§ 4. Taxable years to which tax applies; tax for taxable years\nbeginning prior to and ending after July first, nineteen hundred\nsixty-six.-- (a) General.--The tax imposed by section two, with any\nmodification permitted by subdivision (b) of this section, is imposed\nfor each taxable year beginning with taxable years ending after July\nfirst, nineteen hundred sixty-six and prior to January first, nineteen\nhundred seventy-six and each taxable year beginning in nineteen hundred\nseventy-five and ending in nineteen hundred seventy-six.\n (b) Alternate methods for determining tax for taxable years ending on\nor after July first, nineteen hundred sixty-six and on or before June\nthirtieth, nineteen hundred sixty-seven. -- (1) The tax for any taxable\nyear ending on or after July first, nineteen hundred sixty-six and on or\nbefore June thirtieth, nineteen hundred sixty-seven shall be the same\npart of the tax which would have been imposed had section two been in\neffect for the entire taxable year as the number of months (or major\nportions thereof) of the taxable year occurring after July first,\nnineteen hundred sixty-six is of the number of months (or major portions\nthereof) in the taxable year. The credit allowed against such tax as\nprovided by section twenty shall be reduced by a fraction the numerator\nof which is equal to the number of months (or major portions thereof) in\nsuch taxable year which occurred before July first, nineteen hundred\nsixty-six and the denominator of which is equal to the number of months\n(or major portions thereof) in such taxable year.\n (2) In lieu of the method of computation of tax prescribed in\nparagraph (1), if the taxpayer maintains adequate records for any\ntaxable year ending on or after July first, nineteen hundred sixty-six\nand on or before June thirtieth, nineteen hundred sixty-seven, the tax\nfor such taxable year, at the election of the taxpayer, may be computed\non the basis of the city taxable income which the taxpayer would have\nreported had he filed a return under this local law for the period\n(referred to in this paragraph as "short period") beginning July first,\nnineteen hundred sixty-six and ending with the last day of the\ntaxpayer's taxable year. If a return for a period of less than twelve\nmonths is made under this paragraph (2), the city taxable income for\nsuch short period shall be placed on an annual basis by multiplying such\nincome by twelve and dividing the result by the number of months in the\nshort period. In determining city taxable income under this paragraph\n(2), the city personal exemptions provided by section sixteen, shall be\nreduced to amounts that bear the same ratio to the full exemptions, as\nthe number of months in the short period bears to twelve. The credit\nallowed against such tax as provided by section twenty shall be reduced\nby a fraction the numerator of which is equal to the number of months\n(or major portions thereof) in such taxable year which occurred before\nJuly first, nineteen hundred sixty-six and the denominator of which is\nequal to the number of months (or major portions thereof) in such\ntaxable year. The tax shall be the same part of the tax computed on the\nannual basis as the number of months in the short period is of twelve\nmonths. Except as provided in this paragraph (2), the tax for such\nperiod ending on or before June thirtieth, nineteen hundred sixty-seven,\nshall be computed in accordance with the other provisions of this local\nlaw.\n
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