§ 290 — Imposition of tax

§ 290. Imposition of tax. (a) General. For every taxable year or part\nthereof, every organization described in paragraph two of subsection (a)\nof section five hundred eleven of the internal revenue code of nineteen\nhundred fifty-four and every trust described in paragraph two of\nsubsection (b) of section five hundred eleven of such code carrying on\nan unrelated trade or business in New York shall pay a tax at the rate\nof nine per centum on its unrelated business taxable income for such\nyear, or on the portion thereof allocated to this state, as provided in\nsection two hundred ninety-three, or two hundred fifty dollars,\nwhichever is greater.\n (b) Unrelated trade or business carried on by a receiver. Any\nreceiver, referee, trustee, assignee or fiduciary, or any officer or\nagent appointed by any court, who carries on the unrelated trade or\nbusiness of an organization or trust described in either paragraph two\nof subsection (a) or paragraph two of subsection (b) of section five\nhundred eleven of the internal revenue code of nineteen hundred\nfifty-four shall be subject to the tax imposed by this article in the\nsame manner and to the same extent as if the unrelated trade or business\nwere carried on by the agents, officers or trustees of such organization\nor trust.\n (c) Exemptions. (1) Every corporation liable to tax under article\nnine-a of this chapter shall not be subject to tax under this article.\n (2) Every organization whose sole unrelated trade or business carried\non in New York consists of activities constituting an unrelated trade or\nbusiness solely by virtue of section 501(m)(2)(A) of the internal\nrevenue code shall not be subject to tax under this article.\n (3) Any income derived from the conduct of games of chance or from\nrental of premises for the conduct of games of chance pursuant to a\nlicense granted under article nine-A of the general municipal law shall\nnot be subject to tax under this article.\n