N.Y. Cooperative Corporations Law Section 77
Annual license fee


1.

Each cooperative corporation organized, with or without capital stock, for the purpose of cooperative marketing of agricultural products or for the purpose of making loans to its members producing agricultural products or for the purpose of purchasing food products for sale to its members, such a purchasing cooperative corporation having gross receipts from such sales of less than five hundred thousand dollars in a calendar year, shall pay to the commissioner of taxation and finance an annual fee of ten dollars, in lieu of all franchise or license or corporation taxes.

2.

Each cooperative corporation organized without capital stock, with federal internal revenue code section 501(c)12 status, for the purpose of producing and/or distributing district heating and/or cooling service solely for the use of its members where:

(a)

the heating or cooling facility of such cooperative corporation is located in a city with a population of more than two hundred thousand and less than three hundred thousand and (b) either (i) at least thirty-five percent of such heating and/or cooling service as measured by relative thermal usage is distributed to and used by members which qualify as organizations described in paragraph one, two or four of subdivision (a) of Tax Law § 1116 (Exempt organizations)section eleven hundred sixteen of the tax law, or which qualify as cooperative corporations organized without capital stock with federal internal revenue code section 501(c)12 status, or

(ii)

is a member of a cooperative corporation organized without capital stock which satisfies the requirements of clause (a) and item (i) of clause (b) of this subdivision shall pay to the commissioner of taxation and finance an annual fee of ten dollars, in lieu of all franchise, license or corporation taxes, or the tax imposed under Tax Law § 186-A (Tax on the furnishing of utility services)section one hundred eighty-six-a of the tax law.

3.

Such annual fee shall be paid for each calendar year on the fifteenth day of March next succeeding the close of such calendar year but shall not be payable after January first, two thousand twenty; provided, however, that cooperative corporations described in subdivisions one or two of this section shall continue to not be subject to the franchise, license, and corporation taxes referenced in such subdivisions or, in the case of cooperative cooperations described in subdivision two of this section, the tax imposed under section one-hundred eighty-six-a of the tax law.

Source: Section 77 — Annual license fee, https://www.­nysenate.­gov/legislation/laws/CCO/77 (updated Apr. 19, 2019; accessed Jun. 15, 2024).

Accessed:
Jun. 15, 2024

Last modified:
Apr. 19, 2019

§ 77’s source at nysenate​.gov

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