§ 11-643.3 Computation of tax for taxable years beginning on or after January first, nineteen hundred seventy-five and before January first, nineteen hundred eighty-five.
AC § 11-643.3
For taxable years beginning on or after January first, nineteen hundred seventy-five and before January first, nineteen hundred eighty-five, the tax imposed by section 11-639 of this part shall be the greater of the following computations: (a) Basic tax.
(1)Except for a savings bank and savings and loan association, thirteen and eight hundred twenty-three one-thousandths percent of the taxpayer's entire net income, or the portion thereof allocated to this city, for the taxable year, or part thereof.
(2)For a savings bank and savings and loan association, twelve and one hundred thirty-four thousandths percent of the taxpayer's entire net income, or the portion thereof allocated to this city, for the taxable year, or part thereof.
(b)Alternative minimum tax. If the tax under subdivision (a) is less than any of the following amounts, the tax shall be the largest of the following amounts: (1) Except for a savings bank and savings and loan association, two and six-tenths mills upon each dollar of such part of the taxpayer's issued capital stock on the last day of the taxable year, at its face value, but if such taxpayer has stock without par value, such stock shall be taken at its actual or market value, and not less than five dollars per share, as may be determined by the commissioner of finance, as the gross income of such taxpayer derived from business carried on within the city during such taxable year bears to its gross income derived from all business, both within and without the city during said year; except that if the period covered by the return is other than twelve months, the tax shall be prorated on the basis of the number of months or major portions thereof included in the return. For purposes of this paragraph, the term "gross income" shall have the same meaning as it has in the laws of the United States relating to federal income taxes.
(3)(i) For a savings bank and savings and loan association, for any quarterly accounting period in which such savings bank or savings and loan association credits or pays dividends to its depositors or shareholders on or after the first day of October, nineteen hundred eighty-one but before the first day of July, nineteen hundred eighty-six, and after such credit or payment the net worth of such savings bank or savings and loan association is less than five percent of the amount due depositors, one and eight hundred twenty-four one-thousandths percent of the interest or dividends credited by it to a depositor or shareholder during such accounting period, provided that, in determining such amount, each interest or dividend credit to depositors or shareholders shall be deemed to be the interest or dividend actually credited or the interest or dividend which would have been credited if it had been computed and credited at the rate of three and one-half percent per annum, whichever is less. In determining the lesser of the amount of interest or dividends actually credited to depositors or shareholders or the amount of interest or dividends which would have been credited if such interest or dividends had been computed and credited at the rate of three and one-half percent per annum, the provisions of subparagraph (ii) of this paragraph shall not be considered.
(ii)For purposes of the computation provided for in subparagraph (i), except where the tax computed under subparagraph (i) of this paragraph is computed as if the interest or dividends were computed and credited at the rate of three and one-half percent per annum, that portion of the interest or dividends credited on or after the first day of October, nineteen hundred eighty-one but before the first day of July, nineteen hundred eighty-six by: (A) a savings bank to a depositor or shareholder which is attributable to an increase or a deemed increase in the gross earnings, surplus fund, or net worth of the savings bank, which increase became available for interest or dividends upon the prior written approval of the superintendent of banks pursuant to the provisions of subdivision four of section two hundred forty-four of the banking law; or (B) a savings and loan association to a depositor or shareholder which is attributable to an increase or a deemed increase in gross income, undivided profits, surplus account or net worth of the savings and loan association, which increase became available for interest or dividends upon the prior written approval of the superintendent of banks pursuant to the provisions of subdivision two of section three hundred eighty-seven of the banking law; or (C) a federal savings bank or a federal savings and loan association to a depositor or shareholder, which would have required and received prior written approval of the superintendent of banks in respect to increases in gross income, gross earnings, undivided profits, surplus funds, surplus accounts or net worth available for dividends pursuant to the provisions of subdivision four of section two hundred forty-four of the banking law and subdivision two of section three hundred eighty-seven of the banking law, respectively, were the provisions of sections two hundred forty-four and three hundred eighty-seven of the banking law applicable to federal savings banks and federal savings and loan associations shall not be considered to have been credited to depositors or shareholders. Where the tax computed under subparagraph (i) of this paragraph is computed as if the interest or dividends were computed and credited at the rate of three and one-half percent per annum, the amount of interest or dividends which shall not be considered to have been credited to depositors or shareholders is an amount which bears the same ratio to the interest or dividends which would have been credited at the rate of three and one-half percent per annum as the amount of that portion of the interest or dividends paid or credited on or after the first day of October, nineteen hundred eighty-one but before the first day of July, nineteen hundred eighty-six, which is attributable to an increase or deemed increase in gross income, gross earnings, undivided profits, surplus funds, surplus account or net worth available for dividends pursuant to the provisions of subdivision four of section two hundred forty-four of the banking law or subdivision two of section three hundred eighty-seven of the banking law, bears to the amount of interest or dividends actually credited. For purposes of this clause, the determination of whether a federal savings bank or federal savings and loan association would have required and received prior written approval of the superintendent of banks shall be made by the superintendent of banks, upon application and upon such forms as he or she may require, by applying the provision of subdivision four of section two hundred forty-four of the banking law, as if such provisions were applicable to federal savings banks, and subdivision two of section three hundred eighty-seven of the banking law, as if such provisions were applicable to federal savings and loan associations, and the superintendent of banks may require and examine such information as he or she may deem necessary to make such determinations.
(4)(i) Except for a savings bank and savings and loan association, twenty-five dollars.
