§ 20. Credit to trust beneficiary receiving accumulation
distribution.--(a) General.--A resident beneficiary of a trust whose
city adjusted gross income includes all or part of an accumulation
distribution by such trust, as defined in section six hundred sixty-five
of the internal revenue code, shall be allowed a credit against the tax
otherwise due under this local law for all or a proportionate part of
any tax paid by the trust under this local law for any preceding taxable
year which would not have been payable if the trust had in fact made
distributions to its beneficiaries at the times and in the amounts
specified in section six hundred sixty-six of the internal revenue code.

(b) Limitation.--The credit under this section shall not reduce the
tax otherwise due from the beneficiary under this local law to an amount
less than would have been due if the accumulation distribution or his
part thereof were excluded from his city adjusted gross income.