§ 187-o. Temporary deferral nonrefundable payout credit. 1. Allowance
of credit. A taxpayer shall be allowed a credit, to be computed as
provided in subdivision one of section thirty-four of this chapter,
against either the taxes imposed by sections one hundred eighty-three
and one hundred eighty-four, 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 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 may be carried over to the
following year or years and may be deducted from the taxpayer's tax for
such year or years.