New York Temporary Deferral Nonrefundable Payout Credit

Temporary Deferral Nonrefundable Payout Credit
Form IT-501 Temporary Deferral Nonrefundable Payout Credit Tax Year 2023
Department of Taxation and Finance

Temporary Deferral Nonrefundable Payout Credit
For Nonrefundable Credits Deferred for Tax Years Beginning on
Or After January 1, 2010 and Before January 1, 2013

IT-501

Tax Law – Sections 34 and 606(qq)

Submit this form with Form IT-201, IT-203, or IT-205. See instructions on back.

 

	 Name(s) as shown on return	

Identifying number (SSN or EIN )

Schedule A – Computation of credit used and carried over
	1	 Temporary deferral nonrefundable payout credit carryover from last year’s Form IT-501 ........... 	
	2	Tax due before credits (see instructions) ......................................................................................... 	
	3	Tax credits claimed before this credit (see instructions) .................................................................. 	
	4	Subtract line 3 from line 2 ............................................................................................................	
	5	Amount of credit used for the current tax year (enter the amount from line 1 or line 4, whichever is
		 less; see instructions) ....................................................................................................................... 	
	6	Amount of credit available for carryover to next year (subtract line 5 from line 1)............................. 	

501001230094

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2	
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4	

.00
.00
.00
.00

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.00
.00

IT-501 (2023) (back)

Instructions
General information
Temporary deferral of certain tax credits

For tax years beginning on or after January 1, 2010, and before
January 1, 2013, if the total amount of certain credits that you
could use to reduce your tax or have refunded to you was
greater than $2 million, the excess over $2 million was deferred
to tax years beginning on or after January 1, 2013.

Purpose of Form IT-501

For tax years beginning on or after January 1, 2013, use
Form IT-501 to claim the temporary deferral nonrefundable
payout credit.
Note: Use this form only for the nonrefundable credits that were
deferred for tax years beginning on or after January 1, 2010, and
before January 1, 2013.

Using your accumulated deferred credits

The accumulated amounts of nonrefundable tax credits
that were deferred for tax years beginning on or after
January 1, 2010, and before January 1, 2013, are combined
to become your temporary deferral nonrefundable payout
credit. Any amount of this credit that is not deductible for the
tax year beginning on or after January 1, 2013, and before
January 1, 2014, may be carried over to the following year(s) to
be deducted from your tax until the accumulated credit amount
is exhausted.

Line instructions

See the instructions for your tax return for the Privacy notification
or if you need help contacting the Tax Department.

Schedule A – Computation of credit used and
carried over

Line 2 – Form IT-201 filers: Enter the tax from Form IT-201,
line 39, plus any amount from Form IT-201-ATT, line 21.
Form IT-203 filers: Enter the tax from Form IT-203, line 46, plus
any amount from Form IT-203-ATT, line 20.
Form IT-205 filers: Enter the tax from Form IT-205, line 8 (for
residents), or line 9 (for nonresidents), plus any credits shown
on line 1 of the Addbacks worksheet in the instructions for
Form IT-205, line 12.
Line 3 – If you are applying any credits against the tax before
this credit, enter those amounts here.
When applying credits, use the following rules:
•	 First apply any household credit.
•	 Next apply any credits that cannot be carried over or refunded.
•	 Then apply any credits that can be carried over for a limited 	
duration.
•	 Then apply any credits that can be carried over for an 		
unlimited duration.
•	 Apply refundable credits last.
Line 5 – Enter this amount and code 501 on Form IT-201-ATT,
line 6, or Form IT-203-ATT, line 7, or include it on Form IT-205,
line 10.
501002230094