§ 12. Tax based on net income; imposition; minimum tax; new\nincorporations; dissolution; consolidations; mergers; etc. 1. For the\nprivilege of doing business in the city:\n (a) Every bank and savings and loan association organized under the\nauthority of this state;\n (b) Every trust company incorporated, organized or formed under, by or\npursuant to a law of the state, other than a trust company all of the\nstock of which is owned by not less than twenty savings banks organized\nunder a law of the state, and every domestic corporation authorized to\ndo a trust company's business solely or in connection with any other\nbusiness, under a general or special law of the state;\n (c) Every other domestic financial corporation;\n (d) Every incorporated foreign banker doing a banking business and\nevery other foreign financial corporation; and\n (e) Every federal savings and loan association located within the\ncity,\nshall annually pay a tax at the rate of four and one-half per centum\nexcept that for the years nineteen hundred seventy-one and those\nfollowing, as an alternative, at the rate of five and sixty-three one\nhundredths per centum, to be computed as provided in this subpart, upon\nthe basis of its net income for each calendar year, beginning with the\ncalendar year nineteen hundred sixty-six, next preceding the date when\nsuch tax becomes due and, if the taxpayer is required to file a\ndeclaration of estimated tax and to make payments on account of such\nestimated tax as provided by section thirty-five of this part, upon the\nbasis of its net income for the calendar year with respect to which such\ndeclaration is required to be filed.\n 2. Every such corporation for the privilege of doing business in the\ncity and every federal savings and loan association located in the city\nshall be subject to a minimum tax of not less than ten dollars and not\nless than one mill or, as an alternative for the years nineteen hundred\nseventy-one and those following, a minimum tax of not less than twelve\nand one-half dollars and not less than one and one quarter mills upon\neach dollar of such a part of its issued capital stock on the last day\nof the calendar year preceding that in which such tax becomes due, at\nits face value, as the gross income of such corporation derived from\nbusiness carried on within the city, during such calendar year, bears to\nits gross income derived from all business, both within and without the\ncity, during said year, but if such a corporation has stock without par\nvalue, such stock shall be taken at its actual or market value, and not\nless than five dollars per share, as may be determined by the director\nof finance; except that a savings bank and savings and loan association\nshall be subject to a minimum tax of not less than ten dollars and not\nless than an amount equal to two per centum of the amount of interest or\ndividends credited by it by depositors or shareholders during the\ncalendar year preceding that in which such tax becomes due or, as an\nalternative, for the years nineteen hundred seventy-one and those\nfollowing, a minimum tax of not less than twelve and one-half dollars\nand not less than an amount equal to two and one-half per centum of the\namount of interest or dividends credited to by it to depositors or\nshareholders during the calendar year preceding that in which such tax\nbecomes due, provided, that, in determining such amount, each interest\nor dividend credit to a depositor or shareholder shall be deemed to be\nthe interest or dividend actually credited or the interest or dividend\nwhich would have been credited if it had been computed and credited at\nthe rate of two per centum per annum, whichever is less, and except also\nthat in the case of a trust company or savings bank incorporated in the\ncalendar year preceding that in which its first return under this\nsubpart shall be due and after the thirtieth day of June in such year,\nthe minimum tax, computed as in
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.