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Statutes » New York » TAX Law » Article 22

N.Y. TAX Law § 603

This is the official text of N.Y. TAX Law § 603, part of New York’s TAX Law — part of the compiled statutory law of New York, published by the state as "TAX Law." Browse the sections below, each linked to its official government source.

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Separate tax on the ordinary income portion of lump sum distributions

Official statutory text

§ 603. Separate tax on the ordinary income portion of lump sum\ndistributions.--(a) Imposition of separate tax. In addition to any other\ntax imposed by this article, there is hereby imposed for each taxable\nyear a separate tax on the ordinary income portion of a lump sum\ndistribution of every individual, estate and trust which has made an\nelection of lump sum treatment under subsection (e) of section four\nhundred two of the internal revenue code. The recipient of a lump sum\ndistribution shall be liable for the tax imposed by this section. The\ncredits against tax under this article, except for the credits under\nparagraphs two and four of subsection (c), paragraphs two and four of\nsubsection (d) and subsection (e) of section six hundred six, section\nsix hundred twenty-A and section six hundred seventy-three, shall not be\nallowed against the tax imposed by this section.\n (b) Cross reference. For computation of tax, see section six hundred\ntwenty-four with respect to residents and section six hundred\nthirty-seven with respect to nonresidents and part-year residents.\n

Status: in_force · Read it on the official government site

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About this page: Statute text is reproduced from official government publishers via the Open US Law dataset (Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine (Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.