Section 11-634. Consolidated returns

Corporations which are affiliated may,
  if authorized, and shall, if required, by the commissioner  of  finance,
  under  regulations  prescribed  by  the  commissioner of finance, make a
  consolidated return for the purpose of parts one, two and three of  this
  subchapter.  The  commissioner of finance may, in his or her discretion,
  authorize bank holding companies as defined in article  three-a  of  the
  banking  law  to make a consolidated return with affiliated corporations
  taxable under part one and under part two in which case the consolidated
  tax will be computed in accordance with the provisions of part  one.  In
  all  other  cases  in which a corporation taxable under part two makes a
  consolidated return  with  corporations  taxable  under  part  one,  the
  consolidated  tax  will be computed in accordance with the provisions of
  part one. In any case in which a tax is assessed upon  the  basis  of  a
  consolidated  return,  the  total  tax  shall  be  computed in the first
  instance as a unit and  shall  then  be  assessed  upon  the  respective
  affiliated  corporations in such proportions as may be agreed upon among
  them, or in the absence of any such agreement, then on the basis of  the
  net income properly assignable to each.