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the C short year shall be included in the respective reports for the S short year and the C short year under this article. However, where paragraph [two] three of subsection (s) of section six hundred twelve of this chapter applies, the portion of such entire net income assigned to the S short year and the C short year shall be determined under

normal tax accounting rules.

§ 10. Paragraph (a) of subdivision 2 of section 209-B of the tax law,
as amended by chapter 817 of the laws of 1987, is amended to read
follows:
(a) ascertaining the
percentage which the average

value of the taxpayer's real and tangible personal property [within], whether

owned or rented to it, within the metropolitan commuter transportation district during the period covered by its report bears to the average value of all the taxpayer's real and tangible personal property, whether owned or rented to it, within the state during such period; provided that the term "value of the taxpayer's real and tangible personal property" shall have the same meaning as is ascribed to that term by subparagraph one of paragraph (a) of subdivision three of section two hundred ten;

§ 11. Subparagraph 2 of paragraph (b) of subdivision 2 of section 209-B of the tax law, as amended by chapter 61 of the laws of 1989, is amended to read as follows:

(2) services performed within the metropolitan commuter transportation district, provided, however, that (i) in the case of a taxpayer engaged in the business of publishing newspapers or periodicals, receipts arising from sales of advertising contained in such newspapers and periodicals shall be deemed

to

arise from services performed within the metropolitan commuter transportation district to the extent that such newspapers and periodicals are delivered to points within the metropolitan commuter transportation district, (ii) receipts from an investment company from the sale of management, administration or distribution services to such investment company shall be deemed to arise from services performed within the metropolitan commuter transportation district to the extent set forth in subparagraph six of paragraph (a) of subdivision three of section two hundred ten of this chapter (except that references in such subparagraph six to the state shall be deemed, for purposes of application to this clause, to be references to the metropolitan commuter transportation district) and (iii) in the case of taxpayers principally engaged in the activity of air freight forwarding acting as principal and like indirect air carriage receipts arising from such tivity shall arise from services performed within the metropolitan commuter transportation district as follows: one hundred percent of such receipts if both the [pick up] pickup and delivery associated with such receipts are made in the metropolitan commuter transportation district and fifty percent of such receipts if either the (pick up) pickup or delivery associated with such receipts is made in the metropolitan commuter transportation district,

$ 12. Paragraph (d) of subdivision 1 of section 210 of the tax law, amended by chapter 61 of the laws of 1989, is amended

to read follows:

(d) Fixed dollar minimum. _(1) The amount prescribed by this paragraph shall be for a taxpayer [who] which during the taxable year has:

(A) a gross payroll of six million two hundred fifty thousand dollars or more, one thousand five hundred dollars;

(B) gross payroll of less than six million two hundred fifty thousand dollars but more than one million dollars, four hundred twentyfive dollars; (C) a gross payroll of

million dollars

less (except as prescribed in clause (D) of this subparagraph), three hundred twentyfive dollars; (D) a gross payro11 of

thousand dollars or less, with total receipts within and without this state of one thousand dollars or

less, and twhere] the average value of the [gross] assets of which are one thousand dollars or less, eight hundred dollars. 12) For purposes of this paragraph:

payroll shall be the same as the total wages, salaries and other personal service compensation of

all

the taxpayer's employees, within and without this state, as defined in subparagraph three of paragraph (a) of subdivision three of this section, except that general executive officers shall not be excluded. EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

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(B) total receipts shall be the same as receipts within and without this state as defined in subparagraph two of paragraph (a) of subdivision three of this section.

(C) average value of the [gross] assets shall be the same as prescribed by subdivision two of this section without reduction for liabilities.

(3) If the taxable [period to which any amount determined pursuant to this paragraph applies] year

is

less than [an entire year] twelve months, | such] the amount prescribed by this paragraph shall be reduced by twenty-five percent if the period for which [such] the taxpayer is subject to tax is more than six months but not more than nine months and by fifty per centum if the period for which [such] the taxpayer is subject to tax

is

not more than six months. Provided, however, that in determining the amount of gross payroll[] and total receipts for purposes of subparagraph one of this paragraph, where the taxable year is less than twelve months, the [dollar amounts of gross payroll] amount of each shall be determined by dividing the amount of [the gross payroll paid during such period] each with respect to the taxable year by the number of months in such [period] taxable year and multiplying the result by twelvel, and such amounts shall be substituted for

the gross payroll amounts contained therein].

၌ 13. Paragraph (b) of subdivision 1-c of section 210 of the tax law, as added by chapter 1043 of the laws of 1981, is amended to read follows:

(b) is not a corporation [which] over fifty percent of the number of shares of stock of which entitling the holders thereof to vote for the election of directors or trustees is owned by a taxpayer which (1) is subject to tax under this article; section one hundred eighty-three, one hundred eighty-four , one hundred eighty-five or one hundred eighty-six of article nine; article thirty-two or thirty-three of this chapter, and (2) does not qualify as a small business corporation as defined in paragraph three of subsection (c) of section twelve hundred forty-four of the internal

code (without regard to the second sentence of subparagraph (A), thereof), as of the last day of its taxable year ending within or with the taxable year of the taxpayer,

§ 14. Subdivision 2 of section 210 of the tax law, as amended by chapter 817 of the laws of 1987, is amended to read as follows:

2. The amount of subsidiary capital, investment capital and business capital shall each be determined by taking the average

value of the
[gross] assets included therein (lesst, liabilities deductible there-
from pursuant to the provisions of subdivisions four, five and seven of
section two hundred eight), and, if the period covered by the report is
other than a period of twelve calendar months, by multiplying such value
by the number of calendar months or major parts thereof included in such
period, and dividing the product thus obtained by twelve. For purposes
of this subdivision, real property and marketable securities shall be
valued at fair market value and the value of personal property other
than marketable securities shall be the value thereof shown on the books
and records of the taxpayer in accordance with generally accepted ac-
counting principles.

$ 15. Subparagraph 1 of paragraph (a) of subdivision 3 of section 210
of the tax law, as amended by chapter 817 of the laws of 1987, is
amended to read as follows:
(1) ascertaining

the
percentage which the average

value of the
taxpayer's real and tangible personal property, whether owned or.

rented to it, within the state during the period covered by its report bears to the average value of all the taxpayer's real and tangible personal property, whether owned or rented to it, wherever situated during such period. For the purpose of this subparagraph the

term "value of the taxpayer's real' and tangible personal property" shall mean the adjusted bases of such properties for federal income tax purposes (except that in the

of rented property such value shall mean the product of (i) eight and, (ii) the gross rents payable for the rental of such property during the taxable year); provided, however, that the taxpayer may make a one-time, revocable election, pursuant to regulations promulgated by the [tax commission) commissioner to use fair market value as the value of all of its real and tangible personal property,

provided that such election

is made or before the due date for filing, a report under section two hundred eleven for the taxpayer's first taxable year mencing or after January first, nineteen hundred eighty-seven and provided that such election shall not apply to any taxable year with respect

to which the taxpayer is included on a combined report unless

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each of the taxpayers included on such report has made such an election
which remains in effect for such year;

၌ 16. Clause (B) of subparagraph 2 of paragraph (a) of subdivision 3
of section 210 of the tax law, as amended by chapter 61 of the laws of
1989, is amended to read as follows:

(B) services performed within the state, provided, however, that (i) in the case of a taxpayer engaged in the business of publishing newspapers or periodicals, receipts arising from sales of advertising contained in such newspapers and periodicals shall be deemed to arise from services performed within the state to the extent that such newspapers and periodicals are delivered to points within the state, (ii) receipts from an investment company arising from the sale of management, administration or distribution services to such investment company shall be deemed to arise from services performed within the state to the extent set forth in subparagraph six of this paragraph and (iii) in the case of taxpayers principally engaged in the activity of air freight forwarding acting as principal and like indirect air carriage receipts arising from such activity shall arise from services performed within the state as follows: one hundred percent of such receipts if both

the [pick

up] pickup and delivery associated with such receipts are made in this statē and fifty percent of such receipts if either the [pick up] pickup delivery associated with such receipts is made in this statē,

§ 17. Paragraph (a) of subdivision 3-a of section 210 of the tax law, as amended by chapter 61 of the laws of 1989, is amended to read follows:

(a) Multiply its alternative business income by an alternative business allocation percentage determined pursuant to the method prescribed in subdivision three of this section except that the additional percentage (referred to in subparagraph four of paragraph (a) of such subdivision) equal to the percentage determined under subparagraph two of paragraph (a) of such 'subdivision shall be disregarded and not added together with the other percentages, and except that the percentages employed in such subdivision three shall be modified to reflect the factors utilized in computing minimum taxable income, provided, however, that a taxpayer principally engaged in the conduct of aviation (other than air "freight forwarders acting as principal and like indirect air carriers) shall determine its alternative business allocation percentage pursuant to the method prescribed in subparagraph seven of paragraph (a) of subdivision three of this section.

§ 18. Paragraph (8) of subdivision 11 of section 210 of the tax law,
as amended by chapter 15 of the laws of 1983, is amended to read
follows:

(8), If a business facility owned or operated by a taxpayer shall be an
eligible business facility for only part of a taxable year, the credit
otherwise allowed by this subdivision shall be prorated according to the
period such facility was an eligible business facility, and if the total
of

the eligible property values shall have changed during any taxable
year a pro-rata adjustment shall be made in computing such credit.

$ 19. Subdivisions 11, 12, 12-A, 12-B, 12-C, 17, 18, 19 and 20 of sec-
tion 210 of the tax law' are'amended by adding new subdivision headings
to read as follows:

Eligible business facility credit.
Investment tax credit (ITC).
Additional investment tax credit.
Economic development zone investment tax credit (EDZ-ITC).
Economic development zone employment incentive credit (EDZ-EIC).
Credit for the special additional mortgage recording tax.
Research and development tax credit,
Economic development zone wage tax credit.
Economic development zone capital corporation tax credit.

§ 20. Paragraph (k) of subdivision 12 of section 210 of the tax law,
as amended by chapter 1043 of the laws of 1981, is amended to read as
follows:

(k), Retail enterprise tax credit. A retail enterprise[,) not eligible
[to claim) for the credit under paragraph (a) of this subdivision,

but
eligible [to claim] for the credit [allowable] provided for under sec-
tion thirty-eight of the internal revenue code pursuant solely

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of subparagraph (E) of paragraph one of subsection (a) of section forty-eight of such code, shall be allowed a credit as hereinafter computed. The amount of the credit shall be the percentage appearing in paragraph (a) of this subdivision for the periods described therein for the amount of qualified rehabilitation expenditures, as defined in subsection (8) of section forty-eight of such code, paid or incurred with respect to a qualified rehabilitated building, as defined in such subsection (8), located in this state and such expenditures shall further be limited to only the portion thereof paid or incurred with respect to that part of a qualified rehabilitated building employed by such

taxpayer in the retail sales activity of such retail enterprise. For the purposes of this subdivision, the term "retail enterprise" means a taxpayer which is: (i) a registered vendor under article twenty-eight of this chapter, (ii) primarily engaged in the retail sale, as the term "retail sale" is defined in subparagraph (i) of paragraph four of subdivision (b) of section eleven hundred one of this chapter, of, tangible personal property, and (iii) otherwise eligible for the credit allowed pursuant to section thirty-eight of the internal revenue code.

§ 21. Subdivision 14 of section 210 of the tax law is repealed. § 22. Subdivision 16 of section 210 of the tax law is repealed.

§ 23. Paragraph (b) of subdivision 20 of section 210 of the tax law, as amended by chapter 817 of the laws of 1987, is amended to read follows:

(b) [The] In no event shall the credit allowed under this subdivision for any taxable year [shall not] reduce the tax due for such year to less than the higher of the amounts prescribed in paragraphs (c) and (d) of subdivision one of this section, In addition, no taxpayer

shall be allowed credit, or credits with respect to more than one year, taken in the aggregate, of more than one hundred thousand dollars. In addition, such credit may not exceed fifty percent of the tax imposed under section two hundred nine computed without regard to any credit provided for by this section.

S 24. Paragraph (C) of subdivision 20 of section 210 of the tax law, as added by chapter 686 of the laws of 1986, is amended to read follows:

(c) Where stock the purchase of which is the basis for the credit provided for herein is disposed of, the taxpayer's entire net incomel,

the portion thereof allocated within the state,] shall be computed; pursuant to regulations promulgated by the [state tax commission commissioner, as to properly reflect the reduced cost of such stock arising from the application of the credit provided for herein.

§ 25. Paragraph (a) of subdivision 8 of section 211 of the tax law, as amended by chapter 65 of the laws of

is amended to read follows:

(a) Except in accordance with proper judicial order or as otherwise provided by law, it shall be unlawful for any tax commissioner, any of ficer or employee of the department of taxation and finance, or any person who, pursuant to this section, is permitted to inspect any, report,

to whom any information contained in any report is furnished, or any person engaged or retained by such department on an independent contract basis, or any person who in any manner may acquire knowledge of the contents of a report filed pursuant to this article, to divulge known in any manner the amount of income or any particulars set forth of disclosed in any report under this article. The officers charged with the custody of such reports shall not be required to produce any of them or evidence of anything, contained in them in any action or proceeding in any court, except on behalf of the state or the [tax commission) commissioner in' an action or proceeding under the provisions of this chapter or in any other action or proceeding involving the collection of a tax due under this chapter to which the state or the [tax commission] commissioner is a party or a claimant, or on behalf of any party to any action or proceeding under the provisions of this article when the reports

facts shown thereby are directly involved in such action or proceed; ing, in any of which events the court may require the production of, and may admit in evidence, so much of said reports or of the facts shown thereby as are pertinent to the action or proceeding, and no more.

The [tax commission) commissioner may,, nevertheless, publish a copy or a summary of any determination or decision rendered after the formal' hearing provided for in section one thousand eighty-nine of this chapter. Nothing herein shall be construed to prohibit the delivery to a corpora tion or its duly authorized representative of a copy of any report filed by it, nor to prohibit the publication of statistics so classified as to

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prevent the identification of particular reports and the items thereof;
or the publication of delinquent lists showing the

of taxpayers
who have failed to pay their taxes

at

the time and in the manner
provided by section two hundred thirteen of this chapter together with
any relevant information which in the opinion of the [tax commission]
commissioner may assist in the collection of such delinquent taxes;

or
the inspection by the attorney general or other legal representatives of
the state of the report of any corporation which shall bring action
set aside or review the tax based thereon, or against which an action or
proceeding under this chapter has been recommended by the commissioner
of taxation and finance or the attorney general or has been instituted;
or the inspection of the reports of any corporation by the comptroller
or duly designated officer or employee of the state department of audit
and control, for purposes of the audit of a refund of any tax paid by
such corporation under this article; and nothing in this chapter shall
be construed to prohibit the publication of the issuer's allocation per-
centage (of capital, issued capital stock, gross premiums or net income]
of any corporation (which may be required to be allocated within the
state for purposes of the tax imposed by], as such term "issuer's allo-
cation percentage" is defined in subparagraph one of paragraph (b) of
subdivision three of section two hundred ten of this article.

§ 26. Section 213 of the tax law, as added by chapter 415 of the laws
of 1944, subdivision 1 as amended by chapter 643 of the laws of 1973,
the second unnumbered paragraph of subdivision 1 as amended by chapter
613 of the laws of 1976, the opening paragraph of the second unnumbered
paragraph of subdivision 1 as amended by chapter 61 of the laws of 1989,
subparagraph a of the second unnumbered paragraph of subdivision 1
amended by chapter 542 of the laws of 1985, subdivision 3 as added by
chapter 842 of the laws of 1976 and subdivision 2 as renumbered by chap-
ter 613 of the laws of 1976, is amended to read as follows:

§ 213. Payment and lien of tax. 1. To the extent the tax imposed by
section two hundred nine of this chapter_shall not have been previously
paid pursuant to section (two-hundred] two hundred thirteen-b of this
chapter,
such tax,

balance thereof, shall be payable to the [tax
commission] commissioner in full at the time the report is required to
be filed, and
b.

the balance thereof, imposed on any taxpayer which
ceases to exercise its franchise or to be subject to the tax imposed by
this article shall be payable to the [tax commission] commissioner at
the time the report is required to be filed, provided such tax

of a domestic corporation which continues to possess its franchise shall be subject to adjustment as the circumstances may require; all other

taxes
of any such taxpayer, which pursuant to the foregoing provisions of this
section would otherwise be payable subsequent to the time such report is
required to be filed, shall nevertheless be payable at such time.

2. If any taxpayer, within the time prescribed by section two hundred
eleven of this article, shall have applied for an automatic extension of
time to file its annual report and shall have paid to the commissioner
of taxation and finance on or before the date such application is filed

amount properly estimated provided by said section, the only
amount payable in addition to the tax shall be interest at the under-
payment rate set by the commissioner pursuant to section one thousand
ninety-six of this chapter, or, if no rate is set, at the rate of six
per centum

per annum upon the amount by which the tax, or the portion thereof payable on or before the date the report

required to be filed, exceeds the amount

paid. For purposes

of the preceding
sentence:

amount so paid shall be deemed properly estimated if it is
either (i) not less than ninety per centum of the tax as finally deter-
mined °(computed without regard to any credit allowable under subdivi-
şion fourteen of section two hundred ten of this chapter)], or (ii), not
less than the tax shown [(computed without regard to any credit allow-
able under subdivision fourteen of section two hundred ten of this
chapter),), on the taxpayer's report for the preceding taxable year, if
such preceding year was a taxable year of twelve months; and
b.

the time when a report is required to be filed shall be determined
without regard to any extension of time for filing such report.
EXPLANATION–Matter in italics is new; matter in brackets [ ] is old law

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