2012 New York Consolidated Laws
TAX - Tax
Article 32 - (1450 - 1468) Franchise Tax on Banking Corporations
1450 - General definitions.

 
    § 1450. General definitions. As used in this article:
    (a)  The word "taxpayer" means a corporation or association subject to
  a tax imposed by this article.
    (b) The phrase "taxable year" means the taxpayer's  taxable  year  for
  federal  income  tax  purposes,  or  the  part  thereof during which the
  taxpayer is subject to the tax imposed by this article.
    (c)  The  term  "international  banking  facility"   shall   mean   an
  international  banking facility located in New York state and shall have
  the same meaning as is set forth in the New York state  banking  law  or
  regulations of the New York state department of financial services or as
  is  set  forth  in  the  laws of the United States or regulations of the
  board of governors of the federal reserve system.
    (d) The term "subsidiary" means a corporation or association of  which
  over  fifty percent of the number of shares of stock entitling the hold-
  ers thereof to vote for the election of directors or trustees  is  owned
  by the taxpayer.
    (e)  The  term  "subsidiary capital" means investments in the stock of
  subsidiaries  and  any  indebtedness  from  subsidiaries,  exclusive  of
  accounts receivable acquired in the ordinary course of trade or business
  for  services  rendered or for sales of property held primarily for sale
  to customers, whether or not evidenced by written instrument,  on  which
  interest  is  not claimed and deducted by the subsidiary for purposes of
  taxation under  article  nine-A,  thirty-two  or  thirty-three  of  this
  chapter,  provided,  however,  there  shall  be deducted from subsidiary
  capital any liabilities payable by their terms on demand or  within  one
  year  from  the  date incurred, other than loans or advances outstanding
  for more than a year as of any date  during  the  year  covered  by  the
  return, which are attributable to subsidiary capital.
    (f) The terms "New York S corporation", "New York S year", "New York S
  election",  "New  York  C  corporation", "New York C year", "termination
  year", "S short year", "C short year", and "New York S termination year"
  shall have the same meaning as those terms have under subdivision  one-A
  of  section two hundred eight of this chapter, except that references in
  such subdivision to article nine-A of this  chapter  shall  be  read  as
  references to this article.
    (g)  The  term  "QSSS"  means  a  corporation  which  is  a  qualified
  subchapter S subsidiary as defined  in  subparagraph  (B)  of  paragraph
  three  of  subsection  (b)  of section thirteen hundred sixty-one of the
  internal revenue code. The term "exempt QSSS" means a QSSS  exempt  from
  tax under this article as provided in subsection (o) of section fourteen
  hundred  fifty-three  of this article, or a QSSS described in clause (i)
  of subparagraph (B) of  paragraph  two  of  subsection  (o)  of  section
  fourteen hundred fifty-three, wherein the parent corporation of the QSSS
  is  subject  to  tax  under  this  article, and the assets, liabilities,
  income  and  deductions  of  the  QSSS  are  treated  as   the   assets,
  liabilities,  income  and  deductions of the parent corporation. Where a
  QSSS is an exempt QSSS, then for all purposes under this article:
    (1) the assets, liabilities, income,  deductions,  property,  payroll,
  receipts, capital, credits, and all other tax attributes and elements of
  economic  activity of the QSSS shall be deemed to be those of the parent
  corporation,
    (2) the  stocks,  bonds  and  other  securities  issued  by,  and  any
  indebtedness  from,  the  QSSS  shall  not  be subsidiary capital of the
  parent corporation,
    (3)  transactions  between  the  parent  corporation  and  the   QSSS,
  including the payment of interest and dividends, shall not be taken into
  account, and

    (4)  general  executive  officers  of  the  QSSS shall be deemed to be
  general executive officers of the parent corporation.
    (h)  The  term  "financial  holding company" means a corporation that,
  pursuant to subsection (l) of section 4  of  the  federal  bank  holding
  company  act  of  nineteen hundred fifty-six, as amended, has filed with
  the federal reserve board a written  declaration  that  the  corporation
  elects to be a financial holding company and whose election has not been
  found to be ineffective by the federal reserve board.