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§ 214a amended.

8. If any corporation has been permitted to change the period for which it shall make its report, it shall be taxed upon the entire net income which has not been used or included in measuring a franchise tax to this state as though the entire net income had been earned within one year.

Real property and tangible personal property shall be taken at its actual value where located. The value of share stock of another corporation owned by a corporation liable hereunder shall for purposes of allocation of assets be apportioned in and out of the state in accordance with the value of the physical property in and out of the state representing such share stock.

It is further provided that every domestic corporation exercising its franchise in this state and every foreign corporation doing business in this state, other than those exempted by section two hundred and ten of this chapter, shall be subject to a minimum tax of not less than ten dollars and not less than one mill upon each dollar of such a part of its issued capital stock, at its face value, as the amount of its gross assets employed by it in its business in this state bears to its gross assets wherever employed by it in its business. But if such a corporation has stock without par value, then the base of the tax, with relation to such stock, shall be such a portion of such issued capital stock, at not less than its actual or market value, and not less than five dollars per share, as may be determined by the tax commission, as its gross assets employed in its business in this state bear to the entire gross assets employed in its business. Whenever a corporation organized prior to the first day of November in any year is not subject to a franchise tax based on its net income, as provided in section two hundred and nine of this article, it shall be subject to the minimum tax provided by section two hundred and fourteen of this article, based on its issued capital stock as of the thirty-first day of October succeeding the date of its incorporation, or, in the case of a foreign corporation, the date of its beginning business in this state.

If such a corporation is subject to a tax at the rate of one mill, and it maintains no regular place of business outside this state, except a statutory office, it shall be taxed upon its entire issued capital stock as herein provided.

§ 3. Section two hundred and fourteen-a of such chapter, as added by chapter two hundred and ninety-two of the laws of nineteen hundred and eighteen and last amended by chapter three hundred and eleven of the laws of nineteen hundred and twentyfour, is hereby amended to read as follows:6

§ 214-a. Taxation of corporations acquiring assets or franchises of other corporations. If any business corporation shall acquire either directly, indirectly or by merger or consolidation the major portion of the actively employed assets or the franchises of another corporation or of corporations exercising any franchise or doing

4 Following sentence new.

Previously amended by L. 1919, ch. 628.
Section materially amended.

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any business in this state during any year, or shall merge or consolidate another corporation, it shall on or before the first day of July, or within thirty days after such acquisition, merger or consolidation, if consummated between the thirtieth day of June. and the first day of November, file a report and include therein a statement showing its own and the consolidated entire net income of all such corporations for preceding calendar or fiscal years. to the extent that all such income has not been used or included in measuring a franchise tax to this state. It shall, in any event, be liable for and pay all taxes that would have been due and payable by the corporation, or corporations, on or before the first day of z January next succeeding had the corporation or corporations whose assets or franchises were acquired, or which were merged or consolidated, continued in business and as though there had been no interruption or change of the business thereof nor discontinuance of the privilege of exercising a franchise. It shall also include in its own next annual return, in addition to its own entire net income, so much of the entire net income of corporations whose assets or franchises it acquired, or which were merged or consolidated, as shall not have been used or included in measuring a franchise tax to this state, and shall be taxed upon such combined entire net income for the year to ensue. The provisions for a minimum tax shall be applied only when under such provisions a tax will result in excess of the amount which would be produced by a tax on entire net income as hereinbefore provided and then in lieu thereof.

This section, as hereby amended, shall be construed as having been in effect as of the date of the original enactment of article nine-a of the tax law, as added by chapter seven hundred and twenty-six of the laws of nineteen hundred and seventeen.

§ 4. This act shall take effect immediately.

CHAPTER 324

AN ACT to amend the tax law, in relation to the franchise tax on life and casualty insurance corporations doing business on the co-operative or assessment plan, and remitting such taxes payable prior to May first, nineteen hundred and twenty-five.

Became a law April 2, 1925, with the approval of the Governor. Passed, three-fifths being present.

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

ch. 62,

amended.

Section 1. Subdivision three of section one hundred and eighty- L. 1909, seven of chapter sixty-two of the laws of nineteen hundred and 187, nine, entitled "An act in relation to taxation, constituting chapter subd. 3 sixty of the consolidated laws," such section having been last amended by chapter three hundred and thirty-two of the laws of nineteen hundred and twenty-four,1 is hereby amended to read as follows:

1 Previously amended by L. 1917, ch. 796; L. 1919, ch. 625; L. 1923, ch. 542.

Franchise

tax on certain foreign

insurance corpora

tions.

Tax appli

cable

to year ending Dec. 31, 1924.

Remission

of tax in certain cases.

3. Every insurance corporation, incorporated, organized or formed under, by or pursuant to the laws of any state without th United States. or of any foreign country, except such a corporation doing a life, health or casualty insurance business, and doing business in this state, but the tax on gross premiums of a corporation so incorporated, organized or formed and doing a fire or marine insurance business within the state shall be equal to fivetenths of one per centum. This section does not apply to a fraternal benefit society, order or association, a corporation for the insurance of domestic animals, a town or county co-operative insurance corporation, nor to any corporation subject to the supervision of or required by or in pursuance of law to report to the superintendent of banks; but this section does apply to a corporation organized under article six of the insurance law, and2 to an individual, or partnership, or association of underwriters known as the Lloyds in so far as corporations doing the same kind of insurance business are subject to its provisions. The taxes imposed by this section shall be in addition to all other fees, licenses or taxes imposed by this or any other law, except that in assessing taxes under the reciprocal provision of section thirtythree of the insurance law, credit shall be allowed for any taxes paid under this section. The term "insurance corporations" as used in this article, shall include a corporation, association, jointstock company or association, person, society, aggregation or partnership by whatever name known doing an insurance business in this state.

The tax, and the basis thereof provided for in this section as hereby amended shall apply to the year ending December thirtyfirst, nineteen hundred and twenty-four, as well as to subsequent

years.

§ 2. Notwithstanding any provision of section one hundred and eighty-seven of the tax law, a corporation organized under article six of the insurance law which heretofore has defaulted in paying any tax imposed by such section, and payable at any time prior to May first, nineteen hundred and twenty-five, shall be deemed to have made such default by reason of uncertainty of liability therefor under such section and shall not be liable for such unpaid taxes; and it shall not be the duty of the tax commission or any other public officer to enforce or collect the same.

§ 3. This act shall take effect immediately.

2 Words "to a corporation organized under article six of the insurance law," new.

3 Formerly “nineteen hundred and twenty-two."

CHAPTER 325

AN ACT to amend the tax law, in relation to deputy appraisers under the transfer tax law.

Became a law April 2, 1925, with the approval of the Governor. Passed, three-fifths being present.

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

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Section 1. Section two hundred twenty-nine of chapter sixty- L. 1909. two of the laws of nineteen hundred and nine, entitled "An act in 2262, relation to taxation, constituting chapter sixty of the consolidated amended. laws," as last amended by chapter four hundred and seventy-six of the laws of nineteen hundred and twenty-one,' is hereby amended to read as follows:2

§ 229. Appointment of appraisers, stenographers and clerks. There shall be a salaried appraiser for each of the counties of New York, Kings, Bronx, Albany, Dutchess, Erie, Monroe, Nassau, Niagara, Oneida, Onondaga, Orange, Queens, Rensselaer, Richmond, Suffolk, Chautauqua and Westchester. The president of the tax commission shall appoint for each such county an appraiser, and such stenographers and other employees as may be needed for the proper administration of this article, and shall fix their salaries within the amounts appropriated for such purpose. The president of the tax commission may also designate one or more deputy appraisers for any of the aforementioned counties. Appraisal reports may be signed by the appraiser or deputy. The provisions of section nine of the public officers law shall apply to deputy appraisers appointed pursuant to this section. § 2. This act shall take effect immediately.

CHAPTER 326

AN ACT to amend the tax law, in relation to errors in the assessment-rolls by boards of supervisors.

Became a law April 2, 1925, with the approval of the Governor. Passed, three-fifths being present.

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

§ 56,

Section 1. The last paragraph following the fourth subdivision L. 1909, of section fifty-six of chapter sixty-two of the laws of nineteen hun- ch. 62, dred and nine, entitled "An act in relation to taxation, constituting last parachapter sixty of the consolidated laws," such section having been graph last amended by chapter three hundred and ninety-eight of the

1 Previously amended by L. 1909, ch. 283; L. 1910, ch. 706; L. 1911, ch. 803; L. 1912, ch. 214; L. 1913, ch. 366; L. 1915, ch. 383; L. 1916, chs. 80, 549; L. 1917, ch. 482; L. 1918, ch. 183; L. 1919, ch. 444; L. 1920, chs. 234, 763.

2 Section materially amended.

amended.

Increase
of assess-
ment or

person

assessment.

laws of nineteen hundred and twenty-four,1 is hereby amended to read as follows:

A copy of the petition under the first (a), second, third or fourth subdivision of this section, with a notice of the presentation thereof addition of to the board of supervisors, shall be served personally on the person liable to or corporation whose assessment is to be increased or who is alleged to be liable to taxation for the property omitted from the assessment-roll, at least ten days before the meeting of the board of su pervisors, and in the county of Cortland, at least ten days before the equalization committee of the board of supervisors submits its final report to such board; and the board of supervisors shall take no action on such petition, unless proof of the personal service of such petition and notice be made to them by affidavit. The board of supervisors shall give to the person whose assessment is to be increased or who is alleged to be liable to taxation for such property an opportunity to be heard, and on such hearing and review the board of supervisors shall have all the powers of the assessors of a tax district in reviewing and correcting the assessment-roll, but the action of the board of supervisors shall be subject to review by certiorari as provided in article thirteen of the tax law. The whole amount of tax levied upon land or property omitted in the tax levy of the preceding year shall be deducted from the aggregate of taxation to be levied on the tax district for the current year before such tax is levied.

L. 1909,
ch. 62,
§ 373,
subd. 1
amended.

Revision of return or

§ 2. This act shall take effect immediately.

CHAPTER 327

AN ACT to amend the tax law, in relation to the revision of returns of moneyed capital tax.

Became a law April 2, 1925, with the approval of the Governor. Passed, three-fifths being present.

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. Subdivision one of section three hundred and seventythree of chapter sixty-two of the laws of nineteen hundred and nine. entitled "An act in relation to taxation, constituting chapter sixty of the consolidated laws," as added by chapter six hundred and twenty-seven of the laws of nineteen hundred and nineteen and amended by chapter four hundred and seventy-seven of the laws of nineteen hundred and twenty-one,' is hereby amended to read as follows:

1. If in the opinion of the tax commission, any return of a taxestimate payer is in any essential respect incorrect, it shall have power to

where

return not made.

1 Previously amended by L. 1916, ch. 323; L. 1919, ch. 191.

2 Words "and in the county of Cortland, at least ten days before the equalization committee of the board of supervisors submits is final report to such board," new.

1 Previously amended by L. 1920, ch. 690.

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