New York Laws
Article 1 - Short Title; Definitions; Miscellaneous
33*2 - Temporary Deferral of Certain Tax Credits.

(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

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