N.Y. GCT Law § 20

§ 20. Credit to trust beneficiary receiving accumulation\ndistribution.--(a) General.--A resident beneficiary of a trust whose\ncity adjusted gross income includes all or part of an accumulation\ndistribution by such trust, as defined in section six hundred sixty-five\nof the internal revenue code, shall be allowed a credit against the tax\notherwise due under this local law for all or a proportionate part of\nany tax paid by the trust under this local law for any preceding taxable\nyear which would not have been payable if the trust had in fact made\ndistributions to its beneficiaries at the times and in the amounts\nspecified in section six hundred sixty-six of the internal revenue code.\n (b) Limitation.--The credit under this section shall not reduce the\ntax otherwise due from the beneficiary under this local law to an amount\nless than would have been due if the accumulation distribution or his\npart thereof were excluded from his city adjusted gross income.\n