N.Y. Tax Law § 1520: Tax surcharge

§ 1520. Tax surcharge. (a) In addition to the tax imposed under

sections fifteen hundred one and fifteen hundred ten of this article,

there is hereby imposed, (1) for taxable years ending after June

thirtieth, nineteen hundred eighty-nine and before July first, nineteen

hundred ninety a tax surcharge at the rate of two and one-half percent

of the tax imposed pursuant to such sections fifteen hundred one and

fifteen hundred ten of this article, as limited by section fifteen

hundred five of this article, before deduction of any credits against

tax otherwise allowable under this article for all or any part of such

taxable years, (2) for taxable years ending after June thirtieth,

nineteen hundred ninety and before July first, nineteen hundred

ninety-four, and until such rate is superseded, a tax surcharge at the

rate of fifteen percent of the tax imposed pursuant to such sections

fifteen hundred one and fifteen hundred ten of this article, as limited

by section fifteen hundred five of this article, after deduction of any

credits against tax otherwise allowable under this article, (3) for

taxable years ending after June thirtieth, nineteen hundred ninety-four

and before July first, nineteen hundred ninety-five, and until such rate

is superseded, a tax surcharge at the rate of ten percent of the tax

imposed pursuant to such sections fifteen hundred one and fifteen

hundred ten of this article, as limited by section fifteen hundred five

of this article, after deduction of any credits against tax otherwise

allowable under this article, (4) for taxable years ending after June

thirtieth, nineteen hundred ninety-five and before July first, nineteen

hundred ninety-six, and until such rate is superseded, a tax surcharge

at the rate of five percent of the tax imposed pursuant to such sections

fifteen hundred one and fifteen hundred ten of this article, as limited

by section fifteen hundred five of this article, after deduction of any

credits against tax otherwise allowable under this article, and (5) for

taxable years ending after June thirtieth, nineteen hundred ninety-six

and before July first, nineteen hundred ninety-seven, a tax surcharge at

the rate of zero percent of the tax imposed pursuant to such sections

fifteen hundred one and fifteen hundred ten of this article, as limited

by section fifteen hundred five of this article, after deduction of any

credits against tax otherwise allowable under this article. However, the

tax surcharge imposed by this section at the rate of two and one-half

percent shall not be imposed upon any taxpayer for more than twelve

months, the tax surcharge imposed under this section at the rate of

fifteen percent shall not be imposed on any taxpayer for more than

forty-eight months, and the tax surcharges imposed by this section at

the rates of ten percent, five percent and zero percent shall not,

respectively, be imposed upon any taxpayer for more than twelve months,

and the commissioner shall prescribe by regulation or instructions a

method of proration designed to effectuate such result. The limitation

on tax provided for in section fifteen hundred five of this article

shall not be applicable to the tax surcharge imposed by this section.

The credits against tax otherwise allowable under section fifteen

hundred eleven of this article shall not be allowed as a credit against

the tax surcharge imposed by this section. A taxpayer which has made the

election provided for in section fifteen hundred two-a of this article

shall nevertheless compute its tax under this section as if it computed

its taxes pursuant to the provisions of sections fifteen hundred two and

fifteen hundred ten of this article.

(b) (1) The provisions concerning returns under section fifteen

hundred fifteen of this article shall be applicable to this section,

except that for purposes of an automatic extension for six months for

filing a return covering the taxes imposed by this article, such

automatic extension shall be allowed, for taxable years to which the tax

surcharge imposed by this section apply, only if a taxpayer files with

the commissioner an application for extension in such form as the

commissioner may prescribe and pays on or before the date of such filing

in addition to any other amounts required under this article, two and

one-half percent, fifteen percent, ten percent, five percent or zero

percent, whichever is the rate applicable to the taxable year pursuant

to subdivision (a) of this section, of the amount properly estimated as

provided in subdivision (b) of section fifteen hundred sixteen of this

article as its taxes payable under sections fifteen hundred one and

fifteen hundred ten of this article, before deduction of any credits

against tax otherwise allowable under section fifteen hundred eleven of

this article in the case of the tax surcharge imposed at the rate of two

and one-half percent, and after deduction of any credits against tax

otherwise allowable under section fifteen hundred eleven of this article

in the case of the tax surcharge imposed at the rate of fifteen, ten,

five or zero percent. The tax surcharge imposed by this section shall be

payable to the commissioner in full at the time the return is required

to be filed.

(2) Except as otherwise provided in this section, all of the

provisions of this article, except for sections fifteen hundred five,

fifteen hundred five-A and fifteen hundred eleven, presently applicable

are applicable to the tax surcharge imposed by this section with such

modifications as may be necessary to adapt such language to the tax

surcharge imposed by this section. Such provisions shall apply with the

same force and effect as if those provisions had been set forth in full

in this section except to the extent that any provision is either

inconsistent with a provision of this section or not relevant to the tax

surcharge imposed by this section and to that end a reference in this

article to the tax imposed by sections fifteen hundred one and fifteen

hundred ten of this article shall be read as a reference to the tax

surcharge imposed by this section, and to the sum of such tax and such

tax surcharge in the case of sections fifteen hundred thirteen and

fifteen hundred fourteen of this article and such other provisions

requiring such reading in order to effectuate the purposes of this

provision, unless a different meaning is clearly required.

(c) Coordination with section fifteen hundred five-A of this article.

The amount of tax surcharge imposed pursuant to this section shall not

be included in any calculation of a tax surcharge imposed pursuant to

section fifteen hundred five-A of this article.

(d) Insofar as subdivision (a) of this section establishes a rate of

fifteen percent in the case of taxable years ending after June

thirtieth, nineteen hundred ninety and before July first, nineteen

hundred ninety-four and until such rate is superseded, a rate of ten

percent in the case of taxable years ending after June thirtieth,

nineteen hundred ninety-four and before July first, nineteen hundred

ninety-five and until such rate is superseded, a rate of five percent in

the case of taxable years ending after June thirtieth, nineteen hundred

ninety-five and before July first, nineteen hundred ninety-six and until

such rate is superseded, and a rate of zero percent in the case of

taxable years ending after June thirtieth, nineteen hundred ninety-six

and before July first, nineteen hundred ninety-seven, the transition

from such rate of fifteen percent to such rate of ten percent, from such

rate of ten percent to such rate of five percent, and from such rate of

five percent to such rate of zero percent, shall be deemed to occur,

respectively, on the first day of the seventh month of each of such

taxable years, with the result that for purposes of implementation of

such changes in rates, and notwithstanding such subdivision (a), there

is hereby imposed with respect to all taxable years ending after June

thirtieth, nineteen hundred ninety-four and before July first, nineteen

hundred ninety-five, including taxable years of fewer than twelve

months, a tax surcharge at the rate of twelve and one-half percent;

there is hereby imposed with respect to all taxable years ending after

June thirtieth, nineteen hundred ninety-five and before July first,

nineteen hundred ninety-six, including taxable years of fewer than

twelve months, a tax surcharge at the rate of seven and one-half

percent; and there is hereby imposed with respect to all taxable years

ending after June thirtieth, nineteen hundred ninety-six and before July

first, nineteen hundred ninety-seven, including taxable years of fewer

than twelve months, a tax surcharge at the rate of two and one-half

percent. In addition, for purposes of implementation of all the

provisions of this section references to ten percent shall be read as

references to twelve and one-half percent, references to five percent

shall be read as references to seven and one-half percent and references

to zero percent shall be read as references to two and one-half percent.