State Codes and Statutes

Statutes > New-york > Tax > Article-9 > 185

§  185.  Franchise  tax  on  farmers',  fruit growers', and other like  agricultural corporations  organized  and  operated  on  a  co-operative  basis.    1.  For  the  privilege  of exercising its corporate franchise in this  state  every  farmers',  fruit  growers'  and  other  like  agricultural  corporations  organized  and  operated  on  a co-operative basis for the  purposes  expressed  in  and  as   provided   under   the   co-operative  corporations  law  of  the  state  of  New  York, shall annually pay, in  advance, an annual tax to be computed upon the basis of  the  amount  of  its  capital stock within this state during the preceding year, and upon  each dollar of such amount. The measure of the amount of  capital  stock  in this state shall be such a portion of the issued capital stock as the  gross  assets  employed  in  any  business within this state bear to the  gross assets wherever employed in business. Provided, however,  that  in  the  case  of  a corporation taxable hereunder only for the privilege of  holding property, the measure shall be such  a  portion  of  the  issued  capital  stock as the gross assets located within this state bear to the  gross assets wherever located. For the purposes of taxation, the capital  of a corporation invested in the stock of another corporation  shall  be  deemed to be assets located where the assets of the issuing corporation,  other  than  patents,  copyrights, trade-marks, contracts and good will,  are located.    2. Every corporation subject to tax under this section shall,  in  any  event,  pay annually a minimum tax of not less than ten dollars nor less  than one mill on each dollar of such a portion of the net value  of  its  issued  capital  stock, which net value for the purposes of this section  shall be deemed to be not less than five dollars per share,  as  may  be  determined  to  be within this state as aforesaid upon such of the bases  hereinbefore provided for the measurement thereof as is applicable.  The  term  "net value" as used in this section shall be construed to mean not  less than the difference between a corporation's assets and liabilities,  and not less than the average price at which such stock sold during  the  year covered by the report which forms the basis for the tax. But if the  dividends  paid on the par value of any kind of capital stock during any  year ending with the thirty-first day of December amount to six or  more  than six per centum, the tax upon such kind of capital stock shall be at  the  rate  of one-quarter of a mill for each one per centum of dividends  paid and shall be computed upon the par value  of  such  capital  stock,  unless  such a tax be less than the minimum tax hereinbefore provided in  this section, and the tax commission shall, for  such  purpose,  make  a  fair  and  equitable  apportionment  of  the  assets  of the corporation  between or among the different kinds of stock.    3. If such corporation shall have more than one kind of capital stock,  and upon one of such kinds of stock a dividend or dividends amounting to  six or more than six per centum upon the  par  value  thereof  has  been  paid,  and  upon the other no dividend has been paid, or the dividend or  dividends paid thereon amount to less than six per centum upon  the  par  value   thereof,  then  the  tax  shall  be  fixed  upon  each  kind  as  hereinbefore provided.    4. The dividend rate for a corporation having stock without nominal or  par value shall be determined by dividing the amount paid as a  dividend  or dividends during the year by the amount paid in on such stock and, if  the  rate  is  six per centum or more, the rate of one-quarter of a mill  for each one per centum of dividends shall be applied to the amount paid  in on such  stock,  unless  such  tax  be  less  than  the  minimum  tax  hereinbefore in this section provided for.    5.  Every like corporation organized, incorporated or formed under the  laws of any other state, country or sovereignty shall pay a like tax forthe privilege of exercising its  corporate  franchise,  or  carrying  on  business  or  holding  property  in a corporate or organized capacity in  this  state,  to  be  computed  upon  the  basis  of   the   measurement  hereinbefore provided for the taxation of domestic corporations.    6.  The provisions of this section shall be construed to apply only to  corporations having capital stock and not to such  corporations  as  are  non-stock,  which  said corporations shall be exempt from taxation under  the provisions of this article and of article nine-a.

State Codes and Statutes

Statutes > New-york > Tax > Article-9 > 185

§  185.  Franchise  tax  on  farmers',  fruit growers', and other like  agricultural corporations  organized  and  operated  on  a  co-operative  basis.    1.  For  the  privilege  of exercising its corporate franchise in this  state  every  farmers',  fruit  growers'  and  other  like  agricultural  corporations  organized  and  operated  on  a co-operative basis for the  purposes  expressed  in  and  as   provided   under   the   co-operative  corporations  law  of  the  state  of  New  York, shall annually pay, in  advance, an annual tax to be computed upon the basis of  the  amount  of  its  capital stock within this state during the preceding year, and upon  each dollar of such amount. The measure of the amount of  capital  stock  in this state shall be such a portion of the issued capital stock as the  gross  assets  employed  in  any  business within this state bear to the  gross assets wherever employed in business. Provided, however,  that  in  the  case  of  a corporation taxable hereunder only for the privilege of  holding property, the measure shall be such  a  portion  of  the  issued  capital  stock as the gross assets located within this state bear to the  gross assets wherever located. For the purposes of taxation, the capital  of a corporation invested in the stock of another corporation  shall  be  deemed to be assets located where the assets of the issuing corporation,  other  than  patents,  copyrights, trade-marks, contracts and good will,  are located.    2. Every corporation subject to tax under this section shall,  in  any  event,  pay annually a minimum tax of not less than ten dollars nor less  than one mill on each dollar of such a portion of the net value  of  its  issued  capital  stock, which net value for the purposes of this section  shall be deemed to be not less than five dollars per share,  as  may  be  determined  to  be within this state as aforesaid upon such of the bases  hereinbefore provided for the measurement thereof as is applicable.  The  term  "net value" as used in this section shall be construed to mean not  less than the difference between a corporation's assets and liabilities,  and not less than the average price at which such stock sold during  the  year covered by the report which forms the basis for the tax. But if the  dividends  paid on the par value of any kind of capital stock during any  year ending with the thirty-first day of December amount to six or  more  than six per centum, the tax upon such kind of capital stock shall be at  the  rate  of one-quarter of a mill for each one per centum of dividends  paid and shall be computed upon the par value  of  such  capital  stock,  unless  such a tax be less than the minimum tax hereinbefore provided in  this section, and the tax commission shall, for  such  purpose,  make  a  fair  and  equitable  apportionment  of  the  assets  of the corporation  between or among the different kinds of stock.    3. If such corporation shall have more than one kind of capital stock,  and upon one of such kinds of stock a dividend or dividends amounting to  six or more than six per centum upon the  par  value  thereof  has  been  paid,  and  upon the other no dividend has been paid, or the dividend or  dividends paid thereon amount to less than six per centum upon  the  par  value   thereof,  then  the  tax  shall  be  fixed  upon  each  kind  as  hereinbefore provided.    4. The dividend rate for a corporation having stock without nominal or  par value shall be determined by dividing the amount paid as a  dividend  or dividends during the year by the amount paid in on such stock and, if  the  rate  is  six per centum or more, the rate of one-quarter of a mill  for each one per centum of dividends shall be applied to the amount paid  in on such  stock,  unless  such  tax  be  less  than  the  minimum  tax  hereinbefore in this section provided for.    5.  Every like corporation organized, incorporated or formed under the  laws of any other state, country or sovereignty shall pay a like tax forthe privilege of exercising its  corporate  franchise,  or  carrying  on  business  or  holding  property  in a corporate or organized capacity in  this  state,  to  be  computed  upon  the  basis  of   the   measurement  hereinbefore provided for the taxation of domestic corporations.    6.  The provisions of this section shall be construed to apply only to  corporations having capital stock and not to such  corporations  as  are  non-stock,  which  said corporations shall be exempt from taxation under  the provisions of this article and of article nine-a.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Tax > Article-9 > 185

§  185.  Franchise  tax  on  farmers',  fruit growers', and other like  agricultural corporations  organized  and  operated  on  a  co-operative  basis.    1.  For  the  privilege  of exercising its corporate franchise in this  state  every  farmers',  fruit  growers'  and  other  like  agricultural  corporations  organized  and  operated  on  a co-operative basis for the  purposes  expressed  in  and  as   provided   under   the   co-operative  corporations  law  of  the  state  of  New  York, shall annually pay, in  advance, an annual tax to be computed upon the basis of  the  amount  of  its  capital stock within this state during the preceding year, and upon  each dollar of such amount. The measure of the amount of  capital  stock  in this state shall be such a portion of the issued capital stock as the  gross  assets  employed  in  any  business within this state bear to the  gross assets wherever employed in business. Provided, however,  that  in  the  case  of  a corporation taxable hereunder only for the privilege of  holding property, the measure shall be such  a  portion  of  the  issued  capital  stock as the gross assets located within this state bear to the  gross assets wherever located. For the purposes of taxation, the capital  of a corporation invested in the stock of another corporation  shall  be  deemed to be assets located where the assets of the issuing corporation,  other  than  patents,  copyrights, trade-marks, contracts and good will,  are located.    2. Every corporation subject to tax under this section shall,  in  any  event,  pay annually a minimum tax of not less than ten dollars nor less  than one mill on each dollar of such a portion of the net value  of  its  issued  capital  stock, which net value for the purposes of this section  shall be deemed to be not less than five dollars per share,  as  may  be  determined  to  be within this state as aforesaid upon such of the bases  hereinbefore provided for the measurement thereof as is applicable.  The  term  "net value" as used in this section shall be construed to mean not  less than the difference between a corporation's assets and liabilities,  and not less than the average price at which such stock sold during  the  year covered by the report which forms the basis for the tax. But if the  dividends  paid on the par value of any kind of capital stock during any  year ending with the thirty-first day of December amount to six or  more  than six per centum, the tax upon such kind of capital stock shall be at  the  rate  of one-quarter of a mill for each one per centum of dividends  paid and shall be computed upon the par value  of  such  capital  stock,  unless  such a tax be less than the minimum tax hereinbefore provided in  this section, and the tax commission shall, for  such  purpose,  make  a  fair  and  equitable  apportionment  of  the  assets  of the corporation  between or among the different kinds of stock.    3. If such corporation shall have more than one kind of capital stock,  and upon one of such kinds of stock a dividend or dividends amounting to  six or more than six per centum upon the  par  value  thereof  has  been  paid,  and  upon the other no dividend has been paid, or the dividend or  dividends paid thereon amount to less than six per centum upon  the  par  value   thereof,  then  the  tax  shall  be  fixed  upon  each  kind  as  hereinbefore provided.    4. The dividend rate for a corporation having stock without nominal or  par value shall be determined by dividing the amount paid as a  dividend  or dividends during the year by the amount paid in on such stock and, if  the  rate  is  six per centum or more, the rate of one-quarter of a mill  for each one per centum of dividends shall be applied to the amount paid  in on such  stock,  unless  such  tax  be  less  than  the  minimum  tax  hereinbefore in this section provided for.    5.  Every like corporation organized, incorporated or formed under the  laws of any other state, country or sovereignty shall pay a like tax forthe privilege of exercising its  corporate  franchise,  or  carrying  on  business  or  holding  property  in a corporate or organized capacity in  this  state,  to  be  computed  upon  the  basis  of   the   measurement  hereinbefore provided for the taxation of domestic corporations.    6.  The provisions of this section shall be construed to apply only to  corporations having capital stock and not to such  corporations  as  are  non-stock,  which  said corporations shall be exempt from taxation under  the provisions of this article and of article nine-a.