§ 11-1402 Imposition of tax.
AC § 11-1402
a. On or after the effective date of the local law that amended this subdivision, there is hereby imposed and there shall be paid a tax on each transfer of a taxicab license or interest therein, at the rate of 0.5 percent of the consideration given for such transfer. b. Where there is a transfer of the economic interest in a taxicab license or interest therein, effected by the transfer of shares of stock of a corporation which hold such taxicab license or interest therein or by the transfer of an interest or interests in a partnership or association which holds such taxicab license or interest therein, such transfer of shares of stock or of an interest or interests in a partnership or association shall be treated as a transfer of the taxicab license or interest therein, and shall be subject to the tax imposed by subdivision a of this section. c. Notwithstanding any other provision of this chapter, the tax imposed hereby shall not apply to a transfer made pursuant to a bona fide written contract or agreement made and executed prior to July first, nineteen hundred eighty, provided such contract or agreement is registered with the taxi and limousine commission prior to July first, nineteen hundred eighty, and provided further that one or more payments were made pursuant to such contract or agreement on or before June twentieth, nineteen hundred eighty. d. Where a taxicab or any other property is transferred to a transferee in conjunction with the transfer of a taxicab license or interest therein, the tax imposed by this section shall be computed on the total consideration for the transfer of such license or interest therein and the taxicab or other property so transferred, less the fair market value of such taxicab or other property. e. The tax imposed by this chapter shall be in addition to any and all other taxes. (Am. L.L. 2017/058, 3/21/2017, eff. 3/21/2017)
