187-P - Temporary deferral refundable payout credit.

§  187-p. Temporary deferral refundable payout credit. 1. Allowance of  credit. A taxpayer shall be allowed a credit, to be computed as provided  in subdivision two of section thirty-four of this chapter,  against  the  taxes   imposed  by  sections  one  hundred  eighty-three,  one  hundred  eighty-four and one hundred eighty-five of  this  article,  or  the  tax  imposed  by  section  one hundred eighty-six-a of this article. However,  the amount of such credit against the tax imposed by section one hundred  eighty-four of this article shall be the excess of the  amount  of  that  credit over the amount of any credit allowed by this section against the  tax imposed by section one hundred eighty-three of this article.    2.  Application  of  credit.  In  no event shall the credit under this  section be allowed in an amount which will reduce the tax to  less  than  the  applicable minimum tax fixed by section one hundred eighty-three or  one hundred eighty-five of this article.  If,  however,  the  amount  of  credit  allowed  under this section for any taxable year reduces the tax  to such amount, any amount of credit not deductible in such taxable year  shall be treated as an overpayment of tax to be refunded  in  accordance  with  the provisions of section one thousand eighty-six of this chapter,  provided however, that no interest shall be paid thereon.