§ 23 — Imposition of tax

§ 23. Imposition of tax. 1. Pursuant to the authority conferred by\nsection fifty-two hundred nineteen of the United States revised statutes\nand in conformity with the provisions contained in subdivision c of\nclause one of such section, every national banking association organized\nunder authority of the United States and located within the city, shall\nannually pay a tax, measured by its net income, to be computed, as\nprovided in this subpart, at the rate of four and one-half per centum\nexcept that for the year nineteen hundred seventy-one and those\nfollowing, as an alternative, at the rate of five and sixty-three one\nhundredths per centum, upon the basis of its net income for the calendar\nyear next preceding the date when such tax becomes due. Such tax shall\nbe for the calendar year next preceding the year in which it becomes\ndue; except that with respect to national banking associations required\nto file a declaration of estimated tax and to make payments on account\nof such estimated tax in accordance with the provisions of section\nthirty-five of this part, all payments of tax within a calendar year,\nwhether computed on the basis of net income for the current calendar\nyear or on the basis of net income for the preceding calendar year,\nshall be for the calendar year in which the payments are required to be\nmade. If, however, such a national banking association shall be\ndissolved between the thirty-first day of December and the succeeding\nsecond day of September, and shall not become merged or consolidated\nwith a corporation taxable under subpart one of this part, it shall pay\na tax for the period from the thirty-first day of December up to the\ntime of dissolution equal to that which would have been payable had it\nnot been dissolved, except that such tax shall be reduced one-third and\nan additional one-twelfth for each month, or major portion thereof,\nprior to such succeeding second day of September, during which such\ncorporation was so dissolved. If such dissolution occurs between the\nfifteenth day of March and the second day of September, and if such\ncorporation shall have filed its return on or before the fifteenth day\nof March as required by sections thirty and thirty-two of this part, it\nmay file a claim for refund as provided in section seventy-eight of this\ntitle, showing any reduction in tax to which it may be entitled as\nprovided in the preceding sentence; and if it shall be made to appear\nthat the amount of tax due is less than the amount as computed on the\nbasis of the original return, the director of finance shall adjust the\ncomputation of tax accordingly. If the amount of tax as so adjusted\nshall be less than the amount theretofore paid, the excess shall be\nrefunded by the comptroller as provided in subdivision one of section\nseventy-seven of this title.\n 1-a. Notwithstanding the provisions of subdivision one, for the year\nnineteen hundred seventy-three and those following, such city may\nimpose, by local law, a surtax of fifteen per centum of the percentage\nof tax in effect for the year nineteen hundred seventy-two.\n 2. In the event that the taxes imposed by this subpart shall be\nfinally determined to be unconstitutional or invalid for the reason that\nthey do not conform with the provisions of section fifty-two hundred\nnineteen of the United States revised statutes, then, in lieu of the\ntaxes imposed by the provisions of this subpart, every national banking\nassociation and every production credit association that otherwise would\nhave been subject to tax under this subpart shall be subject to the tax\nimposed under part two as of the effective date of part two, and all of\nthe provisions of part two, unless clearly inappropriate, shall be\napplicable except subdivision four of section three; and, in such event,\nany payments made, reports or returns filed or any act of the director\nof finance or of a taxpayer purportedly under this part shall be treated\nas though made, filed or done pursuant to part two.\n