N.Y. General City Model 772/66 § 23: Imposition of tax

§ 23. Imposition of tax. 1. Pursuant to the authority conferred by

section fifty-two hundred nineteen of the United States revised statutes

and in conformity with the provisions contained in subdivision c of

clause one of such section, every national banking association organized

under authority of the United States and located within the city, shall

annually pay a tax, measured by its net income, to be computed, as

provided in this subpart, at the rate of four and one-half per centum

except that for the year nineteen hundred seventy-one and those

following, as an alternative, at the rate of five and sixty-three one

hundredths per centum, upon the basis of its net income for the calendar

year next preceding the date when such tax becomes due. Such tax shall

be for the calendar year next preceding the year in which it becomes

due; except that with respect to national banking associations required

to file a declaration of estimated tax and to make payments on account

of such estimated tax in accordance with the provisions of section

thirty-five of this part, all payments of tax within a calendar year,

whether computed on the basis of net income for the current calendar

year or on the basis of net income for the preceding calendar year,

shall be for the calendar year in which the payments are required to be

made. If, however, such a national banking association shall be

dissolved between the thirty-first day of December and the succeeding

second day of September, and shall not become merged or consolidated

with a corporation taxable under subpart one of this part, it shall pay

a tax for the period from the thirty-first day of December up to the

time of dissolution equal to that which would have been payable had it

not been dissolved, except that such tax shall be reduced one-third and

an additional one-twelfth for each month, or major portion thereof,

prior to such succeeding second day of September, during which such

corporation was so dissolved. If such dissolution occurs between the

fifteenth day of March and the second day of September, and if such

corporation shall have filed its return on or before the fifteenth day

of March as required by sections thirty and thirty-two of this part, it

may file a claim for refund as provided in section seventy-eight of this

title, showing any reduction in tax to which it may be entitled as

provided in the preceding sentence; and if it shall be made to appear

that the amount of tax due is less than the amount as computed on the

basis of the original return, the director of finance shall adjust the

computation of tax accordingly. If the amount of tax as so adjusted

shall be less than the amount theretofore paid, the excess shall be

refunded by the comptroller as provided in subdivision one of section

seventy-seven of this title.

1-a. Notwithstanding the provisions of subdivision one, for the year

nineteen hundred seventy-three and those following, such city may

impose, by local law, a surtax of fifteen per centum of the percentage

of tax in effect for the year nineteen hundred seventy-two.

2. In the event that the taxes imposed by this subpart shall be

finally determined to be unconstitutional or invalid for the reason that

they do not conform with the provisions of section fifty-two hundred

nineteen of the United States revised statutes, then, in lieu of the

taxes imposed by the provisions of this subpart, every national banking

association and every production credit association that otherwise would

have been subject to tax under this subpart shall be subject to the tax

imposed under part two as of the effective date of part two, and all of

the provisions of part two, unless clearly inappropriate, shall be

applicable except subdivision four of section three; and, in such event,

any payments made, reports or returns filed or any act of the director

of finance or of a taxpayer purportedly under this part shall be treated

as though made, filed or done pursuant to part two.