction periods for electronic tax documents and payments
- 33*2 · Temporary deferral of certain tax credits
- 34 · Tax return preparers and software companies not to charge…
- 34*2 · Temporary deferral payout credits
- 35 · Use of electronic means of communication
- 35*2 · Economic transformation and facility redevelopment program tax…
- 36 · Empire state jobs retention program credit
- 37 · Alcoholic beverage production credit
- 38 · New York innovation hot spot program tax benefits
- 38*2 · Minimum wage reimbursement credit
- 39 · Tax benefits for businesses located in tax-free NY areas and…
- 39-A · Penalties for fraud in the START-UP NY program
- 40 · The tax-free NY area tax elimination credit
- 41 · Limitations on tax credit eligibility
- 42 · Farm workforce retention credit
- 42-A · Farm employer overtime credit
- 43 · Life sciences research and development tax credit
- 43*2 · Single member limited liability companies and eligibility for…
- 44 · Employer-provided child care credit
- 45 · Empire state digital gaming media production credit
- 46 · Restaurant return-to-work tax credit
- 46-A · Additional restaurant return-to-work tax credit
- 47 · COVID-19 capital costs tax credit