Title GCM, General City Model 772/66

§ 17. Inventory. Whenever in the opinion of the director of finance the use of inventories is necessary in order clearly to determine the income of any taxpayer, inventory shall be taken by such taxpayer upon such basis as the director of finance may prescribe, conforming as nea…

§ 18. Net income defined. The term "net income" means the gross income of a taxpayer less the deductions allowed by this subpart.

§ 19. Computation of net income. The net income shall be computed in accordance with the method of accounting regularly employed in keeping the books of such taxpayer; but if no such method of accounting has been so employed, or if the method employed does not clearly reflect th…

§ 2. Definitions. When used in this part:\n 1. "Corporation" includes a joint-stock company or association and any\nbusiness conducted by a trustee or trustees wherein interest or\nownership is evidenced by certificate or other written instrument;\n 2. "Subsidiary" means a corpo…

§ 20. Gross income defined. 1. The term "gross income" includes gains, profits and income derived from the business, of whatever kind and in whatever form paid, including gains, profits or income from dealings in property, whether real or personal, or gains, profits or income re…

§ 21. Deductions. In computing net income there shall be allowed as deductions: 1. All the ordinary and necessary expenses paid or incurred during the year in carrying on business, including a reasonable allowance for salaries or other compensation for personal services actually…

§ 22. Items not deductible. In computing net income no deduction shall in any case be allowed in respect of: (a) Any amount paid out for new buildings or for permanent improvements or betterments made to increase the value of any property. (b) Any amount expended in restoring pr…

§ 23. Imposition of tax. 1. Pursuant to the authority conferred by section fifty-two hundred nineteen of the United States revised statutes and in conformity with the provisions contained in subdivision c of clause one of such section, every national banking association organize…

§ 24. Years for which imposed. The tax imposed by section\ntwenty-three of this part is imposed for each calendar year beginning\nwith the calendar year nineteen hundred sixty-six.\n

§ 25. Ascertainment of gain or loss; exchange of property. 1. For the\npurpose of ascertaining the gain derived or loss sustained from the sale\nor other disposition of property, real, personal or mixed, the basis\nshall be the cost thereof, or the inventoried value if the inven…

§ 26. Inventory. Whenever in the opinion of the director of finance\nthe use of inventories is necessary in order clearly to determine the\nincome of any taxpayer, inventory shall be taken by such taxpayer upon\nsuch basis as the director of finance may prescribe, conforming as\…

§ 27. Net income defined; computation. The term "net income" means the gross income of a taxpayer less the deductions allowed by this subpart. The net income shall be computed in accordance with the method of accounting regularly employed in keeping the books of such taxpayer; b…

§ 28. Gross income defined. 1. The term "gross income" includes gains, profit and income derived from the business, of whatever kind and in whatever form paid, including gains, profits or income from dealings in property, whether real or personal, or gains, profits, or income re…

§ 29. Deductions. 1. In computing net income there shall be allowed as\ndeductions:\n (a) All the ordinary and necessary expenses paid or incurred during\nthe year in carrying on business, including a reasonable allowance for\nsalaries or other compensation for personal services…

§ 3. Imposition of tax; exemptions. 1. For the privilege of doing\nbusiness in the city in a corporate or organized capacity for all or any\npart of each of its fiscal or calendar years, every domestic or foreign\ncorporation, except corporations specified in subdivision four of…

§ 30. Administration; procedure; provisions of law applicable. For the purpose of carrying into effect the provisions of this subpart, and except as otherwise provided in this subpart, income shall be computed, gain or loss ascertained, deductions made, apportionments and alloca…

§ 31. Tax on production credit associations. Pursuant to the authority conferred by the federal farm credit act of nineteen hundred thirty-three, every production credit association organized under the authority of the United States and located within the city after the stock he…

§ 32. Taxpayers' returns. Every taxpayer, on or before March fifteenth, nineteen hundred sixty-seven, and annually thereafter, shall make a return subscribed by the taxpayer and affirmed by him to be true under the penalties of perjury to the director of finance, for the calenda…

§ 33. Consolidated returns. Corporations which are affiliated may, if authorized, and shall, if required, by the director of finance, under regulations prescribed by the director of finance, make a consolidated return for the purpose of this part. In any case in which a tax is a…

§ 34. Payment of tax. Each taxpayer shall, at the time of filing its return, pay to the director of finance (a) the amount of tax payable hereunder as the same shall appear from the face of the return, or (b) if payments of estimated tax have been made pursuant to section thirty…

§ 35. Declaration of estimated tax; payments on account of estimated tax. 1. Every taxpayer subject to the tax imposed by this part shall make a declaration of the estimated tax upon the basis of its net income for the current calendar year, containing such information as the di…

§ 36. Real property taxable. Nothing in this part shall be\nconstrued to exempt the real property of any taxpayer from taxation to\nthe same extent, according to its value, as other real property is\ntaxed.\n

§ 4. Computation of tax. * 1. The tax imposed by subdivision one of section three of this part shall be, in the case of each taxpayer: (a) a tax (1) for taxable years beginning on or after January first, nineteen hundred seventy-eight but before January first, nineteen hundred e…

§ 4-a. Credit relating to stock transfer tax. (1) A taxpayer shall be\nallowed a credit, to be credited or refunded in the manner hereinafter\nprovided in this section, against the tax imposed by this part. The\namount of such credit shall be fifty per cent of the tax incurred i…

§ 4-b. Credit relating to certain sales and compensating use taxes. (1) In addition to the credit allowed by section four-a of such chapter, a taxpayer shall be allowed a credit against the tax imposed by this part to be credited or refunded in the manner hereinafter provided in…

§ 4-c. Credit relating to certain expenses involved in the cost of relocating industrial and commercial employment opportunities. (1) In addition to any other credit allowed by this section, a taxpayer shall be allowed a credit against the tax imposed by this part to be credited…

§ (4-d) Credit relating to the annual increase in certain payments to a landlord by a taxpayer relocating industrial and commercial employment opportunities. (1) In addition to any other credit allowed by this section, a taxpayer shall be allowed a credit against the tax imposed…

§ 4-e. Credit relating to certain sales and compensating use taxes. (1) in addition to any other credit allowed by this section, a taxpayer shall be allowed a credit against the tax imposed by this part to be credited or refunded in the manner hereinafter provided in this sectio…

§ 4-f. Credit relating to certain sales and compensating use taxes on electricity used in manufacturing, processing or assembling. (1) (a) In addition to any other credit allowed by this part, a taxpayer shall be allowed a credit against the tax imposed by this part to be credit…

§ 4-h. Relocation and employment assistance credit. (1) In addition to any other credit allowed by this part, a taxpayer that has obtained the certifications in accordance with subdivision (b) of section twenty-five-z of the general city law shall be allowed a credit against the…

§ 4-i. Lower Manhattan relocation and employment assistance credit. (1) In addition to any other credit allowed by this part, a taxpayer that has obtained the certifications in accordance with subdivision (b) of section twenty-five-ee of the general city law shall be allowed a c…

§ 4-j. Relocation assistance credit per employee. (1) In addition to any other credit allowed by this part other than a credit allowed by section four-h of this part, a taxpayer that has obtained the certifications in accordance with subdivision (b) of section twenty-five-gg of …

§ 5. Reports. 1. Every corporation having an officer, agent or representative within the city, shall annually on or before March fifteenth transmit to the director of finance a report in a form prescribed by him (except that a corporation which reports on the basis of a fiscal y…

§ 6. Payment and lien of tax. 1. To the extent the tax imposed by section three of this part shall not have been previously paid pursuant to section eight of this part, (a) such tax, or the balance thereof, shall be payable to the commissioner of finance in full at the time the …

§ 61. Tax on transportation corporations and associations. 1. The term "corporation" as used in this part shall include any business conducted by a trustee or trustees wherein interest or ownership is evidenced by certificates or other written instruments. 2. For the privilege o…

§ 62. Additional tax on transportation corporations and associations. Every corporation, joint-stock company or association formed for or principally engaged in the conduct of aviation, steamboat, ferry (except a ferry company operating between any of the boroughs of the city un…

§ 63. Receivers, etc., conducting corporate business. Any receiver, liquidator, referee, trustee, assignee, or other fiduciary or officer or agent appointed by any court, who conducts the business of any corporation, joint stock company or association shall be subject to the tax…

§ 64. Service of process; limitation of time. 1. Every foreign corporation (other than a moneyed corporation) subject to the provisions of this part, except a corporation having a certificate of authority under section two hundred twelve of the general corporation law or having …

§ 65. Exemption of Corporations Owned by a Municipality. The provisions of this part shall not apply to any corporation all of the capital stock of which is owned by a municipal corporation of this state.

§ 66. Reports of Corporations. Corporations liable to pay a tax under this part shall report as follows: 1. Every corporation, association or joint stock company liable to pay a tax under section sixty-one of this part shall, on or before March first in each year, make a written…

§ 67. Payment of tax and penalties. 1. The taxes imposed by sections sixty-one and sixty-two of this part shall be due and payable at the time of filing the report required by section sixty-six, or, in case such a report is not filed when due, on the last day specified for the f…

§ 68. Taxable years to which taxes apply. The taxes imposed by this part are imposed for each taxable year or period beginning with taxable years or periods ending in or with the calendar year nineteen hundred sixty-six.

§ 69. First reports for payments for nineteen hundred sixty-six. If any report under this part is due prior to sixty days after the enactment of this title, such report and the payment therewith shall be filed and paid within sixty days after the enactment of this title.

§ 7. Declaration of estimated tax. 1. Every taxpayer subject to the\ntax imposed by section three of this part shall make a declaration of\nits estimated tax for the current privilege period, containing such\ninformation as the director of finance may prescribe by regulations or…

§ 71. Application of part. 1. General.--The provisions of this part shall apply to the administration of and the procedures with respect to the taxes imposed by part two, part three, part four and part five of this title. 2. Definitions.--As used in this part: (a) the term "name…

§ 72. Notice of Deficiency. 1. General.--If upon examination of a taxpayer's return, the director of finance determines that there is a deficiency of tax, it may mail a notice of deficiency to the taxpayer. If a taxpayer fails to file a tax return, the director of finance is aut…

§ 73. Assessment. 1. Assessment date.--The amount of tax which a return shows to be due, or the amount of tax which a return would have shown to be due but for a mathematical error, shall be deemed to be assessed on the date of filing of the return (including any amended return …

§ 74. Limitations on Assessment. 1. General.--Except as otherwise\nprovided in this section, any tax under the named parts shall be\nassessed within three years after the return was filed (whether or not\nsuch return was filed on or after the date prescribed).\n 2. Time return d…

§ 75. Interest on underpayment. 1. General.--If any amount of tax is not paid on or before the last date prescribed in whichever of the named parts is applicable for payment, interest on such amount at the rate set by the commissioner of finance pursuant to section eighty-seven,…

§ 76. Additions to tax and civil penalties. 1. Failure to file return.--In case of failure to file a return under the named parts on or before the prescribed date (determined with regard to any extension of time for filing), unless it is shown that such failure is due to reasona…