2012 New York Consolidated Laws
TAX - Tax
Article 1 - (1 - 37) SHORT TITLE; DEFINITIONS; MISCELLANEOUS
2 - Definitions.

 
    §  2.  Definitions. 1. Unless otherwise expressly stated or unless the
  context or  subject  matter  otherwise  requires,  "tax  department"  or
  "department",  as used in this chapter, means the department of taxation
  and finance, "commissioner"  means  the  commissioner  of  taxation  and
  finance  or  his  delegate, and "tax commission" or "commission", in all
  matters pertaining to the administration of the division of tax appeals,
  means the tax appeals tribunal  and  in  all  other  matters  means  the
  commissioner of taxation and finance.
    2. "Comptroller" as used in this chapter means the state comptroller.
    3.  "County  treasurer"  includes  any  officer  performing the duties
  devolving upon such office under whatever name.
    4. "Infant" or "minor" as used in this chapter means a person who  has
  not attained the age of eighteen years.
    5.  The  term  "limited  liability  company"  means a domestic limited
  liability company or a foreign limited liability company, as defined  in
  section  one hundred two of the limited liability company law, a limited
  liability investment company formed pursuant  to  section  five  hundred
  seven  of  the  banking law, or a limited liability trust company formed
  pursuant to section one hundred two-a of the banking law.
    6. "Partnership and partner," unless the context  requires  otherwise,
  shall  include, but shall not be limited to, a limited liability company
  and a member thereof, respectively.
    7. "REIT" means a real estate investment trust as defined  in  section
  eight hundred fifty-six of the internal revenue code.
    8.  "RIC"  means  a regulated investment company as defined in section
  eight hundred fifty-one of the internal revenue code.
    9. "Captive REIT" means a REIT that is  not  regularly  traded  on  an
  established  securities  market,  and  (  more than fifty percent of the
  voting stock of which is owned or controlled, directly or indirectly, by
  a single entity treated as an association taxable as a corporation under
  the Internal Revenue Code that is not exempt from federal income tax and
  is not a REIT. Any voting stock in a REIT that is held in  a  segregated
  asset  account  of a life insurance corporation (as described in section
  817 of the internal revenue code) shall not be taken  into  account  for
  purposes  of  determining  whether a REIT is a captive REIT. None of the
  following entities shall be  considered  an  association  taxable  as  a
  corporation for purposes of this subdivision:
    (a)  any  listed Australian property trust (meaning an Australian unit
  trust registered as a "managed investment scheme" under  the  Australian
  Corporations  Act  in  which the principal class of units is listed on a
  recognized stock exchange in Australia and is  regularly  traded  on  an
  established  securities  market),  or  an  entity  organized as a trust,
  provided that a listed  Australian  property  trust  owns  or  controls,
  directly or indirectly, seventy-five percent or more of the voting power
  or value of the beneficial interests or shares of such trust; or
    (b)  any  qualified  foreign  entity,  meaning  a  corporation, trust,
  association or partnership organized outside  the  laws  of  the  United
  States and which satisfies the following criteria:
    (i) at least seventy-five percent of the entity's total asset value at
  the  close  of its taxable year is represented by real estate assets (as
  defined at subparagraph (B)  of  paragraph  (5)  of  subsection  (c)  of
  section  eight  hundred  fifty-six of the internal revenue code, thereby
  including shares or certificates of  beneficial  interest  in  any  real
  estate  investment  trust), cash and cash equivalents, and United States
  Government securities;
    (ii) the entity is not subject to tax on amounts  distributed  to  its
  beneficial owners, or is exempt from entity-level taxation;

    (iii)  the  entity  distributes  at  least  eight-five  percent of its
  taxable  income  (as  computed  in  the  jurisdiction  in  which  it  is
  organized)  to  the  holders of its shares or certificates of beneficial
  interest on an annual basis;
    (iv)  not  more  than ten percent of the voting power or value in such
  entity is held directly or indirectly  or  constructively  by  a  single
  entity  or  individual,  or  the  shares or beneficial interests of such
  entity are regularly traded on an established securities market; and
    (v) the entity is organized in a country which has a tax  treaty  with
  the United States.
    10.  "Captive  RIC" means a RIC (a) that is not regularly traded on an
  established securities market, and (b) more than fifty  percent  of  the
  voting stock of which is owned or controlled, directly or indirectly, by
  a  single  corporation that is not exempt from federal income tax and is
  not a RIC. Any voting stock in a RIC that is held in a segregated  asset
  account  of a life insurance corporation (as described in section 817 of
  the internal revenue code) shall not be taken into account for  purposes
  of determining whether a RIC is a captive RIC.
    11.  The  term  "overcapitalized  captive  insurance company" means an
  entity that is treated as an association taxable as a corporation  under
  the  internal  revenue  code  (a)  more than fifty percent of the voting
  stock of which is owned or controlled,  directly  or  indirectly,  by  a
  single entity that is treated as an association taxable as a corporation
  under  the internal revenue code and not exempt from federal income tax;
  (b) that is licensed as a captive insurance company under  the  laws  of
  this   state  or  another  jurisdiction;  (c)  whose  business  includes
  providing, directly and indirectly, insurance  or  reinsurance  covering
  the  risks of its parent and/or members of its affiliated group; and (d)
  fifty percent or less of whose  gross  receipts  for  the  taxable  year
  consist  of  premiums.    For  purposes of this subdivision, "affiliated
  group" has the same meaning as that term is given in section 1504 of the
  internal revenue code, except that the term "common parent  corporation"
  in that section is deemed to mean any person, as defined in section 7701
  of the internal revenue code; references to "at least eighty percent" in
  section  1504  of  the  internal  revenue  code are to be read as "fifty
  percent or more;" section 1504 of the internal revenue  code  is  to  be
  read  without regard to the exclusions provided for in subsection (b) of
  that section; "premiums" has the same meaning as that term is  given  in
  paragraph  one of subdivision (c) of section fifteen hundred ten of this
  chapter, except that it includes consideration for annuity contracts and
  excludes any part of the consideration  for  insurance,  reinsurance  or
  annuity  contracts  that do not provide bona fide insurance, reinsurance
  or annuity benefits; and "gross receipts" includes the amounts  included
  in  gross  receipts  for purposes of section 501(c) (15) of the internal
  revenue code, except that those amounts also  include  all  premiums  as
  defined in this subdivision.