§ 101. Imposition of tax. (a) General.--A tax at the rate of four\npercent is hereby imposed for each taxable year, beginning with taxable\nyears ending after January first, nineteen hundred sixty-six, on the\nunincorporated business taxable income of every unincorporated business\nwholly or partly carried on within the city. This tax shall be in\naddition to any other taxes imposed.\n (b) Credit against tax.--If the tax computed under subdivision (a) is\nsix hundred dollars or less, a credit shall be allowed for the entire\namount of such tax. If the tax computed under subdivision (a) exceeds\nsix hundred dollars but is less than eight hundred dollars, a credit\nshall be allowed in the amount determined by multiplying such tax by a\nfraction the numerator of which is eight hundred dollars minus the\namount of such tax and the denominator of which is two hundred dollars.\nIf the tax computed under subdivision (a) is eight hundred dollars or\nmore, no credit shall be allowed. If separate partnerships, joint\nventures or other unincorporated entities have substantially the same\npartners or members, each of such partners or members has substantially\nthe same interest in each of such partnerships, joint ventures or other\nunincorporated entities, and such partnerships, joint ventures or other\nunincorporated entities are engaged in substantially the same business\nor businesses or in substantially related businesses, all of such\npartnerships, joint ventures or other unincorporated entities shall be\ntreated as one unincorporated business for purposes of this subdivision.\nThe preceding sentence shall not be construed to limit or affect the\nmeaning or application of any other provision of this title.\n (c) Credit relating to stock transfer tax.\n (1) In addition to any other credit permitted under this section, a\ntaxpayer shall be allowed a credit, to be credited or refunded in the\nmanner hereinafter provided in this subdivision, against the tax imposed\nby this title after the allowance of any other credit under this\nsection. The amount of such credit shall be fifty percent of the tax\nincurred in market making transactions under the provisions of article\ntwelve of the tax law on such transactions subject to such tax occurring\non and after August first, nineteen hundred seventy-six and paid by such\ntaxpayer (except when such tax shall have been paid pursuant to section\ntwo hundred seventy-nine-a of such tax law).\n 2. For purposes of this subdivision:\n (a) the term "taxpayer" shall mean any unincorporated business subject\nto tax under this section registered with the United States securities\nand exchange commission in accordance with subsection (b) of section\nfifteen of the securities exchange act of nineteen hundred thirty-four,\nas amended, and acting as a dealer in a transaction described in\nsubparagraph (b) of this paragraph, and\n (b) the term "market making transaction" shall mean any transaction\ninvolving a sale (including a short sale) by a dealer of shares or\ncertificates subject to the tax imposed by article twelve of the tax\nlaw, provided such shares or certificates are sold:\n (i) as stock in trade or inventory or as property held for sale in the\nordinary course of such dealer's trade or business (including transfers\nwhich are part of an underwriting),\n (ii) in (a) a bona fide arbitrage transaction; (b) a bona fide hedge\ntransaction involving a long or short position in any equity security\nand a long or short position in a security entitling the holder to\nacquire or sell such equity security; or (c) a risk arbitrage\ntransaction in connection with a merger, acquisition, tender offer,\nrecapitalization, reorganization, or similar transaction, or\n (iii) to offset a transaction made in error.\n Provided, however, that, except as to clause (ii) (c) of this\nparagraph, the term "market making transaction" shall not include any\nsale of shares or certificates identified in such dealer's re
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