2006 New York Code - Computation Of Tax For Taxable Years Beginning On Or After January First, Nineteen Hundred Seventy-four And Ending On Or Before December Thirty-first,

 
    §  11-643.1 Computation of tax for taxable years beginning on or after
  January first, nineteen hundred seventy-four and  ending  on  or  before
  December  thirty-first, nineteen hundred seventy-four. For taxable years
  beginning on or after January first, nineteen hundred  seventy-four  and
  ending   on   or   before   December   thirty-first,   nineteen  hundred
  seventy-four, the tax imposed by section 11-639 of this  part  shall  be
  the greater of the following computations:
    (a) Basic tax. Six and seven hundred fifty-six one-thousandths percent
  of the taxpayer's entire net income, or the portion thereof allocated to
  this city, for the taxable year, or part thereof.
    (b)  Alternative minimum tax. If the tax under subdivision (a) is less
  than any of the following amounts, the tax shall be the largest  of  the
  following amounts:
    (1)  Except  for  a savings bank and savings and loan association, one
  and one-half mills upon each dollar  of  such  part  of  the  taxpayer's
  issued  capital  stock  on the last day of the taxable year, at its face
  value, but if such taxpayer has stock  without  par  value,  such  stock
  shall  be  taken  at  its actual or market value, and not less than five
  dollars per share, as may be determined by the commissioner of  finance,
  as  the  gross  income of such taxpayer derived from business carried on
  within the city, during such taxable year  bears  to  its  gross  income
  derived  from all business, both within and without the city during said
  year; except that if the period covered by  the  return  is  other  than
  twelve  months,  the tax shall be prorated on the basis of the number of
  months or major portions thereof included in the return. For purposes of
  this paragraph, the term "gross income" shall have the same  meaning  as
  it  has  in  the  laws  of  the United States relating to federal income
  taxes.
    (2) For a savings bank and savings and loan association, one and seven
  hundred sixteen one-thousandths percent of  the  interest  or  dividends
  credited  by  it  to depositors or shareholders during the taxable year,
  provided that, in determining such amount,  each  interest  or  dividend
  credit  to a depositor or shareholder shall be deemed to be the interest
  or dividend actually credited or the interest or  dividend  which  would
  have  been  credited if it had been computed and credited at the rate of
  three and one-half percent per annum, whichever is less.
    (3) Fifteen dollars.