2012 New York Consolidated Laws
TAX - Tax
Article 32 - (1450 - 1468) Franchise Tax on Banking Corporations
1455-B - Temporary metropolitan transportation business tax surcharge on banks.

 
    § 1455-B. Temporary metropolitan transportation business tax surcharge
  on  banks.  1.  For  the  privilege of exercising its franchise or doing
  business in the  metropolitan  commuter  transportation  district  in  a
  corporate  or  organized  capacity,  there  is  hereby  imposed on every
  taxpayer subject to tax under this article, other  than  a  New  York  S
  corporation, for the taxable years commencing on or after January first,
  nineteen hundred eighty-two but ending before December thirty-first, two
  thousand thirteen, a tax surcharge, in addition to the tax imposed under
  section  fourteen  hundred  fifty-one  of  this  article, at the rate of
  eighteen percent of the tax imposed under such section fourteen  hundred
  fifty-one  of  this  article, for such taxable years or any part of such
  taxable years ending  before  December  thirty-first,  nineteen  hundred
  eighty-three  after  the  deduction  of  any credits otherwise allowable
  under this article, and at the rate of  seventeen  percent  of  the  tax
  imposed  under  such  section for such taxable years or any part of such
  taxable years ending on or after December thirty-first, nineteen hundred
  eighty-three after the deduction  of  any  credits  otherwise  allowable
  under  this  article; provided however, that such rates of tax surcharge
  shall be applied only to that portion of the tax imposed  under  section
  fourteen  hundred  fifty-one  of this article after the deduction of any
  credits otherwise allowable under this article which is attributable  to
  the  taxpayer's  business  activity  carried  on within the metropolitan
  commuter transportation district; and provided, further,  that  the  tax
  surcharge imposed by this section shall not be imposed upon any taxpayer
  for  more  than three hundred seventy-two months. Provided however, that
  for taxable years commencing on or after July first, two thousand,  such
  surcharge  shall  be calculated as if the rate of the basic tax computed
  under subsection (a) of section  fourteen  hundred  fifty-five  of  this
  article was nine percent.
    2.  If  the  tax  imposed  under section fourteen hundred fifty-one is
  derived from business activity carried on both within  and  without  the
  metropolitan  commuter  transportation  district, the portion of the tax
  attributable  to  business  activity  carried  on  in  the  metropolitan
  commuter  transportation district shall be determined in accordance with
  rules and regulations promulgated by the tax commission.
    3. The provisions concerning returns under  section  fourteen  hundred
  sixty-two  of  this  article shall be applicable to this section, except
  that for purposes of an automatic extension for six months for filing  a
  return  covering  the  tax  surcharge  imposed  by  this  section,  such
  automatic extension shall be allowed only if a taxpayer files  with  the
  commissioner   an  application  for  extension  in  such  form  as  said
  commissioner may prescribe by regulation and pays on or before the  date
  of  such  filing  in  addition  to any other amounts required under this
  article, either ninety percent of the entire tax surcharge  required  to
  be  paid  under this section for the applicable period, or not less than
  the tax surcharge shown on  the  taxpayer's  return  for  the  preceding
  taxable  year,  if  such  preceding  taxable  year was a taxable year of
  twelve months. The tax  surcharge  imposed  by  this  section  shall  be
  payable  to  the commissioner in full at the time the return is required
  to be filed, and such tax surcharge or the balance thereof,  imposed  on
  any taxpayer which ceases to exercise its franchise or be subject to the
  tax   surcharge  imposed  by  this  section  shall  be  payable  to  the
  commissioner at the time the return is required to  be  filed,  provided
  such  tax surcharge of a domestic corporation which continues to possess
  its franchise shall be subject to adjustment as  the  circumstances  may
  require;  all  other tax surcharges of any such taxpayer, which pursuant
  to the foregoing provisions of this section would otherwise  be  payable
  subsequent  to  the  time  such  return  is  required to be filed, shall

  nevertheless be payable at such time. All  of  the  provisions  of  this
  article presently applicable are applicable to the tax surcharge imposed
  by this section.
    4.  Notwithstanding any contrary provisions of state or local law, the
  tax surcharge imposed under this section  shall  not  be  allowed  as  a
  deduction  in  the  computation  of any state or local tax imposed under
  this chapter or any chapter  or  local  law.  Furthermore,  the  credits
  otherwise  allowable under this article shall not be allowed against the
  tax surcharge imposed by this section.
    5. The term metropolitan commuter transportation district as  used  in
  this  section  shall  be  defined  pursuant  to  section  twelve hundred
  sixty-two of the public authorities law.