§ 1455. Computation of tax. The tax imposed by section fourteen hundred fifty-one shall be, in the case of each taxpayer other than a New York S corporation, the greater of the following computations: (a) Basic tax. For taxable years beginning before July first, two thousand, nine percent of the taxpayer's entire net income, or the portion thereof allocated to this state, for the taxable year, or part thereof. For taxable years beginning after June thirtieth, two thousand and before July first, two thousand one, eight and one-half percent of the taxpayer's entire net income, or portion thereof allocated to this state, for the taxable year, or part thereof. For taxable years beginning after June thirtieth, two thousand one and before July first, two thousand two, eight percent of the taxpayer's entire net income, or portion thereof allocated to this state, for the taxable year, or part thereof. For taxable years beginning after June thirtieth, two thousand two and before January first, two thousand seven, seven and one-half percent of the taxpayer's entire net income, or portion thereof allocated to this state, for the taxable year, or part thereof. For taxable years beginning on or after January first, two thousand seven, seven and one-tenth percent of the taxpayer's entire net income, or the portion thereof allocated to this state, for the taxable year, or part thereof. (b) Alternative minimum tax. If the tax under subsection (a) of this section is less than any of the following amounts, the tax shall be the larger of the following amounts: (1) (i) Except in the case of a taxpayer described in clause (ii), (iii), or (iv) below, one-tenth of a mill upon each dollar of taxable assets, or the portion thereof allocated to this state. (ii) In the case of a taxpayer whose net worth ratio is less than five but greater than or equal to four percent and whose total assets are comprised of thirty-three percent or more of mortgages, one-twenty-fifth of a mill upon each dollar of taxable assets, or the portion thereof allocated to this state. (iii) In the case of a taxpayer whose net worth ratio is less than four percent and whose total assets are comprised of thirty-three percent or more of mortgages, one-fiftieth of a mill upon each dollar of taxable assets, or the portion thereof allocated to this state. (iv) For taxable years beginning on or after January first, nineteen hundred eighty-five, a taxpayer (whether or not a qualified institution as defined in subparagraph (B) of paragraph five of subsection (f) of section four hundred six of the federal national housing act, as amended, or as defined in paragraph two of subsection (i) of section thirteen of the federal deposit insurance act, as amended) shall not be subject to the provisions of this paragraph for that portion of the taxable year in which it had outstanding net worth certificates issued in accordance with paragraph five of subsection (f) of section four hundred six of the federal national housing act, as amended, or issued in accordance with subsection (i) of section thirteen of the federal deposit insurance act, as amended. (v) For the purposes of this article: (A) The term "taxable assets" shall mean the average value of total assets reduced by any amount of money or other property received from or attributable to amounts received from the federal deposit insurance corporation pursuant to subsection (c) of section thirteen of the federal deposit insurance act, as amended, or the federal savings and loan insurance corporation pursuant to paragraph one, two, three or four of subsection (f) of section four hundred six of the federal national housing act, as amended. Total assets are those assets which are properly reflected on a balance sheet the income or expenses of whichare properly reflected (or would have been properly reflected if not fully depreciated or expensed or depreciated or expensed to a nominal amount) in the computation of alternative entire net income for the taxable year or in the computation of the eligible net income of the taxpayer's international banking facility for the taxable year. (B) The term "net worth ratio" shall mean the percentage of net worth to assets on the last day of the taxable year. The term "net worth" means the sum of preferred stock, common stock, surplus, capital reserves, undivided profits, mutual capital certificates, reserve for contingencies, reserve for loan losses and reserve for security losses minus assets classified loss. The term "assets" means the sum of mortgage loans, nonmortgage loans, repossessed assets, real estate held for development or investment or resale, cash, deposits, investment securities, fixed assets and other assets (such as financial futures, goodwill and other intangible assets) minus assets classified loss. In no event shall assets be reduced by reserves for losses. (C) The term "mortgages" shall mean loans secured by real property within or without the state, participations in and securities collateralized by pools of residential mortgages, whether or not issued or guaranteed by a United States government agency, and loans secured by stock in a cooperative housing corporation. The percentage of total assets comprised of mortgages shall be an amount equal to the ratio of the average of the four quarterly balances of such mortgages ending within the taxable year, to the average of the four quarterly balances of all assets ending within the taxable year. Such quarterly balances shall be computed in the same manner as the report of condition required for federal deposit insurance corporation or federal savings and loan insurance corporation purposes, whether or not such report is required. For taxable periods of less than one year, the taxpayer shall compute such ratio using the number of such quarterly balances ending within such taxable period. (2) Three percent of the taxpayer's alternative entire net income, or portion thereof allocated to this state, for the taxable year, or part thereof. (3) Two hundred fifty dollars. (c) New York S corporations. (1) General. In the case of a New York S corporation, the tax imposed by section fourteen hundred fifty-one of this article shall be the higher of (i) the amount prescribed in subsection (a) of this section reduced by the article twenty-two tax equivalent or (ii) the amount prescribed in paragraph three of subsection (b) of this section. (2) The article twenty-two tax equivalent is the amount computed under subsection (a) of this section by substituting for the rate therein the rate of 7.875 percent. (3) Termination year. In the case of a termination year, the tax for the S short year shall be computed under paragraph one of this subsection without regard to the amount prescribed in paragraph three of subsection (b) of this section, and the tax for the C short year shall be the larger of the taxes computed under subsection (a) of this section or paragraph one or two of subsection (b) of this section, but in no event shall the sum of the tax for the S short year and the tax for the C short year be less than the tax prescribed in paragraph three of subsection (b) of this section.
§ 1455. Computation of tax. The tax imposed by section fourteen hundred fifty-one shall be, in the case of each taxpayer other than a New York S corporation, the greater of the following computations: (a) Basic tax. For taxable years beginning before July first, two thousand, nine percent of the taxpayer's entire net income, or the portion thereof allocated to this state, for the taxable year, or part thereof. For taxable years beginning after June thirtieth, two thousand and before July first, two thousand one, eight and one-half percent of the taxpayer's entire net income, or portion thereof allocated to this state, for the taxable year, or part thereof. For taxable years beginning after June thirtieth, two thousand one and before July first, two thousand two, eight percent of the taxpayer's entire net income, or portion thereof allocated to this state, for the taxable year, or part thereof. For taxable years beginning after June thirtieth, two thousand two and before January first, two thousand seven, seven and one-half percent of the taxpayer's entire net income, or portion thereof allocated to this state, for the taxable year, or part thereof. For taxable years beginning on or after January first, two thousand seven, seven and one-tenth percent of the taxpayer's entire net income, or the portion thereof allocated to this state, for the taxable year, or part thereof. (b) Alternative minimum tax. If the tax under subsection (a) of this section is less than any of the following amounts, the tax shall be the larger of the following amounts: (1) (i) Except in the case of a taxpayer described in clause (ii), (iii), or (iv) below, one-tenth of a mill upon each dollar of taxable assets, or the portion thereof allocated to this state. (ii) In the case of a taxpayer whose net worth ratio is less than five but greater than or equal to four percent and whose total assets are comprised of thirty-three percent or more of mortgages, one-twenty-fifth of a mill upon each dollar of taxable assets, or the portion thereof allocated to this state. (iii) In the case of a taxpayer whose net worth ratio is less than four percent and whose total assets are comprised of thirty-three percent or more of mortgages, one-fiftieth of a mill upon each dollar of taxable assets, or the portion thereof allocated to this state. (iv) For taxable years beginning on or after January first, nineteen hundred eighty-five, a taxpayer (whether or not a qualified institution as defined in subparagraph (B) of paragraph five of subsection (f) of section four hundred six of the federal national housing act, as amended, or as defined in paragraph two of subsection (i) of section thirteen of the federal deposit insurance act, as amended) shall not be subject to the provisions of this paragraph for that portion of the taxable year in which it had outstanding net worth certificates issued in accordance with paragraph five of subsection (f) of section four hundred six of the federal national housing act, as amended, or issued in accordance with subsection (i) of section thirteen of the federal deposit insurance act, as amended. (v) For the purposes of this article: (A) The term "taxable assets" shall mean the average value of total assets reduced by any amount of money or other property received from or attributable to amounts received from the federal deposit insurance corporation pursuant to subsection (c) of section thirteen of the federal deposit insurance act, as amended, or the federal savings and loan insurance corporation pursuant to paragraph one, two, three or four of subsection (f) of section four hundred six of the federal national housing act, as amended. Total assets are those assets which are properly reflected on a balance sheet the income or expenses of whichare properly reflected (or would have been properly reflected if not fully depreciated or expensed or depreciated or expensed to a nominal amount) in the computation of alternative entire net income for the taxable year or in the computation of the eligible net income of the taxpayer's international banking facility for the taxable year. (B) The term "net worth ratio" shall mean the percentage of net worth to assets on the last day of the taxable year. The term "net worth" means the sum of preferred stock, common stock, surplus, capital reserves, undivided profits, mutual capital certificates, reserve for contingencies, reserve for loan losses and reserve for security losses minus assets classified loss. The term "assets" means the sum of mortgage loans, nonmortgage loans, repossessed assets, real estate held for development or investment or resale, cash, deposits, investment securities, fixed assets and other assets (such as financial futures, goodwill and other intangible assets) minus assets classified loss. In no event shall assets be reduced by reserves for losses. (C) The term "mortgages" shall mean loans secured by real property within or without the state, participations in and securities collateralized by pools of residential mortgages, whether or not issued or guaranteed by a United States government agency, and loans secured by stock in a cooperative housing corporation. The percentage of total assets comprised of mortgages shall be an amount equal to the ratio of the average of the four quarterly balances of such mortgages ending within the taxable year, to the average of the four quarterly balances of all assets ending within the taxable year. Such quarterly balances shall be computed in the same manner as the report of condition required for federal deposit insurance corporation or federal savings and loan insurance corporation purposes, whether or not such report is required. For taxable periods of less than one year, the taxpayer shall compute such ratio using the number of such quarterly balances ending within such taxable period. (2) Three percent of the taxpayer's alternative entire net income, or portion thereof allocated to this state, for the taxable year, or part thereof. (3) Two hundred fifty dollars. (c) New York S corporations. (1) General. In the case of a New York S corporation, the tax imposed by section fourteen hundred fifty-one of this article shall be the higher of (i) the amount prescribed in subsection (a) of this section reduced by the article twenty-two tax equivalent or (ii) the amount prescribed in paragraph three of subsection (b) of this section. (2) The article twenty-two tax equivalent is the amount computed under subsection (a) of this section by substituting for the rate therein the rate of 7.875 percent. (3) Termination year. In the case of a termination year, the tax for the S short year shall be computed under paragraph one of this subsection without regard to the amount prescribed in paragraph three of subsection (b) of this section, and the tax for the C short year shall be the larger of the taxes computed under subsection (a) of this section or paragraph one or two of subsection (b) of this section, but in no event shall the sum of the tax for the S short year and the tax for the C short year be less than the tax prescribed in paragraph three of subsection (b) of this section.
§ 1455. Computation of tax. The tax imposed by section fourteen hundred fifty-one shall be, in the case of each taxpayer other than a New York S corporation, the greater of the following computations: (a) Basic tax. For taxable years beginning before July first, two thousand, nine percent of the taxpayer's entire net income, or the portion thereof allocated to this state, for the taxable year, or part thereof. For taxable years beginning after June thirtieth, two thousand and before July first, two thousand one, eight and one-half percent of the taxpayer's entire net income, or portion thereof allocated to this state, for the taxable year, or part thereof. For taxable years beginning after June thirtieth, two thousand one and before July first, two thousand two, eight percent of the taxpayer's entire net income, or portion thereof allocated to this state, for the taxable year, or part thereof. For taxable years beginning after June thirtieth, two thousand two and before January first, two thousand seven, seven and one-half percent of the taxpayer's entire net income, or portion thereof allocated to this state, for the taxable year, or part thereof. For taxable years beginning on or after January first, two thousand seven, seven and one-tenth percent of the taxpayer's entire net income, or the portion thereof allocated to this state, for the taxable year, or part thereof. (b) Alternative minimum tax. If the tax under subsection (a) of this section is less than any of the following amounts, the tax shall be the larger of the following amounts: (1) (i) Except in the case of a taxpayer described in clause (ii), (iii), or (iv) below, one-tenth of a mill upon each dollar of taxable assets, or the portion thereof allocated to this state. (ii) In the case of a taxpayer whose net worth ratio is less than five but greater than or equal to four percent and whose total assets are comprised of thirty-three percent or more of mortgages, one-twenty-fifth of a mill upon each dollar of taxable assets, or the portion thereof allocated to this state. (iii) In the case of a taxpayer whose net worth ratio is less than four percent and whose total assets are comprised of thirty-three percent or more of mortgages, one-fiftieth of a mill upon each dollar of taxable assets, or the portion thereof allocated to this state. (iv) For taxable years beginning on or after January first, nineteen hundred eighty-five, a taxpayer (whether or not a qualified institution as defined in subparagraph (B) of paragraph five of subsection (f) of section four hundred six of the federal national housing act, as amended, or as defined in paragraph two of subsection (i) of section thirteen of the federal deposit insurance act, as amended) shall not be subject to the provisions of this paragraph for that portion of the taxable year in which it had outstanding net worth certificates issued in accordance with paragraph five of subsection (f) of section four hundred six of the federal national housing act, as amended, or issued in accordance with subsection (i) of section thirteen of the federal deposit insurance act, as amended. (v) For the purposes of this article: (A) The term "taxable assets" shall mean the average value of total assets reduced by any amount of money or other property received from or attributable to amounts received from the federal deposit insurance corporation pursuant to subsection (c) of section thirteen of the federal deposit insurance act, as amended, or the federal savings and loan insurance corporation pursuant to paragraph one, two, three or four of subsection (f) of section four hundred six of the federal national housing act, as amended. Total assets are those assets which are properly reflected on a balance sheet the income or expenses of whichare properly reflected (or would have been properly reflected if not fully depreciated or expensed or depreciated or expensed to a nominal amount) in the computation of alternative entire net income for the taxable year or in the computation of the eligible net income of the taxpayer's international banking facility for the taxable year. (B) The term "net worth ratio" shall mean the percentage of net worth to assets on the last day of the taxable year. The term "net worth" means the sum of preferred stock, common stock, surplus, capital reserves, undivided profits, mutual capital certificates, reserve for contingencies, reserve for loan losses and reserve for security losses minus assets classified loss. The term "assets" means the sum of mortgage loans, nonmortgage loans, repossessed assets, real estate held for development or investment or resale, cash, deposits, investment securities, fixed assets and other assets (such as financial futures, goodwill and other intangible assets) minus assets classified loss. In no event shall assets be reduced by reserves for losses. (C) The term "mortgages" shall mean loans secured by real property within or without the state, participations in and securities collateralized by pools of residential mortgages, whether or not issued or guaranteed by a United States government agency, and loans secured by stock in a cooperative housing corporation. The percentage of total assets comprised of mortgages shall be an amount equal to the ratio of the average of the four quarterly balances of such mortgages ending within the taxable year, to the average of the four quarterly balances of all assets ending within the taxable year. Such quarterly balances shall be computed in the same manner as the report of condition required for federal deposit insurance corporation or federal savings and loan insurance corporation purposes, whether or not such report is required. For taxable periods of less than one year, the taxpayer shall compute such ratio using the number of such quarterly balances ending within such taxable period. (2) Three percent of the taxpayer's alternative entire net income, or portion thereof allocated to this state, for the taxable year, or part thereof. (3) Two hundred fifty dollars. (c) New York S corporations. (1) General. In the case of a New York S corporation, the tax imposed by section fourteen hundred fifty-one of this article shall be the higher of (i) the amount prescribed in subsection (a) of this section reduced by the article twenty-two tax equivalent or (ii) the amount prescribed in paragraph three of subsection (b) of this section. (2) The article twenty-two tax equivalent is the amount computed under subsection (a) of this section by substituting for the rate therein the rate of 7.875 percent. (3) Termination year. In the case of a termination year, the tax for the S short year shall be computed under paragraph one of this subsection without regard to the amount prescribed in paragraph three of subsection (b) of this section, and the tax for the C short year shall be the larger of the taxes computed under subsection (a) of this section or paragraph one or two of subsection (b) of this section, but in no event shall the sum of the tax for the S short year and the tax for the C short year be less than the tax prescribed in paragraph three of subsection (b) of this section.
