§ 1502 — Computation of tax

New York § 1502

• Jurisdiction: New York
• Law TAX: Tax
• Art. 33: Franchise Taxes On Insurance Corporations

Text

§ 1502. Computation of tax. (a) The tax imposed under section fifteen\nhundred one shall be the greatest of:\n (1) for taxable years beginning before July first, two thousand, nine\npercent of the taxpayer's entire net income, or portion thereof\nallocated within this state, for the taxable year, or part thereof,\nexcept that for taxable years beginning prior to January first, nineteen\nhundred seventy-eight, the rate shall be four and five-tenths percent;\nfor taxable years beginning after June thirtieth, two thousand and\nbefore July first, two thousand one, eight and one-half percent of the\ntaxpayer's entire net income, or portion thereof allocated within this\nstate, for the taxable year, or part thereof; for taxable years\nbeginning after June thirtieth, two thousand one and before July first,\ntwo thousand two, eight percent of the taxpayer's entire net income, or\nportion thereof allocated within this state, for the taxable year, or\npart thereof; for taxable years beginning after June thirtieth, two\nthousand two and before January first, two thousand seven, seven and\none-half percent of the taxpayer's entire net income, or portion thereof\nallocated within this state, for the taxable year, or part thereof; and\nfor taxable years beginning on or after January first, two thousand\nseven, seven and one-tenth percent of the taxpayer's entire net income,\nor portion thereof allocated within this state, for the taxable year, or\npart thereof; or\n (2) one and six-tenths mills for each dollar of the taypayer's total\nbusiness and investment capital allocated within this state for the\ntaxable year, or part thereof, except that for taxable years beginning\nprior to January first, nineteen hundred seventy-eight, the rate shall\nbe eight-tenths mills; or\n (3) nine percent on thirty percent of the taxpayer's entire net income\nplus salaries and other compensation paid to the taxpayer's elected or\nappointed officers and to every stockholder owning in excess of five\npercent of its issued capital stock minus fifteen thousand dollars and\nany net loss for the reported year, or the portion of such sum allocated\nwithin the state as hereinafter provided, except that for taxable years\nbeginning prior to January first, nineteen hundred seventy-eight, the\nrate shall be four and five-tenths percent rather than nine percent; or\n (4) two hundred fifty dollars; plus\n (b) eight-tenths of a mill for each dollar of the portion of the\ntaxpayer's subsidiary capital allocated within the state for the taxable\nyear, or part thereof, except that for taxable years beginning prior to\nJanuary first, nineteen hundred seventy-eight, the rate shall be\nfour-tenths of a mill.\n