§ 4. Computation of tax. * 1. The tax imposed by subdivision one of\nsection three of this part shall be, in the case of each taxpayer: (a) a\ntax (1) for taxable years beginning on or after January first, nineteen\nhundred seventy-eight but before January first, nineteen hundred\neighty-seven, computed at the rate of nine per centum, and for taxable\nyears beginning on or after January first, nineteen hundred\neighty-seven, computed at the rate of eight and eighty-five one\nhundredths per centum on its entire net income, or the portion thereof\nallocated within the city as hereinafter provided, subject to any\nmodification required by paragraph (d) of subdivision three of this\nsection, or (2) computed at one and one-half mills for each dollar of\nits total business and investment capital, or the portion thereof\nallocated within the city as hereinafter provided, except that in the\ncase of a cooperative housing corporation as defined in the internal\nrevenue code, the applicable rate shall be four-tenths of one mill, or\n(3) for taxable years beginning on or after January first, nineteen\nhundred seventy-eight but before January first, nineteen hundred\neighty-seven, computed at the rate of nine per centum, and for taxable\nyears beginning on or after January first, nineteen hundred\neighty-seven, computed at the rate of eight and eighty-five one\nhundredths per centum on thirty per centum of the taxpayer's entire net\nincome plus salaries and other compensation paid to the taxpayer's\nelected or appointed officers and to every stockholder owning in excess\nof five per centum of its issued capital stock minus fifteen thousand\ndollars (except as hereinafter provided) and any net loss for the\nreported year, or on the portion of such sum allocated within the city\nas hereinafter provided for the allocation of entire net income, subject\nto any modification required by paragraph (d) of subdivision three of\nthis section, or (4) one hundred twenty-five dollars, whichever is the\ngreatest, plus (b) a tax computed at the rate of three-quarters of a\nmill for each dollar of the portion of its subsidiary capital allocated\nwithin the city as hereinafter provided. In the case of a taxpayer which\nis not subject to tax for an entire year, or which elects to compute its\ntax pursuant to paragraph (b) of subdivision six of section three, the\nexemption allowed in clause three of paragraph (a) shall be prorated\naccording to the period such taxpayer was subject to tax or, in the case\nof such an election, the period for which its entire net income is\ndetermined pursuant to such paragraph (b) of subdivision six of section\nthree.\n * NB Effective until December 31, 2020\n * 1. The tax imposed by subdivision one of section three of this part\nshall be, in the case of each taxpayer: (a) a tax (1) computed at the\nrate of five and one-half per centum, or as an alternative for taxable\nyears beginning on or after January first, nineteen hundred seventy-one,\nat the rate of six and seven-tenths per centum, on its entire net\nincome, or the portion thereof allocated within the city as hereinafter\nprovided, subject to any modification required by paragraph (d) of\nsubdivision three of this section, or (2) computed at one mill for each\ndollar of its total business and investment capital, or the portion\nthereof allocated within the city as hereinafter provided, except that\nin the case of a cooperative housing corporation as defined in the\ninternal revenue code, the applicable rate shall be one-quarter of one\nmill, or (3) computed at the rate of five and one-half per centum, or as\nan alternative for taxable years beginning on or after January first,\nnineteen hundred seventy-one, at the rate of six and seven-tenths per\ncentum, on thirty per centum of the taxpayer's entire net income plus\nsalaries and other compensation paid to the taxpayer's elected or\nappointed officers and to every stockholder owning in excess of five per\ncentum of
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