§ 61. Tax on transportation corporations and associations. 1. The\nterm "corporation" as used in this part shall include any business\nconducted by a trustee or trustees wherein interest or ownership is\nevidenced by certificates or other written instruments.\n 2. For the privilege of doing business or of holding property in the\ncity every corporation, joint stock company or association formed for or\nprincipally engaged in the conduct of aviation, steamboat, ferry (except\na ferry company operating between any of the boroughs of the city under\na lease granted by the city), or navigation business, or formed for or\nprincipally engaged in the conduct of two or more of such businesses,\nexcept a corporation, joint stock company or association subject to\ntaxation under a local law of the city imposed on utilities and vendors\nof utility services, shall pay, in advance, an annual tax to be computed\nupon the basis of the amount of its capital stock within the city during\nthe preceding year, and upon each dollar of such amount.\n 3. The measure of the amount of capital stock in the city, except as\nhereinafter provided, shall be such a portion of the issued capital\nstock as the gross assets, exclusive of obligations issued by the United\nStates and cash on hand and on deposit, employed in any business within\nthe city, bear to the gross assets, exclusive of obligations issued by\nthe United States and cash on hand and on deposit, wherever employed in\nbusiness. Provided, however, that in the case of a corporation taxable\nhereunder only for the privilege of holding property, the measure shall\nbe such a portion of the issued capital stock as the gross assets,\nexclusive of obligations issued by the United States and cash on hand\nand on deposit, located within the city, bear to the gross assets,\nexclusive of obligations issued by the United States and cash on hand\nand on deposit, wherever located. The capital of a corporation invested\nin the stock of another corporation shall be deemed to be assets located\nwhere the assets of the issuing corporation, other than patents,\ncopyrights, trademarks, contracts and good will, are located.\n 4. Every corporation, joint stock company or association subject to\ntaxation under this section shall, in any event, pay annually a minimum\ntax of not less than ten dollars nor less than one mill on each dollar\nof such a portion of the net value of its issued capital stock, which\nnet value for the purposes of this section shall be deemed to be not\nless than five dollars per share, as may be determined upon such of the\nbases herein provided for the measurement thereof as is applicable. The\nterm "net value" as used in this section shall be construed to mean not\nless than the difference between a corporation's assets and liabilities,\nand not less than the average price at which such stock sold during the\nyear covered by the report which forms the basis for the tax. But if the\ndividends paid on the par value of any kind of capital stock during any\nyear ending with the thirty-first day of December amount to six or more\nthan six per centum, the tax upon such kind of capital stock shall be at\nthe rate of one-quarter of a mill for each one per centum of dividends\npaid and shall be computed upon the par value of such capital stock,\nunless such a tax be less than the minimum tax hereinbefore provided in\nthis section and the director of finance shall, for such purpose, make a\nfair and equitable apportionment of the assets of the corporation, joint\nstock company or association, between or among the different kinds of\nstock.\n 5. If such corporation, joint stock company or association shall have\nmore than one kind of capital stock, and upon one of such kinds of stock\na dividend or dividends amounting to six or more than six per centum\nupon the part value thereof, has been paid, and upon the other no\ndividend has been paid, or the dividend or dividends paid thereon amount\nto le
‹ 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.