Sec. 5-7.2. Limitation and carryover of the credit for the special additional mortgage recording tax

Tax Law, § 210(17)(b)

(a) The credit for the special additional mortgage recording tax shall not reduce the tax payable to less than the higher of the amounts measured by the minimum taxable income base or the fixed dollar minimum (see Subpart 3-4 of this Title—Tax measured by the Minimum Taxable Income Base and Subpart 3-5 of this Title—Tax measured by the Fixed Dollar Minimum).

(b) Except as provided in section 5-7.3(b) of this Subpart, a taxpayer which has an excess credit for the special additional mortgage recording tax after reducing the tax due to the applicable amount described in subdivision (a) of this section, may carry over such excess credit to the following year or years and may deduct the excess credit from the taxpayer's tax for such succeeding taxable year or years. No portion of the excess credit described in subdivision (a) of this section may be carried over to any following year or years unless the taxpayer claims such credit by filing form CT-43 with the report for the taxable year during which the special additional mortgage recording tax is paid.