§ 635. Credit to trust beneficiary receiving accumulation
distribution. A nonresident or part-year resident beneficiary of a trust
whose New York source 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 article, computed in the same manner and
subject to the same limitation as provided by section six hundred
twenty-one with respect to a resident beneficiary except that such
limitation shall be applied as if it also referred to an exclusion from
New York source income.