New York Laws
Part 2 - Residents
620-A - Credit Against Separate Tax.

(b) Limitations. (1) The credit under this section shall not exceed
the percentage of the tax otherwise due under section six hundred three
determined by dividing the portion of the taxpayer's ordinary income
portion of a lump sum distribution taxable both under section six
hundred three and by such other jurisdiction by the total amount of the
taxpayer's ordinary income portion of a lump sum distribution taxable
under section six hundred three.
(2) The credit under this section shall not reduce the tax otherwise
due under section six hundred three to an amount less than would have
been due if the portion of the ordinary income portion of a lump sum
distribution taxable both under section six hundred three and by such
other jurisdiction were excluded from the computation of the separate
tax imposed under section six hundred three.
(3) In the case of a taxpayer who elects to claim the foreign tax
credit for federal income tax purposes, the credit under this section
for income tax imposed by a province of Canada shall be allowed for that
portion of the provincial tax not claimed for federal purposes for the
taxable year or a preceding taxable year, provided however, to the
extent the provincial tax is claimed for federal purposes for a
succeeding taxable year, the credit under this section must be added
back in such succeeding taxable year. The provincial tax shall be deemed
to be claimed last for federal income tax purposes and for purposes of
this subsection.

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