* § 33. Temporary deferral of certain tax credits. 1. (a) For taxable
years beginning on or after January first, two thousand ten and before
January first, two thousand thirteen, the excess over two million
dollars of the total amount of the tax credits specified in subdivision
three of this section that in each of those taxable years would
otherwise be used to reduce the taxpayer's tax liability to the amount
otherwise specified in this chapter or be refunded or credited as an
overpayment will be deferred to and used or refunded in taxable years
beginning on or after January first, two thousand thirteen in accordance
with the provisions of section thirty-four of this article. Interest
shall not be paid on the amounts of credit deferred.

(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