§ 210-C. Combined reports. 1. Tax. (a) The tax on a combined report\nshall be the highest of (i) the combined business income base multiplied\nby the tax rate specified in paragraph (a) of subdivision one of section\ntwo hundred ten of this article; (ii) the combined capital base\nmultiplied by the tax rate specified in paragraph (b) of subdivision one\nof section two hundred ten of this article, but not exceeding the\nlimitation provided for in that paragraph (b); or (iii) the fixed dollar\nminimum that is attributable to the designated agent of the combined\ngroup. In addition, the tax on a combined report shall include the fixed\ndollar minimum tax specified in paragraph (d) of subdivision one of\nsection two hundred ten of this article for each member of the combined\ngroup, other than the designated agent, that is a taxpayer.\n (b) The combined business income base is the amount of the combined\nbusiness income of the combined group that is apportioned to the state,\nreduced by any prior net operating loss conversion subtraction and any\nnet operating loss deduction for the combined group. The combined\ncapital base is the amount of the combined capital of the combined group\nthat is apportioned to the state.\n 2. Combined reports required. (a) Except as provided in paragraph (c)\nof this subdivision, any taxpayer (i) which owns or controls either\ndirectly or indirectly more than fifty percent of the voting power of\nthe capital stock of one or more other corporations, or (ii) more than\nfifty percent of the voting power of the capital stock of which is owned\nor controlled either directly or indirectly by one or more other\ncorporations, or (iii) more than fifty percent of the voting power of\nthe capital stock of which and the capital stock of one or more other\ncorporations, is owned or controlled, directly or indirectly, by the\nsame interests, and (iv) that is engaged in a unitary business with\nthose corporations (hereinafter referred to as "related corporations"),\nshall make a combined report with those other corporations.\n (b) A corporation required to make a combined report within the\nmeaning of this section shall also include (i) a captive REIT and a\ncaptive RIC if the captive REIT or captive RIC is not required to be\nincluded in a combined report under article thirty-three of this\nchapter; (ii) a combinable captive insurance company; and (iii) an alien\ncorporation that satisfies the conditions in paragraph (a) of this\nsubdivision if (I) under any provision of the internal revenue code,\nthat corporation is treated as a "domestic corporation" as defined in\nsection seven thousand seven hundred one of the internal revenue code,\nor (II) it has effectively connected income for the taxable year\npursuant to clause (iv) of the opening paragraph of subdivision nine of\nsection two hundred eight of this article.\n (c) A corporation required or permitted to make a combined report\nunder this section does not include (i) a corporation that is taxable\nunder a franchise tax imposed by article nine or article thirty-three of\nthis chapter or would be taxable under a franchise tax imposed by\narticle nine or thirty-three of this chapter if subject to tax; (ii) a\nREIT that is not a captive REIT, and a RIC that is not a captive RIC;\n(iii) a New York S corporation; or (iv) an alien corporation that under\nany provision of the internal revenue code is not treated as a "domestic\ncorporation" as defined in section seven thousand seven hundred one of\nsuch code and has no effectively connected income for the taxable year\npursuant to clause (iv) of the opening paragraph of subdivision nine of\nsection two hundred eight of this article. If a corporation is subject\nto tax under this article solely as a result of its ownership of a\nlimited partner interest in a limited partnership that is doing\nbusiness, employing capital, owning or leasing property, maintaining an\noffice in this state, or deriving receipts from
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