§ 11-13 Description of Tax.
RCNY § 11-13
(§ 11-603, Administrative Code.) (a) The tax is imposed on every domestic and foreign corporation, with specified exceptions, for the privilege of doing business, or employing capital, or of owning or leasing property in New York City in a corporate or organized capacity, or of maintaining an office in the city. For exceptions, see 19 RCNY § 11-04, supra.
(b)The tax is imposed for each fiscal or calendar year of the taxpayer, or any part thereof, during which the taxpayer does business, employs capital, owns or leases property, or maintains an office in New York City.
(c)The tax for each such year or part thereof is measured by the taxpayer's entire net income or capital, or by one of the other bases prescribed by paragraph (a) of subdivision 1 of § 11-604 of the Administrative Code, for such year or part thereof.
(d)Any corporation beginning to do business, employ capital, own or lease property, or maintain an office in New York City immediately becomes subject to tax. Its first privilege and base period is its first calendar or fiscal year (that is, the period beginning on the date it commenced to do business, employ capital, own or lease property, or maintain an office in New York City and ending on the last day of its accounting year). Its first report is due on the 15th day of March following the close of its calendar year or, in the case of a corporation keeping its books on the basis of a fiscal year, within two and one-half months after the close of such first fiscal year. For report by a taxpayer which ceases to be subject to tax, see 19 RCNY § 11-88, infra. Example 1: A corporation, reporting on the basis of a calendar year, begins to do business in New York City on March 1, 1966 and continues to do business here throughout the balance of the year. The corporation is subject to the tax imposed for such privilege and is required to file a report on or before March 15, 1967. The tax on such report for the period March 1 to December 31, 1966 is measured as set forth in 19 RCNY § 11-31, infra. Example 2: A corporation, reporting on the basis of a fiscal year ending November 30, begins to do business in New York City on March 1, 1966 and continues to do business here throughout the balance of its fiscal year. The corporation is subject to the tax imposed for such privilege and is required to file a report on or before February 15, 1967. The tax on such report for the period March 1 to November 30, 1966 is measured as set forth in 19 RCNY § 11-31, infra.
