us-ny/regulation/20-nycrr/120/3 — 120.3 Limitations where credit against ordinary tax is claimed for income taxes paid both to a state and also to one or more of its political subdivisions.

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us-ny/regulation/20-nycrr/120/3 — 120.3 Limitations where credit against ordinary tax is claimed for income taxes paid both to a state and also to one or more of its political subdivisions. · Axiom

120.3 Limitations where credit against ordinary tax is claimed for income taxes paid both to a state and also to one or more of its political subdivisions.

120.3 Limitations where credit against ordinary tax is claimed for income taxes paid both to a state and also to one or more of its political subdivisions.

(a)The credit for the taxable year cannot exceed the total of income taxes payable to the other state and the subdivision or subdivisions of such state.#

(b)The credit for the taxable year cannot exceed the amount obtained by multiplying the New York State tax payable (see section 120.4[b] of this Part) by a percentage determined by dividing the portion of the taxpayer's New York income subject#

(c)The credit for the taxable year for total income taxes paid to both a state and to one or more of its political subdivisions cannot reduce the New York State tax payable to an amount less than would have been due if the income subject to ta#