§ 210 — Computation of tax

New York § 210

• Jurisdiction: New York
• Law TAX: Tax
• Art. 9-A: Franchise Tax On Business Corporations

Text

§ 210. Computation of tax. 1. The tax imposed by subdivision one of\nsection two hundred nine of this chapter shall be: (A) in the case of\neach taxpayer other than a New York S corporation or a qualified\nhomeowners association, the highest of the amounts prescribed in\nparagraphs (a), (b), and (d) of this subdivision, (B) in the case of\neach New York S corporation, the amount prescribed in paragraph (d) of\nthis subdivision, and (C) in the case of a qualified homeowners\nassociation, the highest of the amounts prescribed in paragraphs (a) and\n(b) of this subdivision. For purposes of this paragraph, the term\n"qualified homeowners association" means a homeowners association, as\nsuch term is defined in subsection (c) of section five hundred\ntwenty-eight of the internal revenue code without regard to subparagraph\n(E) of paragraph one of such subsection (relating to elections to be\ntaxed pursuant to such section), which has no homeowners association\ntaxable income, as such term is defined in subsection (d) of such\nsection. Provided, however, that in the case of a small business\ntaxpayer (other than a New York S corporation) as defined in paragraph\n(f) of this subdivision, for taxable years beginning before January\nfirst, two thousand sixteen, if the amount prescribed in such paragraph\n(b) is higher than the amount prescribed in such paragraph (a) solely by\nreason of the application of the rate applicable to small business\ntaxpayers, then with respect to such taxpayer the tax referred to in the\nprevious sentence shall be higher of the amounts prescribed in\nparagraphs (a) and (d) of this subdivision.\n (a) Business income base. For taxable years beginning before January\nfirst, two thousand sixteen, the amount prescribed by this paragraph\nshall be computed at the rate of seven and one-tenth percent of the\ntaxpayer's business income base. For taxable years beginning on or after\nJanuary first, two thousand sixteen, the amount prescribed by this\nparagraph shall be six and one-half percent of the taxpayer's business\nincome base. For taxable years beginning on or after January first, two\nthousand twenty-one and before January first, two thousand twenty-seven\nfor any taxpayer with a business income base for the taxable year of\nmore than five million dollars, the amount prescribed by this paragraph\nshall be seven and one-quarter percent of the taxpayer's business income\nbase. The taxpayer's business income base shall mean the portion of the\ntaxpayer's business income apportioned within the state as hereinafter\nprovided. However, in the case of a small business taxpayer, as defined\nin paragraph (f) of this subdivision, the amount prescribed by this\nparagraph shall be computed pursuant to subparagraph (iv) of this\nparagraph and in the case of a manufacturer, as defined in subparagraph\n(vi) of this paragraph, the amount prescribed by this paragraph shall be\ncomputed pursuant to subparagraph (vi) of this paragraph, and, in the\ncase of a qualified emerging technology company, as defined in\nsubparagraph (vii) of this paragraph, the amount prescribed by this\nparagraph shall be computed pursuant to subparagraph (vii) of this\nparagraph.\n (iv) for taxable years beginning before January first, two thousand\nsixteen, if the business income base is not more than two hundred ninety\nthousand dollars the amount shall be six and one-half percent of the\nbusiness income base; if the business income base is more than two\nhundred ninety thousand dollars but not over three hundred ninety\nthousand dollars the amount shall be the sum of (1) eighteen thousand\neight hundred fifty dollars, (2) seven and one-tenth percent of the\nexcess of the business income base over two hundred ninety thousand\ndollars but not over three hundred ninety thousand dollars and (3) four\nand thirty-five hundredths percent of the excess of the business income\nbase over three hundred fifty thousand dollars but not over three\nhundred ninety thousand dollars;\n (v) if the taxable period to which subparagraph (iv) of this paragraph\napplies is less than twelve months, the amount prescribed by this\nparagraph shall be computed as follows:\n (A) Multiply the business income base for such taxpayer by twelve;\n (B) Divide the result obtained in (A) by the number of months in the\ntaxable year;\n (C) Compute an amount pursuant to subparagraph (iv) as if the result\nobtained in (B) were the taxpayer's business income base;\n (D) Multiply the result obtained in (C) by the number of months in the\ntaxpayer's taxable year;\n (E) Divide the result obtained in (D) by twelve.\n (vi) for taxable years beginning on or after January first, two\nthousand fourteen, the amount prescribed by this paragraph for a\ntaxpayer that is a qualified New York manufacturer, shall be computed at\nthe rate of zero percent of the taxpayer's business income base. The\nterm "manufacturer" shall mean a taxpayer that during the taxable year\nis principally engaged in the production of goods by manufacturing,\nprocessing, assembling, refining, mining, extracting, farming,\nagriculture, horticulture, floriculture, viticulture or commercial\nfishing. However, the generation and distribution of electricity, the\ndistribution of natural gas, and the production of steam associated with\nthe generation of electricity shall not be qualifying activities for a\nmanufacturer under this subparagraph. Moreover, in the case of a\ncombined report, the combined group shall be considered a "manufacturer"\nfor purposes of this subparagraph only if the combined group during the\ntaxable year is principally engaged in the activities set forth in this\nparagraph, or any combination thereof. A taxpayer or, in the case of a\ncombined report, a combined group shall be "principally engaged" in\nactivities described above if, during the taxable year, more than fifty\npercent of the gross receipts of the taxpayer or combined group,\nrespectively, are derived from receipts from the sale of goods produced\nby such activities. In computing a combined group's gross receipts,\nintercorporate receipts shall be eliminated. A "qualified New York\nmanufacturer" is a manufacturer that has property in New York that is\ndescribed in clause (A) of subparagraph (i) of paragraph (b) of\nsubdivision one of section two hundred ten-B of this article and either\n(I) the adjusted basis of such property for New York state tax purposes\nat the close of the taxable year is at least one million dollars or (II)\nall of its real and personal property is located in New York. A taxpayer\nor, in the case of a combined report, a combined group, that does not\nsatisfy the principally engaged test may be a qualified New York\nmanufacturer if the taxpayer or the combined group employs during the\ntaxable year at least two thousand five hundred employees in\nmanufacturing in New York and the taxpayer or the combined group has\nproperty in the state used in manufacturing, the adjusted basis of which\nfor New York state tax purposes at the close of the taxable year is at\nleast one hundred million dollars.\n (vii) For a taxpayer that is defined as a qualified emerging\ntechnology company under paragraph (c) of subdivision one of section\nthirty-one hundred two-e of the public authorities law regardless of the\nten million dollar limitation expressed in subparagraph one of such\nparagraph (c) the amount prescribed by this paragraph shall be computed\nat the rate of 5.7 percent for taxable years beginning on or after\nJanuary first, two thousand fifteen and before January first, two\nthousand sixteen, 5.5 percent for taxable years beginning on or after\nJanuary first two thousand sixteen and before January first, two\nthousand eighteen, and 4.875 percent for taxable years beginning on or\nafter January first, two thousand eighteen.\n (viii) (A) In computing the business income base, taxpayers shall be\nallowed both a prior net operating loss conversion subtraction under\nthis subparagraph and a net operating loss deduction under subparagraph\n(ix) of this paragraph. The prior net operating loss conversion\nsubtraction computed under this subparagraph shall be applied against\nthe business income base before the net operating loss deduction\ncomputed under subparagraph (ix) of this paragraph.\n (B) Prior net operating loss conversion subtraction.\n (1) Definitions.\n (I) "Base year" means the last taxable year beginning on or after\nJanuary first, two thousand fourteen and before January first, two\nthousand fifteen.\n (II) "Unabsorbed net operating loss" means the unabsorbed portion of\nnet operating loss as calculated under paragraph (f) of subdivision nine\nof section two hundred eight of this article or subsection (k-1) of\nsection fourteen hundred fifty-three of this chapter as such sections\nwere in effect on December thirty-first, two thousand fourteen, that was\nnot deductible in previous taxable years and was eligible for carryover\non the last day of the base year subject to the limitations for\ndeduction under such sections, including any net operating loss\nsustained by the taxpayer during the base year.\n (III) "Base year BAP" means the taxpayer's business allocation\npercentage as calculated under paragraph (a) of subdivision three of\nthis section for the base year, or the taxpayer's allocation percentage\nas calculated under section fourteen hundred fifty-four of this chapter\nfor purposes of calculating entire net income for the base year, as such\nsections were in effect on December thirty-first, two thousand fourteen.\n (IV) "Base year tax rate" means the taxpayer's tax rate for the base\nyear as calculated under this paragraph or subsection (a) of section\nfourteen hundred fifty-five of this chapter, as such provisions were in\neffect on December thirty-first, two thousand fourteen.\n (2) The prior net operating loss conversion subtraction shall be\ncalculated as follows:\n (I) The taxpayer shall first calculate the tax value of its unabsorbed\nnet operating loss for the base year. The value is equal to the product\nof (I) the amount of the taxpayer's unabsorbed net operating loss, (II)\nthe taxpayer's base year BAP, and (III) the taxpayer's base year tax\nrate.\n (II) The product determined under item (I) of this subclause is then\ndivided by six and one-half percent, or in the case of a qualified New\nYork manufacturer, five and seven-tenths percent. This result shall\nequal the taxpayer's prior net operating loss conversion subtraction\npool.\n (III) The taxpayer's prior net operating loss conversion subtraction\nfor the taxable year shall equal one-tenth of its net operating loss\nconversion subtraction pool plus any amount of unused prior net\noperating loss conversion subtraction from preceding taxable years.\nProvided, however, the prior net operating loss conversion subtraction\nof a small business corporation, as defined in paragraph (f) of this\nsubdivision, as of the last day of the base year, shall not be subject\nto the one-tenth limitation in the previous sentence.\n (IV) In lieu of the subtraction described in item (III) of this\nsubclause, if the taxpayer so elects, the taxpayer's prior net operating\nloss conversion subtraction for the tax years beginning on or after\nJanuary first, two thousand fifteen and before January first, two\nthousand seventeen shall equal in each year, not more than one-half of\nits net operating loss conversion subtraction pool until the pool is\nexhausted. If the pool is not exhausted at the end of such time period,\nthe remainder of the pool shall be forfeited. The taxpayer shall make\nsuch revocable election on its first return for the tax year beginning\non or after January first, two thousand fifteen and before January\nfirst, two thousand sixteen by the due date for such return (determined\nwith regard to extensions).\n (3) Combined groups. (I) Where a taxpayer was properly included or\nrequired to be included in a combined report for the base year pursuant\nto section two hundred eleven of this article or a combined return under\nsection fourteen hundred sixty-two of this chapter, as such sections\nwere in effect on December thirty-first, two thousand fourteen, and the\nmembers of the combined group for the base year are the same as the\nmembers of the combined group for the taxable year immediately\nsucceeding the base year, the combined group shall calculate its prior\nnet operating loss conversion subtraction pool using the combined\ngroup's total unabsorbed net operating loss, base year BAP, and base\nyear tax rate.\n (II) If a combined group includes additional members in the taxable\nyear immediately succeeding the base year that were not included in the\ncombined group during the base year, each base year combined group and\neach taxpayer that filed separately in the base year but is included in\nthe combined group in the taxable year succeeding the base year shall\ncalculate its prior net operating loss conversion subtraction pool, and\nthe sum of the pools shall be the combined prior net operating loss\nconversion subtraction pool of the combined group.\n (III) If a taxpayer was properly included in a combined report for the\nbase year and files a separate report in a subsequent taxable year, then\nthe amount of remaining prior net operating loss conversion subtraction\nallowed to the taxpayer filing such separate report shall be\nproportionate to the amount that such taxpayer contributed to the prior\nnet operating loss conversion subtraction pool on a combined basis, and\nthe remaining prior net operating loss conversion subtraction allowed to\nthe remaining members of the combined group shall be reduced\naccordingly.\n (IV) If a taxpayer filed a separate report for the base year and is\nproperly included in a combined report in a subsequent taxable year,\nthen the prior net operating loss conversion subtraction pool of the\ncombined group shall be increased by the amount of the remaining net\noperating loss conversion subtraction allowed to the taxpayer at the\ntime the taxpayer is properly included in the combined group.\n (4) The prior net operating loss conversion subtraction may be used to\nreduce the taxpayer's tax on the apportioned business income base to the\nhigher of the tax on the capital base under paragraph (b) of this\nsubdivision or the fixed dollar minimum under paragraph (d) of this\nsubdivision. Unless the taxpayer has made the election provided for in\nitem (IV) of subclause two of this clause, any amount of unused\nsubtraction shall be carried forward to subsequent tax year or years\nuntil the prior net operating loss conversion subtraction pool is\nexhausted, but for no longer than twenty taxable years, or the taxable\nyear beginning on or after January first, two thousand thirty-five but\nbefore January first, two thousand thirty-six, whichever comes first.\nSuch amount carried forward shall not be subject to the one-tenth\nlimitation for the subsequent tax year or years. However, if the\ntaxpayer elects to compute its prior net operating loss conversion\nsubtraction pursuant to item (IV) of subclause two of this clause, the\ntaxpayer shall not carry forward any unused amount of such subtraction\nto any tax year beginning on or after January first, two thousand\nseventeen.\n (ix) Net operating loss deduction. In computing the business income\nbase, a net operating loss deduction shall be allowed. A net operating\nloss deduction is the amount of net operating loss or losses from one or\nmore taxable years that are carried forward or carried back to a\nparticular taxable year. A net operating loss is the amount of a\nbusiness loss incurred in a particular tax year multiplied by the\napportionment factor for that year as determined under section two\nhundred ten-A of this article. The maximum net operating loss deduction\nthat is allowed in a taxable year is the amount that reduces the\ntaxpayer's tax on the apportioned business income base to the higher of\nthe tax on the capital base or the fixed dollar minimum. Such deduction\nand loss are determined in accordance with the following:\n (1) Such net operating loss deduction is not limited to the amount\nallowed under section one hundred seventy-two of the internal revenue\ncode or the amount that would have been allowed if the taxpayer had not\nmade an election under subchapter S of chapter one of the internal\nrevenue code.\n (2) Such net operating loss deduction shall not include any net\noperating loss incurred during any taxable year beginning prior to\nJanuary first, two thousand fifteen, or during any taxable year in which\nthe taxpayer was not subject to the tax imposed by this article.\n (3) A taxpayer that files as part of a federal consolidated return but\non a separate basis for purposes of this article must compute its\ndeduction and loss as if it were filing on a separate basis for federal\nincome tax purposes.\n (4) A net operating loss may be carried back three taxable years\npreceding the taxable year of the loss ("the loss year"). However no\nloss can be carried back to a taxable year beginning before January\nfirst, two thousand fifteen. The loss is first carried to the earliest\nof the three taxable years. If it is not entirely used in that year, it\nis carried to the second taxable year preceding the loss year, and any\nremaining amount is carried to the taxable year immediately preceding\nthe loss year. Any unused amount of loss then remaining may be carried\nforward for as many as twenty taxable years following the loss year.\nLosses carried forward are carried forward first to the taxable year\nimmediately following the loss year, then to the second taxable year\nfollowing the loss year, and then to the next immediately subsequent\ntaxable year or years until the loss is used up or the twentieth taxable\nyear following the loss year, whichever comes first.\n (5) Such net operating loss deduction shall not include any net\noperating loss incurred during a New York S year; provided, however, a\nNew York S year must be treated as a taxable year for purposes of\ndetermining the number of taxable years to which a net operating loss\nmay be carried forward.\n (6) Where there are two or more apportioned net operating losses, or\nportions thereof, carried back or carried forward to be deducted in one\nparticular tax year from apportioned business income, the earliest\napportioned loss incurred must be applied first.\n (7) A taxpayer may elect to waive the entire carryback period with\nrespect to a net operating loss. Such election must be made on the\ntaxpayer's original timely filed return (determined with regard to\nextensions) for the taxable year of the net operating loss for which the\nelection is to be in effect. Once an election is made for a taxable\nyear, it shall be irrevocable for that taxable year. A separate election\nmust be made for each loss year. This election applies to all members of\na combined group.\n (b) Capital base. (1) (i) The amount prescribed by this paragraph\nshall be computed at .15 percent for each dollar of the taxpayer's total\nbusiness capital, or the portion thereof apportioned within the state as\nhereinafter provided for taxable years beginning before January first,\ntwo thousand sixteen. However, in the case of a cooperative housing\ncorporation as defined in the internal revenue code, the applicable rate\nshall be .04 percent until taxable years beginning on or after January\nfirst, two thousand twenty and zero percent for taxable years beginning\non or after January first, two thousand twenty-one. The rate of tax for\nsubsequent tax years shall be as follows: .125 percent for taxable years\nbeginning on or after January first, two thousand sixteen and before\nJanuary first, two thousand seventeen; .100 percent for taxable years\nbeginning on or after January first, two thousand seventeen and before\nJanuary first, two thousand eighteen; .075 percent for taxable years\nbeginning on or after January first, two thousand eighteen and before\nJanuary first, two thousand nineteen; .050 percent for taxable years\nbeginning on or after January first, two thousand nineteen and before\nJanuary first, two thousand twenty; .025 percent for taxable years\nbeginning on or after January first, two thousand twenty and before\nJanuary first, two thousand twenty-one; and .1875 percent for years\nbeginning on or after January first, two thousand twenty-one and before\nJanuary first, two thousand twenty-seven, and zero percent for taxable\nyears beginning on or after January first, two thousand twenty-seven.\nProvided however, for taxable years beginning on or after January first,\ntwo thousand twenty-one, the rate of tax for a small business as defined\nin paragraph (f) of this subdivision shall be zero percent. The rate of\ntax for a qualified New York manufacturer shall be .132 percent for\ntaxable years beginning on or after January first, two thousand fifteen\nand before January first, two thousand sixteen, .106 percent for taxable\nyears beginning on or after January first, two thousand sixteen and\nbefore January first, two thousand seventeen, .085 percent for taxable\nyears beginning on or after January first, two thousand seventeen and\nbefore January first, two thousand eighteen; .056 percent for taxable\nyears beginning on or after January first, two thousand eighteen and\nbefore January first, two thousand nineteen; .038 percent for taxable\nyears beginning on or after January first, two thousand nineteen and\nbefore January first, two thousand twenty; .019 percent for taxable\nyears beginning on or after January first, two thousand twenty and\nbefore January first, two thousand twenty-one; and zero percent for\nyears beginning on or after January first, two thousand twenty-one. (ii)\nIn no event shall the amount prescribed by this paragraph exceed three\nhundred fifty thousand dollars for qualified New York manufacturers and\nfor all other taxpayers five million dollars.\n (2) For purposes of subparagraph one of this paragraph, the term\n"manufacturer" shall mean a taxpayer that during the taxable year is\nprincipally engaged in the production of goods by manufacturing,\nprocessing, assembling, refining, mining, extracting, farming,\nagriculture, horticulture, floriculture, viticulture or commercial\nfishing. Moreover, for purposes of computing the capital base in a\ncombined report, the combined group shall be considered a "manufacturer"\nfor purposes of this subparagraph only if the combined group during the\ntaxable year is principally engaged in the activities set forth in this\nsubparagraph, or any combination thereof. A taxpayer or, in the case of\na combined report, a combined group shall be "principally engaged" in\nactivities described above if, during the taxable year, more than fifty\npercent of the gross receipts of the taxpayer or combined group,\nrespectively, are derived from receipts from the sale of goods produced\nby such activities. In computing a combined group's gross receipts,\nintercorporate receipts shall be eliminated. A "qualified New York\nmanufacturer" is a manufacturer that has property in New York that is\ndescribed in clause (A) of subparagraph (i) of paragraph (b) of\nsubdivision one of section two hundred ten-B of this article and either\n(i) the adjusted basis of that property for New York state tax purposes\nat the close of the taxable year is at least one million dollars or (ii)\nall of its real and personal property is located in New York. In\naddition, a "qualified New York manufacturer" means a taxpayer that is\ndefined as a qualified emerging technology company under paragraph (c)\nof subdivision one of section thirty-one hundred two-e of the public\nauthorities law regardless of the ten million dollar limitation\nexpressed in subparagraph one of such paragraph. A taxpayer or, in the\ncase of a combined report, a combined group, that does not satisfy the\nprincipally engaged test may be a qualified New York manufacturer if the\ntaxpayer or the combined group employs during the taxable year at least\ntwo thousand five hundred employees in manufacturing in New York and the\ntaxpayer or the combined group has property in the state used in\nmanufacturing, the adjusted basis of which for New York state tax\npurposes at the close of the taxable year is at least one hundred\nmillion dollars.\n (d) Fixed dollar minimum. (1) (A) The amount prescribed by this\nparagraph for New York S corporations, other than New York S\ncorporations that are qualified New York manufacturers or qualified\nemerging technology companies, will be determined in accordance with the\nfollowing table:\nIf New York receipts are: The fixed dollar minimum tax is:\n not more than $100,000 $ 25\n more than $100,000 but not over $250,000 $ 50\n more than $250,000 but not over $500,000 $ 175\n more than $500,000 but not over $1,000,000 $ 300\n more than $1,000,000 but not over $5,000,000 $1,000\n more than $5,000,000 but not over $25,000,000 $3,000\n Over $25,000,000 $4,500\n (B) Provided further, the amount prescribed by this paragraph for New\nYork S corporations that are qualified New York manufacturers, as\ndefined in subparagraph (vi) of paragraph (a) of this subdivision, and\nfor New York S corporations that are qualified emerging technology\ncompanies under paragraph (c) of subdivision one of section thirty-one\nhundred two-e of the public authorities law regardless of the ten\nmillion dollar limitation expressed in subparagraph one of such\nparagraph (c), will be determined in accordance with the following\ntables.\nFor taxable years beginning on or after January 1, 2015 and before\nJanuary 1, 2016:\nIf New York receipts are: The fixed dollar minimum tax is:\n not more than $100,000 $ 22\n more than $100,000 but not over $250,000 $ 44\n more than $250,000 but not over $500,000 $ 153\n more than $500,000 but not over $1,000,000 $ 263\n more than $1,000,000 but not over $5,000,000 $ 877\n more than $5,000,000 but not over $25,000,000 $2,631\n Over $25,000,000 $3,947\nFor taxable years beginning on or after January 1, 2016 and before\nJanuary 1, 2018:\nIf New York receipts are: The fixed dollar minimum tax is:\n not more than $100,000 $ 21\n more than $100,000 but not over $250,000 $ 42\n more than $250,000 but not over $500,000 $ 148\n more than $500,000 but not over $1,000,000 $ 254\n more than $1,000,000 but not over $5,000,000 $ 846\n more than $5,000,000 but not over $25,000,000 $2,538\n Over $25,000,000 $3,807\nFor taxable years beginning on or after January 1, 2018:\nIf New York receipts are: The fixed dollar minimum tax is:\n not more than $100,000 $ 19\n more than $100,000 but not over $250,000 $ 38\n more than $250,000 but not over $500,000 $ 131\n more than $500,000 but not over $1,000,000 $ 225\n more than $1,000,000 but not over $5,000,000 $ 750\n more than $5,000,000 but not over $25,000,000 $2,250\n Over $25,000,000 $3,375\n (C) Provided further, the amount prescribed by this paragraph for a\nqualified New York manufacturer, as defined in subparagraph (vi) of\nparagraph (a) of this subdivision, and a qualified emerging technology\ncompany under paragraph (c) of subdivision one of section thirty-one\nhundred two-e of the public authorities law regardless of the ten\nmillion dollar limitation expressed in subparagraph one of such\nparagraph (c), that is not a New York S corporation, will be determined\nin accordance with the following tables. However, with respect to\nqualified New York manufacturers, the amounts in these tables will apply\nin the case of a combined report only if the combined group satisfies\nthe requirements to be a qualified New York manufacturer as set forth in\nsuch subparagraph (vi).\nFor tax years beginning on or after January 1, 2015 and before January\n1, 2016:\nIf New York receipts are: The fixed dollar minimum tax is:\n not more than $100,000 $ 22\n more than $100,000 but not over $250,000 $ 66\n more than $250,000 but not over $500,000 $ 153\n more than $500,000 but not over $1,000,000 $ 439\n more than $1,000,000 but not over $5,000,000 $1,316\n more than $5,000,000 but not over $25,000,000 $3,070\n Over $25,000,000 $4,385\nFor tax years beginning on or after January 1, 2016 and before January\n1, 2018:\nIf New York receipts are: The fixed dollar minimum tax is:\n not more than $100,000 $ 21\n more than $100,000 but not over $250,000 $ 63\n more than $250,000 but not over $500,000 $ 148\n more than $500,000 but not over $1,000,000 $ 423\n more than $1,000,000 but not over $5,000,000 $1,269\n more than $5,000,000 but not over $25,000,000 $2,961\n Over $25,000,000 $4,230\nFor tax years beginning on or after January 1, 2018:\nIf New York receipts are: The fixed dollar minimum tax is:\n not more than $100,000 $ 19\n more than $100,000 but not over $250,000 $ 56\n more than $250,000 but not over $500,000 $ 131\n more than $500,000 but not over $1,000,000 $ 375\n more than $1,000,000 but not over $5,000,000 $1,125\n more than $5,000,000 but not over $25,000,000 $2,625\n Over $25,000,000 $3,750\n (D) Otherwise, for all other taxpayers not covered by clauses (A),\n(B), (C) and (D-1) of this subparagraph, the amount prescribed by this\nparagraph will be determined in accordance with the following table:\nIf New York receipts are: The fixed dollar minimum tax is:\n not more than $100,000 $ 25\n more than $100,000 but not over $250,000 $ 75\n more than $250,000 but not over $500,000 $ 175\n more than $500,000 but not over $1,000,000 $ 500\n more than $1,000,000 but not over $5,000,000 $1,500\n more than $5,000,000 but not over $25,000,000 $3,500\n more than $25,000,000 but not over $50,000,000 $5,000\n more than $50,000,000 but not over $100,000,000 $10,000\n more than $100,000,000 but not over $250,000,000 $20,000\n more than $250,000,000 but not over $500,000,000 $50,000\n more than $500,000,000 but not over $1,000,000,000 $100,000\n Over $1,000,000,000 $200,000\n (D-1) In the case of a REIT or a RIC that is not a captive REIT or\ncaptive RIC, the amount prescribed by this paragraph will be determined\nin accordance with the following table:\nIf New York receipts are: The fixed dollar minimum tax is:\n not more than $100,000 $ 25\n more than $100,000 but not over $250,000 $ 75\n more than $250,000 but not over $500,000 $ 175\n more than $500,000 $ 500\n (E) For purposes of this paragraph, New York receipts are the receipts\nincluded in the numerator of the apportionment factor determined under\nsection two hundred ten-A for the taxable year.\n (2) If the taxable year is less than twelve months, the amount of New\nYork receipts is determined by dividing the amount of the receipts for\nthe taxable year by the number of months in the taxable year and\nmultiplying the result by twelve, and the amount prescribed by this\nparagraph shall be reduced by twenty-five percent of the period for\nwhich the taxpayer is subject to tax is more than six months but not\nmore than nine months and by fifty percent if the period for which the\ntaxpayer is subject to tax is not more than six months. In the case of a\ntermination year of a New York S corporation, the sum of the tax\ncomputed under this paragraph for the S short year and for the C short\nyear shall not be less than the amount computed under this paragraph as\nif the corporation were a New York C corporation for the entire taxable\nyear.\n (f) For purposes of this section, the term "small business taxpayer"\nshall mean a taxpayer (i) which has an entire net income of not more\nthan three hundred ninety thousand dollars for the taxable year; (ii)\nthe aggregate amount of money and other property received by the\ncorporation for stock, as a contribution to capital, and as paid-in\nsurplus, does not exceed one million dollars; (iii) which is not part of\nan affiliated group, as defined in section 1504 of the internal revenue\ncode, unless such group, if it had filed a report under this article on\na combined basis, would have itself qualified as a "small business\ntaxpayer" pursuant to this subdivision; and (iv) which has an average\nnumber of individuals, excluding general executive officers, employed\nfull-time in the state during the taxable year of one hundred or fewer.\nIf the taxable period to which subparagraph (i) of this paragraph\napplies is less than twelve months, entire net income under such\nsubparagraph shall be placed on an annual basis by multiplying the\nentire net income by twelve and dividing the result by the number of\nmonths in the period. For purposes of subparagraph (ii) of this\nparagraph, the amount taken into account with respect to any property\nother than money shall be the amount equal to the adjusted basis to the\ncorporation of such property for determining gain, reduced by any\nliability to which the property was subject or which was assumed by the\ncorporation. The determination under the preceding sentence shall be\nmade as of the time the property was received by the corporation. For\npurposes of subparagraph (iv) of this paragraph, "average number of\nindividuals, excluding general executive officers, employed full-time"\nshall be computed by ascertaining the number of such individuals\nemployed by the taxpayer on the thirty-first day of March, the thirtieth\nday of June, the thirtieth day of September and the thirty-first day of\nDecember during each taxable year or other applicable period, by adding\ntogether the number of such individuals ascertained on each of such\ndates and dividing the sum so obtained by the number of such dates\noccurring within such taxable year or other applicable period. An\nindividual employed full-time means an employee in a job consisting of\nat least thirty-five hours per week, or two or more employees who are in\njobs that together constitute the equivalent of a job at least\nthirty-five hours per week (full-time equivalent). Full-time equivalent\nemployees in the state include all employees regularly connected with or\nworking out of an office or place of business of the taxpayer within the\nstate.\n 1-c. The computations specified in paragraph (b) of subdivision one of\nthis section shall not apply to the first two taxable years of a\ntaxpayer which, for one or both such years, is a small business taxpayer\nas defined in paragraph (f) of subdivision one of this section.\n 2. The amount of investment capital and business capital shall each be\ndetermined by taking the average value of the assets included therein\n(less liabilities deductible therefrom pursuant to the provisions of\nsubdivisions five and seven of section two hundred eight), and, if the\nperiod covered by the report is other than a period of twelve calendar\nmonths, by multiplying such value by the number of calendar months or\nmajor parts thereof included in such period, and dividing the product\nthus obtained by twelve. For purposes of this subdivision, real property\nand marketable securities shall be valued at fair market value and the\nvalue of personal property other than marketable securities shall be the\nvalue thereof shown on the books and records of the taxpayer in\naccordance with generally accepted accounting principles.\n 3. A corporation that is a partner in a partnership shall compute tax\nunder this article using the aggregate method as defined in the\nregulations of the commissioner, unless another method for computing\nsuch tax is required or allowed by such regulations. Under the aggregate\nmethod, a corporation that is a partner in a partnership is viewed as\nhaving an undivided interest in the partnership's assets, liabilities,\nand items of receipts, income, gain, loss and deduction. Under the\naggregate method, the corporation that is a partner in a partnership is\ntreated as participating in the partnership's transactions and\nactivities.\n