N.Y. Tax Law 1501 – Imposition of tax
§ 1501. Imposition of tax. (a) Every domestic insurance corporation and every foreign or alien insurance corporation, for the privilege of exercising its corporate franchise, or of doing business, or of employing capital, or of owning or leasing property in this state in a corporate or organized capacity, or of maintaining an office in this state, for all or any part of its taxable year, except corporations specified in subdivision (a) of section fifteen hundred twelve, shall annually pay a franchise tax which shall be computed as provided in section fifteen hundred two.
Terms Used In N.Y. Tax Law 1501
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- insurance corporation: includes a corporation, association, joint stock company or association, person, society, aggregation or partnership, by whatever name known, doing an insurance business, and, notwithstanding the provisions of section fifteen hundred twelve of this article, shall include (1) a risk retention group as defined in subsection (n) of § 5902 of the insurance law, (2) the state insurance fund and (3) a corporation, association, joint stock company or association, person, society, aggregation or partnership doing an insurance business as a member of the New York insurance exchange described in § 6201 of the insurance law. See N.Y. Tax Law 1500
- taxable year: means the taxpayer's taxable year for federal income tax purposes, or the part thereof during which the taxpayer is subject to the tax under this article. See N.Y. Tax Law 1500
(b) Every life insurance corporation which shall obtain a certificate of authority to transact business in this state or a renewal of such certificate from the superintendent of financial services shall, upon the expiration of such certificate for any cause or upon its ceasing to transact new business in this state, continue to pay a tax upon its business remaining in force in this state as provided in section fifteen hundred two.