§ 11-26 Tax Measured by Entire Net Income.
RCNY § 11-26
(a)The primary tax is measured by entire net income, or the portion thereof allocated to New York City, if such calculation results in a higher amount than that computed on any of the other three alternative bases. The rate of the tax measured by entire net income is five and one-half percent for taxable years beginning before January 1, 1971, and six and seven-tenths percent for taxable years beginning on or after such date.
(b)Entire net income is divided into business income and investment income. The portion of the entire net income allocated to New York City is determined by multiplying business income by a business allocation percentage, multiplying investment income by an investment allocation percentage, and adding together the results so obtained. (See: 19 RCNY §§ 11-61 et seq.)
