2006 New York Code - Imposition Of Tax.

 
    §  11-623 Imposition of tax. 1. Pursuant to the authority conferred by
  section fifty-two hundred nineteen of the United States revised statutes
  and in conformity with the provisions  contained  in  subdivision  c  of
  clause one of such section, every national banking association organized
  under  authority of the United States and located within the city, shall
  annually pay a tax, measured by its  net  income,  to  be  computed,  as
  provided  in  this  part,  at  the  rate of four and one-half per centum
  except  that  for  the  year  nineteen  hundred  seventy-one  and  those
  following  the  rate  shall  be  five and sixty-three one hundredths per
  centum, upon the basis of its net income  for  the  calendar  year  next
  preceding  the date when such tax becomes due. Such tax shall be for the
  calendar year next preceding the year in which it  becomes  due;  except
  that  with  respect  to national banking associations required to file a
  declaration of estimated tax and to make payments  on  account  of  such
  estimated  tax  in  accordance  with the provisions of section 11-636 of
  this subchapter, all payments of tax within  a  calendar  year,  whether
  computed  on the basis of net income for the current calendar year or on
  the basis of net income for the preceding calendar year,  shall  be  for
  the  calendar  year  in  which the payments are required to be made. If,
  however, such a national banking association shall be dissolved  between
  the  thirty-first  day  of  December  and  the  succeeding second day of
  September,  and  shall  not  become  merged  or  consolidated   with   a
  corporation  taxable  under  part one of this subchapter, it shall pay a
  tax for the period from the thirty-first day of December up to the  time
  of  dissolution  equal  to that which would have been payable had it not
  been dissolved, except that such tax shall be reduced by  one-third  and
  an  additional  one-twelfth  for  each  month, or major portion thereof,
  prior to such succeeding second day  of  September,  during  which  such
  corporation  was  so  dissolved.  If such dissolution occurs between the
  fifteenth day of March and the second day  of  September,  and  if  such
  corporation  shall  have filed its return on or before the fifteenth day
  of March as required by sections 11-630 and 11-633 of  this  subchapter,
  it  may  file  a  claim for refund as provided in section 11-678 of this
  chapter, showing any reduction in tax to which it  may  be  entitled  as
  provided  in  the  preceding sentence; and if it shall be made to appear
  that the amount of tax due is less than the amount as  computed  on  the
  basis  of  the original return, the commissioner of finance shall adjust
  the computation of tax accordingly. If the amount of tax as so  adjusted
  shall  be  less  than  the  amount theretofore paid, the excess shall be
  refunded by the commissioner of finance as provided in  subdivision  one
  of section 11-677 of this chapter.
    2.  In  the event that the taxes imposed by this part shall be finally
  determined to be unconstitutional or invalid for the reason that they do
  not conform with the provisions of section fifty-two hundred nineteen of
  the United States revised statutes, then, in lieu of the  taxes  imposed
  by  the  provisions of this part, every national banking association and
  every production credit  association  that  otherwise  would  have  been
  subject to tax under this part shall be subject to the tax imposed under
  subchapter  two  as  of July thirteenth, nineteen hundred sixty-six, and
  all of the provisions of subchapter two, unless  clearly  inappropriate,
  shall  be  applicable  except subdivision four of section 11-603 of this
  chapter; and, in such event, any payments made, reports or returns filed
  or any act of the commissioner of finance or of a  taxpayer  purportedly
  under  this  subchapter  shall  be treated as though made, filed or done
  pursuant to subchapter two.
    3. Cross reference. For years for which tax is  imposed,  see  section
  11-624 of this part.