§ 11-45 Computation of the Tax Measured by Subsidiary Capital.
RCNY § 11-45
(a)Income, gains and losses from subsidiary capital are excluded from entire net income. In place of a tax measured by such income, a separate tax measured by subsidiary capital allocated to New York City is imposed, in addition to that measured by entire net income or other applicable basis.
(b)The tax measured by subsidiary capital is at the rate of three quarters of one mill for each dollar of subsidiary capital allocated within New York City.
(c)Where a group of corporations files a combined report, a tax measured by the combined subsidiary capital is imposed and must be paid in addition to the tax measured by entire net income or other applicable basis. See 19 RCNY § 11-48, infra, Subsidiary Capital on Combined Reports, for rules for calculating combined subsidiary capital.
