* § 34. Temporary deferral payout credits. 1. The amounts of
nonrefundable credits that are deferred pursuant to section thirty-three
of this article in taxable years beginning on or after January first,
two thousand ten and before January first, two thousand thirteen shall
be accumulated and constitute the taxpayer's temporary deferral
nonrefundable payout credit. The taxpayer may first claim this credit in
the taxable year beginning on or after January first, two thousand
thirteen and before January first, two thousand fourteen. The taxpayer
shall be allowed to claim this credit until the accumulated amounts are
exhausted. The credit shall be allowed against the taxpayer's tax as
provided in the provisions referenced in paragraph (a) of subdivision
three of this section.

2. The amounts of refundable credits that are deferred pursuant to
section thirty-three of this article in taxable years beginning on or
after January first, two thousand ten and before January first, two
thousand thirteen shall be accumulated and constitute the taxpayer's
temporary deferral refundable payout credit. In the taxable year
beginning on or after January first, two thousand thirteen and before
January first, two thousand fourteen, the taxpayer shall be allowed to
claim a credit equal to fifty percent of the amount accumulated. In the
taxable year beginning on or after January first, two thousand fourteen
and before January first, two thousand fifteen, the taxpayer shall be
allowed to claim a credit equal to seventy-five percent of the balance
of the amount accumulated. In the taxable year beginning on or after
January first, two thousand fifteen and before January first, two
thousand sixteen, the taxpayer shall be allowed to claim a credit equal
to the remaining balance of the amount accumulated. The credit shall be
allowed against the taxpayer's tax as provided in the provisions
referenced in paragraph (b) of subdivision three of this section.

3. (a) For application of the temporary deferral nonrefundable payout
credit, see the following provisions of this chapter:

(1) Article 9: section 187-o

(2) Article 9-A: section 210-B(33)

(3) Article 22: section 606(qq)

(4) Article 33: section 1511(y)

(b) For application of the temporary deferral refundable payout
credit, see the following provisions of this chapter:

(1) Article 9: section 187-p

(2) Article 9-A: section 210-B(34)

(3) Article 22: section 606(rr)

(4) Article 33: section 1511(z)

* NB There are 2 § 34's