§ 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
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