State Codes and Statutes
Statutes > New-york > Tax > Article-32 > 1451§ 1451. Imposition of tax. (a) For the privilege of exercising its franchise or doing business in this state in a corporate or organized capacity, a tax, computed under section fourteen hundred fifty-five, is hereby annually imposed on every banking corporation for each of its taxable years, or any part thereof, beginning on or after January first, nineteen hundred seventy-three. (b) In the case of a taxpayer whose taxable year is other than a calendar year, there is hereby imposed a tax for the privilege of exercising its franchise or doing business in this state in a corporate or organized capacity for the period beginning January first, nineteen hundred seventy-three and extending through the subsequent part of its first such taxable year ending after such date. Such tax shall be computed under section fourteen hundred fifty-five on the basis of such taxpayer's entire net income, or other applicable basis as the case may be, for such period and shall be paid with a return which shall be separately filed with the tax commission not later than the fifteenth day of the third month succeeding the close of such period. The requirements of sections fourteen hundred sixty and fourteen hundred sixty-one, relating to declarations and payments of estimated tax, except subsection (a) of section fourteen hundred sixty-one, shall not be applicable to the tax imposed by this subsection. (c)(1) A banking corporation is doing business in this state in a corporate or organized capacity if (i) it has issued credit cards to one thousand or more customers who have a mailing address within this state as of the last day of its taxable year, (ii) it has merchant customer contracts with merchants and the total number of locations covered by those contracts equals one thousand or more locations in this state to whom the banking corporation remitted payments for credit card transactions during the taxable year, (iii) it has receipts of one million dollars or more in the taxable year from its customers who have been issued credit cards by the banking corporation and have a mailing address within this state, (iv) it has receipts of one million dollars or more arising from merchant customer contracts with merchants relating to locations in this state, or (v) the sum of the number of customers described in subparagraph (i) of this paragraph plus the number of locations covered by its contracts described in subparagraph (ii) of this paragraph equals one thousand or more, or the amount of its receipts described in subparagraphs (iii) and (iv) of this paragraph equals one million dollars or more. For purposes of this paragraph, receipts from processing credit card transactions for merchants include merchant discount fees received by the banking corporation. (2) As used in this subsection, the term "credit card" includes bank, credit, travel and entertainment cards.
