N.Y. General City Law art. 2-D, § 4: Taxable years to which tax applies; tax for taxable years beginning prior to and ending after July first, nineteen hundred sixty-six

§ 4. Taxable years to which tax applies; tax for taxable years

beginning prior to and ending after July first, nineteen hundred

sixty-six.-- (a) General.--The tax imposed by section two, with any

modification permitted by subdivision (b) of this section, is imposed

for each taxable year beginning with taxable years ending after July

first, nineteen hundred sixty-six and prior to January first, nineteen

hundred seventy-six and each taxable year beginning in nineteen hundred

seventy-five and ending in nineteen hundred seventy-six.

(b) Alternate methods for determining tax for taxable years ending on

or after July first, nineteen hundred sixty-six and on or before June

thirtieth, nineteen hundred sixty-seven. -- (1) The tax for any taxable

year ending on or after July first, nineteen hundred sixty-six and on or

before June thirtieth, nineteen hundred sixty-seven shall be the same

part of the tax which would have been imposed had section two been in

effect for the entire taxable year as the number of months (or major

portions thereof) of the taxable year occurring after July first,

nineteen hundred sixty-six is of the number of months (or major portions

thereof) in the taxable year. The credit allowed against such tax as

provided by section twenty shall be reduced by a fraction the numerator

of which is equal to the number of months (or major portions thereof) in

such taxable year which occurred before July first, nineteen hundred

sixty-six and the denominator of which is equal to the number of months

(or major portions thereof) in such taxable year.

(2) In lieu of the method of computation of tax prescribed in

paragraph (1), if the taxpayer maintains adequate records for any

taxable year ending on or after July first, nineteen hundred sixty-six

and on or before June thirtieth, nineteen hundred sixty-seven, the tax

for such taxable year, at the election of the taxpayer, may be computed

on the basis of the city taxable income which the taxpayer would have

reported had he filed a return under this local law for the period

(referred to in this paragraph as "short period") beginning July first,

nineteen hundred sixty-six and ending with the last day of the

taxpayer's taxable year. If a return for a period of less than twelve

months is made under this paragraph (2), the city taxable income for

such short period shall be placed on an annual basis by multiplying such

income by twelve and dividing the result by the number of months in the

short period. In determining city taxable income under this paragraph

(2), the city personal exemptions provided by section sixteen, shall be

reduced to amounts that bear the same ratio to the full exemptions, as

the number of months in the short period bears to twelve. The credit

allowed against such tax as provided by section twenty shall be reduced

by a fraction the numerator of which is equal to the number of months

(or major portions thereof) in such taxable year which occurred before

July first, nineteen hundred sixty-six and the denominator of which is

equal to the number of months (or major portions thereof) in such

taxable year. The tax shall be the same part of the tax computed on the

annual basis as the number of months in the short period is of twelve

months. Except as provided in this paragraph (2), the tax for such

period ending on or before June thirtieth, nineteen hundred sixty-seven,

shall be computed in accordance with the other provisions of this local

law.