§ 603. Separate tax on the ordinary income portion of lump sum
distributions.--(a) Imposition of separate tax. In addition to any other
tax imposed by this article, there is hereby imposed for each taxable
year a separate tax on the ordinary income portion of a lump sum
distribution of every individual, estate and trust which has made an
election of lump sum treatment under subsection (e) of section four
hundred two of the internal revenue code. The recipient of a lump sum
distribution shall be liable for the tax imposed by this section. The
credits against tax under this article, except for the credits under
paragraphs two and four of subsection (c), paragraphs two and four of
subsection (d) and subsection (e) of section six hundred six, section
six hundred twenty-A and section six hundred seventy-three, shall not be
allowed against the tax imposed by this section.

(b) Cross reference. For computation of tax, see section six hundred
twenty-four with respect to residents and section six hundred
thirty-seven with respect to nonresidents and part-year residents.