Title GCM, General City Model 772/66

Section 1. Definitions. When used in parts one through six: 1. "Taxpayer" means any corporation subject to tax; 2. "City" or "the city" means the city imposing the tax; 3. "State," "the state" or "this state" means the state of New York; 4. "Tax commission," "department of state…

§ 10. Limitations of time. The provisions of the civil practice law and rules relative to the limitation of time of enforcing a civil remedy shall not apply to any proceeding or action taken to levy, appraise, assess, determine or enforce the collection of any tax or penalty pre…

§ 101. Imposition of tax. (a) General.--A tax at the rate of four\npercent is hereby imposed for each taxable year, beginning with taxable\nyears ending after January first, nineteen hundred sixty-six, on the\nunincorporated business taxable income of every unincorporated busine…

§ 101-a. Taxable years to which tax applies; tax for taxable years beginning prior to and ending after January first, nineteen hundred sixty-six. (a) General.--The tax imposed by section one hundred one, with any modification permitted by subdivision (b) of this section, is impo…

§ 102. Meaning of terms. (a) General.--Unless a different meaning is clearly required, any term used in this title shall have the same meaning as when used in a comparable context in the laws of the United States relating to federal income taxes, and any reference in this title …

§ 103. Unincorporated business defined. (a) General.--An unincorporated business means any trade, business, profession or occupation conducted, engaged in or being liquidated by an individual or unincorporated entity, including a partnership or fiduciary or a corporation in liqu…

§ 104. Unincorporated business taxable income. The unincorporated business taxable income of an unincorporated business shall be the excess of its unincorporated business gross income over its unincorporated business deductions, allocated to the city, less the amount of: (1) Its…

§ 105. Unincorporated business gross income. (a) General.--Unincorporated business gross income of an unincorporated business means the sum of the items of income and gain of the business, of whatever kind and in whatever form paid, includible in gross income for the taxable yea…

§ 106. Unincorporated business deductions. The unincorporated business deductions of an unincorporated business means the items of loss and deduction directly connected with or incurred in the conduct of the business, which are allowable for federal income tax purposes for the t…

§ 107. Allocation to the city. (a) General.--If an unincorporated business is carried on both within and without the city, as determined under regulations of the director of finance, there shall be allocated to the city a fair and equitable portion of the excess of its unincorpo…

§ 108. Deductions not subject to allocation. (a) In computing unincorporated business taxable income, there shall be allowed (without allocation under section one hundred seven) deductions for reasonable compensation not in excess of five thousand dollars for personal services o…

§ 109. Unincorporated business exemptions. In computing unincorporated business taxable income, there shall be allowed (without allocation under section one hundred seven): (1) an unincorporated business exemption of five thousand dollars, prorated for taxable years of less than…

§ 11. Definitions. When used in this subpart: 1. The term "financial corporation" means every corporation doing a banking business as defined in this section, other than a national banking association, a trust company all of the capital stock of which is owned by not less than t…

§ 115. Declarations of estimated tax. (a) Requirement of declaration.--Except as provided in subdivision (j), every unincorporated business shall make a declaration of its estimated tax for the taxable year, containing such information as the commissioner of finance may prescrib…

§ 116. Payments of estimated tax. (a) General.--The estimated tax with respect to which a declaration is required shall be paid as follows: (1) If the declaration is filed on or before April fifteenth of the taxable year, the estimated tax shall be paid in four equal installment…

§ 12. Tax based on net income; imposition; minimum tax; new incorporations; dissolution; consolidations; mergers; etc. 1. For the privilege of doing business in the city: (a) Every bank and savings and loan association organized under the authority of this state; (b) Every trust…

§ 121. Accounting periods and methods. (a) Accounting periods.--A\ntaxpayer's taxable year under this title shall be the same as the\ntaxpayer's taxable year for federal income tax purposes.\n (b) Accounting methods.--A taxpayer's method of accounting under this\ntitle shall be …

§ 122. Returns, payment of tax. (a) General.--On or before the fifteenth day of the fourth month following the close of a taxable year, an unincorporated business income tax return shall be made and filed, and the balance of any tax shown on the face of such return, not previous…

§ 123. Time and place for filing returns and paying tax. A person required to make and file a return under this title shall, without assessment, notice or demand, pay any tax due thereon to the director of finance on or before the date fixed for filing such return (determined wi…

§ 124. Signing of returns and other documents. (a) General.--Any return, declaration, statement or other document required to be made pursuant to this title shall be signed in accordance with regulations or instructions prescribed by the director of finance. The fact that an ind…

§ 125. Extensions of time. (a) General.--The director of finance may grant a reasonable extension of time for payment of tax or estimated tax (or any installment), or for filing any return, declaration, statement, or other document required pursuant to this title, on such terms …

§ 126. Requirements concerning returns, notices, records and statements. (a) General.--The director of finance may prescribe regulations as to the keeping of records, the content and form of returns and statements, and the filing of copies of federal income tax returns and deter…

§ 127. Report of change in federal taxable income.--If the amount of a\ntaxpayer's federal taxable income reported on his federal income tax\nreturn for any taxable year is changed or corrected by the United States\ninternal revenue service or other competent authority, or as th…

§ 127-A. Reporting of changes or corrections in sales and compensating use tax liability.--Where the state tax commission changes or corrects a taxpayer's sales and compensating use tax liability with respect to the purchase or use of items for which a sales or compensating use …

§ 128. Change of election. Any election expressly authorized by this title, other than the election authorized by subdivision (d) of section one hundred five, may be changed on such terms and conditions as the director of finance may prescribe by regulation.

§ 129. Notice of deficiency. (a) General.--If upon examination of a\ntaxpayer's return under this title the director of finance determines\nthat there is a deficiency of income tax, he may mail a notice of\ndeficiency to the taxpayer. If a taxpayer fails to file a return\nrequir…

§ 13. Years for which imposed. The tax imposed by section twelve of this part is imposed for each calendar year beginning with the calendar year nineteen hundred sixty-six.

§ 130. Assessment. (a) 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 retur…

§ 131. Limitations on assessment. (a) General.--Except as otherwise provided in this section, any tax under this title shall be assessed within three years after the return was filed (whether or not such return was filed on or after the date prescribed). (b) Time return deemed f…

§ 132. Interest on underpayment. (a) General.--If any amount of income\ntax is not paid on or before the last date prescribed in this title for\npayment, interest on such amount at the rate set by the commissioner of\nfinance pursuant to section one hundred forty-five, or, if no…

§ 133. Additions to tax and civil penalties. (a) Failure to file tax return.--In case of failure to file a tax return under this title 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 re…

§ 134. Overpayment. (a) General.--The director of finance, within the\napplicable period of limitations, may credit an overpayment of income\ntax and interest on such overpayment against any liability in respect of\nany tax imposed by this title or by titles on the person who ma…

§ 135. Limitations on credit or refund. (a) General.--Claim for credit\nor refund of an overpayment of income tax shall be filed by the taxpayer\nwithin three years from the time the return was filed or two years from\nthe time the tax was paid, whichever of such periods expires…

§ 136. Interest on overpayment. (a) General.--Notwithstanding the\nprovisions of section three-a of the general municipal law, interest\nshall be allowed and paid as follows at the rate set by the commissioner\nof finance pursuant to section one hundred forty-five, or, if no rat…

§ 137. Petition to director of finance. (a) General.--The form of a petition to the director of finance, and further proceedings before the director of finance in any case initiated by the filing of a petition, shall be governed by such rules as the director of finance shall pre…

§ 138. Review of director's decision. (a) General.--A decision of the director of finance shall be subject to judicial review at the instance of any taxpayer affected thereby in the manner provided by law for the review of a final decision or action of administrative agencies of…

§ 139. Mailing rules; holidays. (a) Timely mailing.--If any claim, statement, notice, petition, or other document (including to the extent authorized by the director of finance, a return or a declaration of estimated tax) required to be filed within a prescribed period or on or …

§ 14. Ascertainment of gain or loss. 1. For the purpose of\nascertaining the gain derived or loss sustained from the sale or other\ndisposition of property, real, personal or mixed, the basis shall be the\ncost thereof, or the inventoried value if the inventory is made in\naccor…

§ 140. Collection, levy and liens. (a) Collection procedures.--The taxes imposed by this title shall be collected by the director of finance, and he may establish the mode or time for the collection of any amount due it under this title if not otherwise specified. The director o…

§ 141. Transferees. (a) General.--The liability, at law or in equity,\nof a transferee of property of a taxpayer for any tax, additions to tax,\npenalty or interest due the director of finance under this title, shall\nbe assessed, paid, and collected in the same manner and subje…

§ 142. Jeopardy assessment. (a) Authority for making.--If the director of finance believes that the assessment or collection of a deficiency will be jeopardized by delay, he shall, notwithstanding the provisions of section one hundred twenty-nine and one hundred forty-four, and …

§ 143. Criminal penalties. (a) Attempt to evade tax.--Any individual or partnership or member or employee of any partnership, who, with intent to evade any tax or any requirement of this title or any lawful requirement of the director of finance thereunder, shall fail to pay the…

§ 144. Armed forces relief provisions. (a) Time to be disregarded.--In the case of an individual serving in the armed forces of the United States or serving in support of such armed forces, in an area designated by the president of the United States by executive order as a "comb…

§ 145. General powers of director of finance. (a) General.--The\ndirector of finance shall administer and enforce the tax imposed by this\ntitle and he is authorized to make such rules and regulations, and to\nrequire such facts and information to be reported, as he may deem\nne…

§ 146. Secrecy requirement and penalties for violation. Except in accordance with proper judicial order or as otherwise provided by law, it shall be unlawful for the director of finance, the department of finance of the city, any officer or employee of the department of finance …

§ 147. Effect of invalidity in part. If any clause, sentence, paragraph, subsection, section or other part of this title or the application thereof to any person or circumstances, shall be held to be invalid, such holding shall not affect, impair or invalidate the remainder of t…

§ 148. Inconsistencies with other laws. If any provision of this title is inconsistent with, in conflict with, or contrary to any other provision of law, such provision of this title shall prevail over such other provision and such other provision shall be deemed to have been am…

§ 149. Disposition of revenues*. All revenues resulting from the imposition of the taxes under this title shall be paid into the treasury of the city and shall be credited to and deposited in the general fund of the city, but no part of such revenues may be expended unless appro…

§ 15. Exchange of property.--Upon the sale or exchange of property the\nentire amount of the gain or loss, determined under section fourteen,\nshall be recognized, except as hereinafter provided in this section:\n 1. No gain or loss shall be recognized if common stock in a\ncorp…

§ 16. Exchange of property when no gain or loss is realized. When property is exchanged for other property and no gain or loss is realized under the provisions of the preceding section, the property received shall be treated as taking the place of the property exchanged therefor…