N.Y. Tax Law § 1512: Exemptions

§ 1512. Exemptions. (a) This article shall not apply to:

(1) the government of the United States, or of any state or

municipality thereof, or any instrumentality of any such government;

(2) any charitable, religious, missionary, educational or

philanthropic non-stock corporation that would have been excepted from

the classification of the business of insurance by section nine of the

insurance law in effect immediately prior to January first, nineteen

hundred forty, or any person, firm, corporation or association that

would have been exempted from the provisions of article six of such

insurance law by section two hundred fourteen thereof, or exempted from

the provisions of article seven of such insurance law by section two

hundred forty-five thereof;

(3) any retirement system or pension fund which does exclusively an

annuity business;

(4) any non-profit medical expense indemnity or hospital service

corporation organized under article forty-three of the insurance law;

(5) any incorporated or unincorporated fraternal benefit society, or

in the event of (i) the conversion of any such society into a mutual

life insurance company or (ii) the reinsurance of the business of such

society by the superintendent of financial services pursuant to an order

of liquidation, the premiums payable under insurance benefit

certificates issued by such society prior to the conversion or

reinsurance;

(6) any corporation for the insurance of domestic animals on the

cooperative or assessment plan, organized under the laws of this state;

and

(7) a town or county cooperative insurance corporation as heretofore

contemplated by section one hundred eighty-seven of this chapter in

effect immediately prior to January first, nineteen hundred

seventy-four.

(8) any not-for-profit voluntary employees' beneficiary association

which is exempt from federal income tax pursuant to section 501 (c) (9)

of the United States internal revenue code, the members of which are

employees or the beneficiaries or dependents of the employees of a

single employer or an affiliated group of employers. For purposes of

this paragraph, an affiliated group shall mean one or more chains of

corporations connected through stock ownership with a common parent if

(i) eighty percent or more of the voting stock of each corporation other

than the common parent is owned directly by one or more of the other

corporations and (ii) eighty percent or more of the voting stock of at

least one of the corporations other than the common parent is owned

directly by the common parent.

(9) any nonprofit property/casualty insurance company organized

pursuant to section six thousand seven hundred three of the insurance

law.

(10) any nonprofit health maintenance organization required to obtain

a certificate of authority under article forty-four of the public health

law.

(b) The tax imposed by section fifteen hundred ten shall not apply to:

(1) any insurance on property or risks located or resident outside the

state of New York written by a fire or life insurance company organized

and operated, without profit to any private shareholder or individual,

exclusively for the purpose of aiding and strengthening charitable,

religious, missionary, educational or philanthropic institutions, by

issuing insurance and annuity contracts only to or for the benefit of

such institutions, to individuals engaged in the services of such

institutions, and to members of the immediate families of such

individuals;

(2) any insurance on risks resident outside of the state of New York

written by a life insurance company which has been organized for the

purpose of establishing a non-profit voluntary employees beneficiary

association to provide life, sick, accident or other benefits to

eligible employees or their beneficiaries, is operated exclusively for

said purposes and without profit, direct or indirect, to any private

shareholder or individual, and is duly exempt from income taxation

pursuant to the United States internal revenue code; or

(3) except in the case of foreign and alien title insurance

corporations, premiums, other than those for accident and health

insurance, written, procured or received in this state for insurance on

property or risks located or resident outside the United States.

(c) The taxes imposed by sections fifteen hundred one, fifteen hundred

two-a, and fifteen hundred ten of this article shall not apply to any

corporation, association, joint stock company or association, person,

society, aggregation or partnership doing an insurance business as a

member of the New York insurance exchange described in section six

thousand two hundred one of the insurance law. However, such

corporations, associations, joint stock companies or associations,

persons, societies, aggregations or partnerships must compute an

allocated entire net income pursuant to sections fifteen hundred three

and fifteen hundred four of this article and transmit a return to the

tax commission pursuant to section fifteen hundred fifteen of this

article.