§ 1511. Credits. (a) Credit for certain other premium taxes. In\ncomputing the tax imposed by this article there shall be allowed a\ncredit for the amount of taxes paid or accrued by the taxpayer during\nthe taxable year on premiums for any insurance against loss or damage by\nfire under section nine thousand one hundred four or section nine\nthousand one hundred five of the insurance law or under the charters of\nthe cities of Buffalo or New York; provided, however, that any unused\ncredit remaining may not be carried over to any other year.\n (b) Credit against reciprocal taxes imposed by this state. In\nassessing taxes under the reciprocal provisions of section one thousand\none hundred twelve of the insurance law, credit shall be allowed for any\ntaxes paid under this article.\n (c) Credit for certain taxes payable to other jurisdictions. (1) If,\nby the laws of any state other than this state, or by the action of any\npublic official of such other state, any insurer organized or domiciled\nin this state, or the duly authorized agents thereof, shall be required\nto pay taxes for the privilege of doing business in such other state and\nsuch amounts are imposed or assessed because the taxes which are or\nwould be imposed under this chapter and the insurance law upon insurers\norganized or domiciled in such other state are greater than those\nrequired of insurers organized or domiciled in this state by the laws of\nsuch other state for the privilege of doing business therein, then and\nin every case, to the extent such amounts are legally due to such other\nstates, an insurer organized or domiciled in this state may claim a\ncredit, as hereinafter provided, against the tax payable pursuant to\nthis article of a sum not to exceed ninety per cent of such amount.\nProvided, such credit shall in no event be greater than the tax payable\npursuant to this article during the taxable year with respect to which\nsuch amount has been imposed or assessed by such other states. For\npurposes of this section, the term "taxes for the privilege of doing\nbusiness" shall include, but shall not be limited to, a tax on or\nmeasured by income.\n (2) A credit may be claimed for the amount computed as provided in\nparagraph one of this subdivision, on the return required pursuant to\nsection fifteen hundred fifteen, against the tax imposed pursuant to\nthis article for the taxable year in which such amount shall be paid. To\nthe extent such credit shall exceed the amount payable pursuant to\nsection fifteen hundred sixteen of this article for the taxable year\nagainst which the credit is allowed, the difference between the amount\nallowed as a credit and the tax payable pursuant to section fifteen\nhundred sixteen shall be credited or refunded by the tax commission,\nwithout interest.\n (3) The credit allowed pursuant to this subdivision shall be in\naddition to the credits allowed pursuant to subdivisions (a) and (b) of\nthis section.\n (4) The superintendent of financial services and the tax commission\nshall examine claims for credit or refund made under this subdivision.\nIf the superintendent of financial services or the tax commission shall\ndetermine that any amount for which a credit shall have been claimed was\nnot legally due to another state or that an error exists in the amount\nof credit shown on such return, or the amount claimed as a refund or\nrefunded, the tax commission shall take appropriate action under this\nchapter for the assessment and collection of any tax resulting from the\ndisallowance of a claim for credit made under this subdivision or to\ndisallow any such claim for refund.\n (5) Any taxpayer which commences an action or proceeding in any state\nor federal court to contest the validity of any assessment made against\nthe taxpayer by another state pursuant to a statute similar to section\none thousand one hundred twelve of the insurance law or any other\nstatute or regulation of another state under which retalia
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