§ 11-634 Consolidated returns.
AC § 11-634
Corporations which are affiliated may, if authorized, and shall, if required, by the commissioner of finance, under regulations prescribed by the commissioner of finance, make a consolidated return for the purpose of parts one, two and three of this subchapter. The commissioner of finance may, in his or her discretion, authorize bank holding companies as defined in article three-a of the banking law to make a consolidated return with affiliated corporations taxable under part one and under part two in which case the consolidated tax will be computed in accordance with the provisions of part one. In all other cases in which a corporation taxable under part two makes a consolidated return with corporations taxable under part one, the consolidated tax will be computed in accordance with the provisions of part one. In any case in which a tax is assessed upon the basis of a consolidated return, the total tax shall be computed in the first instance as a unit and shall then be assessed upon the respective affiliated corporations in such proportions as may be agreed upon among them, or in the absence of any such agreement, then on the basis of the net income properly assignable to each.
