N.Y. Comp. Codes R. & Regs. Tit. 20 § 120.4 - Definitions
Tax Law, § 620(c)
The following definitions apply for purposes of sections 120.1 -120.3 of this Part:
(a)
Total
New York income.
(1) In the case of a
resident individual, the term total New York income means New
York adjusted gross income as determined under section 612 of the Tax Law.
(2) In the case of a resident estate or
trust, the term total New York income means the amount of its
income determined as if the estate or trust were a resident individual
computing New York adjusted gross income under section 612 of the Tax Law.
(b)
New York State tax payable.
The term New York State tax payable means the ordinary tax (see section 101.1 of this Title), less any household credit permitted under section 606 (b) of the Tax Law.
The term New York State tax payable, for purposes of this Part, does not include any amounts representing interest or penalties.
(c) The term
income tax imposed by the other jurisdiction means the total
income tax payable thereto for the taxable year, exclusive of the portion of
such tax (determined in accordance with the provisions of section
120.6[b]
of this Part) which is imposed on the ordinary income portion (or part thereof)
of a lump sum distribution, and any interest or penalties. No resident credit
is allowable if no tax is actually due to the other jurisdiction. Further, no
credit is allowable if another jurisdiction provides for an exemption from its
tax on account of the New York State personal income tax of a New York State
resident, since the tax imposed by the other jurisdiction is the amount payable
after giving effect to such exemption and the credit is reduced if such other
jurisdiction provides for a reduction of its tax on such amount.
(d) The term income derived from
sources within another state, a political subdivision of another
state, the District of Columbia, or a province of Canada, is construed so as to
accord with the definition of the term derived from or connected with
New York State sources, as set forth in section 631 of the Tax Law in relation to the New
York source income of a nonresident individual. Thus, the resident credit
against ordinary tax is allowable for income tax imposed by another
jurisdiction upon compensation for personal services performed in the other
jurisdiction, income from a business, trade or profession carried on in the
other jurisdiction, and income from real or tangible personal property situated
in the other jurisdiction. Conversely, the resident credit is not allowed for
tax imposed by another jurisdiction upon income from intangibles, except where
such income is from property employed in a business, trade or profession
carried on in the other jurisdiction. Thus, for example, no resident credit is
allowable for an income tax of another jurisdiction on dividend income not
derived from property employed in a business, trade or profession carried on in
such jurisdiction.
Notes
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