N.Y. Tax Law Section 2
Definitions

1.

Unless otherwise expressly stated or unless the context or subject matter otherwise requires, “tax department” or “department”, as used in this chapter, means the department of taxation and finance, “commissioner” means the commissioner of taxation and finance or his delegate, and “tax commission” or “commission”, in all matters pertaining to the administration of the division of tax appeals, means the tax appeals tribunal and in all other matters means the commissioner of taxation and finance.

2.

“Comptroller” as used in this chapter means the state comptroller.

3.

“County treasurer” includes any officer performing the duties devolving upon such office under whatever name.

4.

“Infant” or “minor” as used in this chapter means a person who has not attained the age of eighteen years.

5.

The term “limited liability company” means a domestic limited liability company or a foreign limited liability company, as defined in Limited Liability Company Law § 102 (Definitions)section one hundred two of the limited liability company law, a limited liability investment company formed pursuant to Banking Law § 507 (Limited liability investment companies)section five hundred seven of the banking law, or a limited liability trust company formed pursuant to Banking Law § 102-A (Limited liability trust companies)section one hundred two-a of the banking law.

6.

“Partnership and partner,” unless the context requires otherwise, shall include, but shall not be limited to, a limited liability company and a member thereof, respectively.

7.

“REIT” means a real estate investment trust as defined in section eight hundred fifty-six of the internal revenue code.

8.

“RIC” means a regulated investment company as defined in section eight hundred fifty-one of the internal revenue code.

9.

“Captive REIT” means a REIT that is not regularly traded on an established securities market, and ( more than fifty percent of the voting stock of which is owned or controlled, directly or indirectly, by a single entity treated as an association taxable as a corporation under the Internal Revenue Code that is not exempt from federal income tax and is not a REIT. Any voting stock in a REIT that is held in a segregated asset account of a life insurance corporation (as described in section 817 of the internal revenue code) shall not be taken into account for purposes of determining whether a REIT is a captive REIT. None of the following entities shall be considered an association taxable as a corporation for purposes of this subdivision:

(a)

any listed Australian property trust (meaning an Australian unit trust registered as a “managed investment scheme” under the Australian Corporations Act in which the principal class of units is listed on a recognized stock exchange in Australia and is regularly traded on an established securities market), or an entity organized as a trust, provided that a listed Australian property trust owns or controls, directly or indirectly, seventy-five percent or more of the voting power or value of the beneficial interests or shares of such trust; or

(b)

any qualified foreign entity, meaning a corporation, trust, association or partnership organized outside the laws of the United States and which satisfies the following criteria:

(i)

at least seventy-five percent of the entity’s total asset value at the close of its taxable year is represented by real estate assets (as defined at subparagraph (B) of paragraph (5) of subsection (c) of section eight hundred fifty-six of the internal revenue code, thereby including shares or certificates of beneficial interest in any real estate investment trust), cash and cash equivalents, and United States Government securities;

(ii)

the entity is not subject to tax on amounts distributed to its beneficial owners, or is exempt from entity-level taxation;

(iii)

the entity distributes at least eight-five percent of its taxable income (as computed in the jurisdiction in which it is organized) to the holders of its shares or certificates of beneficial interest on an annual basis;

(iv)

not more than ten percent of the voting power or value in such entity is held directly or indirectly or constructively by a single entity or individual, or the shares or beneficial interests of such entity are regularly traded on an established securities market; and

(v)

the entity is organized in a country which has a tax treaty with the United States.

10.

“Captive RIC” means a RIC (a) that is not regularly traded on an established securities market, and

(b)

more than fifty percent of the voting stock of which is owned or controlled, directly or indirectly, by a single corporation that is not exempt from federal income tax and is not a RIC. Any voting stock in a RIC that is held in a segregated asset account of a life insurance corporation (as described in section 817 of the internal revenue code) shall not be taken into account for purposes of determining whether a RIC is a captive RIC.

11.

The term “combinable captive insurance company” means an entity that is treated as an association taxable as a corporation under the internal revenue code (a) more than fifty percent of the voting stock of which is owned or controlled, directly or indirectly, by a single entity that is treated as an association taxable as a corporation under the internal revenue code and not exempt from federal income tax;

(b)

that is licensed as a captive insurance company under the laws of this state or another jurisdiction;

(c)

whose business includes providing, directly and indirectly, insurance or reinsurance covering the risks of its parent and/or members of its affiliated group; and

(d)

fifty percent or less of whose gross receipts for the taxable year consist of premiums from arrangements that constitute insurance for federal income tax purposes. For purposes of this subdivision, “affiliated group” has the same meaning as that term is given in section 1504 of the internal revenue code, except that the term “common parent corporation” in that section is deemed to mean any person, as defined in section 7701 of the internal revenue code and references to “at least eighty percent” in section 1504 of the internal revenue code are to be read as “fifty percent or more;” section 1504 of the internal revenue code is to be read without regard to the exclusions provided for in subsection (b) of that section; “premiums” has the same meaning as that term is given in paragraph one of subdivision (c) of § 1510 (Additional franchise tax on insurance corporations)section fifteen hundred ten of this chapter, except that it includes consideration for annuity contracts and excludes any part of the consideration for insurance, reinsurance or annuity contracts that do not provide bona fide insurance, reinsurance or annuity benefits; and “gross receipts” includes the amounts included in gross receipts for purposes of section 501(c) (15) of the internal revenue code, except that those amounts also include all premiums as defined in this subdivision.

Source: Section 2 — Definitions, https://www.­nysenate.­gov/legislation/laws/TAX/2 (updated Sep. 8, 2017; accessed Oct. 26, 2024).

1
Short title 2
Definitions 3
Exemption from certain taxes granted to certain corporations engaged in the operation of vessels in foreign commerce 4
Exemption from certain excise and sales taxes granted to the United Nations 5
Obtaining and furnishing taxpayer identification information 5‑A
Certification of registration to collect sales and compensating use taxes by certain contractors, affiliates and subcontractors 6
Filing of warrants in the department of state 7
Inapplicability of certain money judgment enforcement procedures 8
Exemption from taxes granted to REMICs 9
Electronic funds transfer by certain taxpayers remitting withholding taxes 10
Electronic funds transfer by certain taxpayers remitting sales and compensating use taxes, prepaid sales and compensating use taxes on mo... 11
Certified capital companies 12
Internet 13
Exemption from taxation for victims or targets of Nazi persecution 14
Empire zones program 14‑A
IMB credit for energy taxes 15
QEZE credit for real property taxes 16
QEZE tax reduction credit 17
Empire zones tax benefits report 18
Low-income housing credit 19
Green building credit 20
Credit for transportation improvement contributions 21
Brownfield redevelopment tax credit 21*2
Disclosure of taxpayer information in cases involving abandoned property 22
Tax credit for remediated brownfields 23
Environmental remediation insurance credit 24
Empire state film production credit 24‑A
Musical and theatrical production credit 24‑B
Television writers’ and directors’ fees and salaries credit 24‑C
New York city musical and theatrical production tax credit 25
Disclosure of certain transactions and related information 26
Security training tax credit 27
Suspension of tax-exempt status of terrorist organizations 28
Empire state commercial production credit 28*2
Biofuel production credit 29
Mandatory electronic filing and payment 30
Bad check or failed electronic funds withdrawal fee 31
Excelsior jobs program credit 31*2
Empire state film post production credit 32
Registration of tax return preparers 33
Correction periods for electronic tax documents and payments 33*2
Temporary deferral of certain tax credits 34
Tax return preparers and software companies not to charge separately for New York e-file services 34*2
Temporary deferral payout credits 35
Use of electronic means of communication 35*2
Economic transformation and facility redevelopment program tax credit 36
Empire state jobs retention program credit 37
Alcoholic beverage production credit 38
New York innovation hot spot program tax benefits 38*2
Minimum wage reimbursement credit 39
Tax benefits for businesses located in tax-free NY areas and employees of such businesses 39‑A
Penalties for fraud in the START-UP NY program 40
The tax-free NY area tax elimination credit 41
Limitations on tax credit eligibility 42
Farm workforce retention credit 42‑A
Farm employer overtime credit 43
Life sciences research and development tax credit 43*2
Single member limited liability companies and eligibility for tax credits 44
Employer-provided child care credit 45
Empire state digital gaming media production credit 46
Restaurant return-to-work tax credit 46‑A
Additional restaurant return-to-work tax credit 47
COVID-19 capital costs tax credit 47*2
Grade no 47*3
Suspension of certain taxes on motor fuel and Diesel motor fuel 48
Child care creation and expansion tax credit 49
Newspaper and broadcast media jobs tax credit 49*2
Commercial security tax credit
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Accessed:
Oct. 26, 2024

Last modified:
Sep. 8, 2017

§ 2’s source at nysenate​.gov

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