2006 New York Code - Computation Of Tax For Taxable Years Beginning On Or After January First, Nineteen Hundred Seventy-five And Before January First, Nineteen Hundred Eig

 
    *  §  11-643.3 ** Computation of tax for taxable years beginning on or
  after January first, nineteen hundred seventy-five  and  before  January
  first,  nineteen  hundred eighty-five. For taxable years beginning on or
  after January first, nineteen hundred seventy-five  and  before  January
  first,  nineteen  hundred eighty-five, the tax imposed by section 11-639
  of this part shall be the greater of the following computations:
 
    ** NB Amended Ch. 298/85 § 43, language juxtaposed per Ch. 907/85 § 14
 
    (a) Basic tax. (1) Except for a savings  bank  and  savings  and  loan
  association,  thirteen  and  eight  hundred twenty-three 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.
    (2)  For  a  savings bank and savings and loan association, twelve and
  one hundred thirty-four 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, two
  and six-tenths 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)  Except  as  otherwise  provided  in  paragraph  three   of   this
  subdivision,  for  a  savings bank and savings and loan association, two
  and five hundred seventy-four one-thousandths percent of the interest or
  dividends credited by  it  to  depositors  or  shareholders  during  any
  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)  (i)  For a savings bank and savings and loan association, for any
  quarterly accounting period in which such savings bank  or  savings  and
  loan  association  credits  or  pays  dividends  to  its  depositors  or
  shareholders on or after the first  day  of  October,  nineteen  hundred
  eighty-one   but   before  the  first  day  of  July,  nineteen  hundred
  eighty-six, and after such credit or  payment  the  net  worth  of  such
  savings  bank  or savings and loan association is less than five percent
  of  the  amount  due  depositors,  one  and  eight  hundred  twenty-four
  one-thousandths percent of the interest or dividends credited by it to a
  depositor  or  shareholder during such accounting period, provided that,
  in  determining  such  amount,  each  interest  or  dividend  credit  to
  depositors  or  shareholders  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.  In  determining  the
  lesser  of  the  amount  of  interest  or dividends actually credited to
  depositors or shareholders or the amount of interest or dividends  which
  would have been credited if such interest or dividends had been computed
  and  credited  at  the rate of three and one-half percent per annum, the
  provisions  of  subparagraph  (ii)  of  this  paragraph  shall  not   be
  considered.
    (ii) For purposes of the computation provided for in subparagraph (i),
  except  where  the tax computed under subparagraph (i) of this paragraph
  is computed as if the interest or dividends were computed  and  credited
  at the rate of three and one-half percent per annum, that portion of the
  interest  or  dividends  credited  on or after the first day of October,
  nineteen hundred eighty-one but before the first day of  July,  nineteen
  hundred eighty-six by:
    (A) a savings bank to a depositor or shareholder which is attributable
  to an increase or a deemed increase in the gross earnings, surplus fund,
  or  net  worth  of the savings bank, which increase became available for
  interest  or  dividends  upon  the  prior  written   approval   of   the
  superintendent  of  banks pursuant to the provisions of subdivision four
  of section two hundred forty-four of the banking law; or
    (B) a savings and loan association to a depositor or shareholder which
  is attributable to an increase or a deemed  increase  in  gross  income,
  undivided  profits, surplus account or net worth of the savings and loan
  association, which increase became available for interest  or  dividends
  upon  the prior written approval of the superintendent of banks pursuant
  to  the  provisions  of  subdivision  two  of  section   three   hundred
  eighty-seven of the banking law; or
    (C)  a  federal savings bank or a federal savings and loan association
  to a depositor or shareholder, which would have  required  and  received
  prior  written  approval  of  the  superintendent of banks in respect to
  increases in gross income, gross earnings,  undivided  profits,  surplus
  funds, surplus accounts or net worth available for dividends pursuant to
  the  provisions of subdivision four of section two hundred forty-four of
  the  banking  law  and  subdivision  two  of   section   three   hundred
  eighty-seven  of  the  banking law, respectively, were the provisions of
  sections two hundred forty-four and three hundred  eighty-seven  of  the
  banking  law applicable to federal savings banks and federal savings and
  loan associations shall not be  considered  to  have  been  credited  to
  depositors  or  shareholders.  Where the tax computed under subparagraph
  (i) of this paragraph is computed as if the interest or  dividends  were
  computed  and  credited  at  the  rate of three and one-half percent per
  annum, the amount of interest or dividends which shall not be considered
  to have been credited to depositors or shareholders is an  amount  which
  bears  the same ratio to the interest or dividends which would have been
  credited at the rate of three and one-half  percent  per  annum  as  the
  amount  of that portion of the interest or dividends paid or credited on
  or after the first day  of  October,  nineteen  hundred  eighty-one  but
  before  the  first  day  of  July, nineteen hundred eighty-six, which is
  attributable to an increase or deemed increase in  gross  income,  gross
  earnings, undivided profits, surplus funds, surplus account or net worth
  available  for  dividends pursuant to the provisions of subdivision four
  of section two hundred forty-four of the banking law or subdivision  two
  of  section  three hundred eighty-seven of the banking law, bears to the
  amount of interest or dividends actually credited. For purposes of  this
  clause,  the  determination of whether a federal savings bank or federal
  savings and loan association would  have  required  and  received  prior
  written  approval  of  the  superintendent of banks shall be made by the
  superintendent of banks, upon application and upon such forms as  he  or


  she  may  require,  by  applying  the  provision  of subdivision four of
  section two hundred forty-four of the banking law, as if such provisions
  were applicable to federal savings banks, and subdivision two of section
  three  hundred  eighty-seven  of  the banking law, as if such provisions
  were applicable to  federal  savings  and  loan  associations,  and  the
  superintendent  of  banks may require and examine such information as he
  or she may deem necessary to make such determinations.
    (4) (i) Except for a savings bank and savings  and  loan  association,
  twenty-five dollars.
    (ii)  For  a  savings  bank  and  savings and loan association, twenty
  dollars.
 
    * NB Number supplied by the Legislative Bill Drafting Commission