For purposes of this Part, the New York State personal income tax is the ordinary tax, reduced by the following credits:

(i) the investment credit and the retail enterprise credit (see section 106.1 of this Title);

(ii) the credit for household and dependent care services necessary for gainful employment (see section 106.3 of this Title);

(iii) the credit for sales or compensating use taxes paid upon the purchase of any catalytic, purifying or bleaching chemical agent (see section 106.4 of this Title);

(iv) the mortgage recording tax credit (see section 106.6 of this Title); and

(v) the accumulation distribution credit allowable to certain nonresident beneficiaries of a trust (see Part 140 of this Article).