Section 11-662. Tax on transportation corporations and associations

1. The
  term "corporation" as used in this subchapter 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 of doing business or holding property in the city
  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  under
  a  lease  granted by the city), or navigation business, or formed for or
  principally engaged in the conduct of two or more  of  such  businesses,
  except  a  corporation,  joint-stock  company  or association subject to
  taxation under subchapter two of chapter eleven  of  this  title,  shall
  pay,  in  advance,  an  annual  tax to be computed upon the basis of the
  amount of its capital stock within the city during the  preceding  year,
  and upon each dollar of such amount.
    3.  The  measure of the amount of capital stock in the city, except as
  hereinafter provided, shall be such a  portion  of  the  issued  capital
  stock as the gross assets, exclusive of obligations issued by the United
  States  and cash on hand and on deposit, employed in any business within
  the city, bear to the gross assets, exclusive of obligations  issued  by
  the  United States and cash on hand and on deposit, wherever employed in
  business. Provided, however, that in the case of a  corporation  taxable
  hereunder  only for the privilege of holding property, the measure shall
  be such a portion of the issued  capital  stock  as  the  gross  assets,
  exclusive  of  obligations  issued by the United States and cash on hand
  and on deposit, located within the  city,  bear  to  the  gross  assets,
  exclusive  of  obligations  issued by the United States and cash on hand
  and on deposit, wherever located. The capital of a corporation  invested
  in the stock of another corporation shall be deemed to be assets located
  where  the  assets  of  the  issuing  corporation,  other  than patents,
  copyrights, trademarks, contracts and good will, are located.
    4. Every corporation, joint-stock company or  association  subject  to
  taxation  under  this  section  shall,  in  any event, pay annually, for
  taxable years  ending  on  or  before  December  thirty-first,  nineteen
  hundred  seventy-four,  a  minimum  tax of not less than ten dollars nor
  less than one mill, and for taxable years beginning on or after  January
  first,  nineteen  hundred  seventy-five,  a minimum tax of not less than
  fifteen dollars nor less than one and one-half mills, on each dollar  of
  such  a  portion of the net value of its issued capital stock, which net
  value for the purposes of this section shall be deemed to  be  not  less
  than five dollars per share, as may be determined upon such of the bases
  herein  provided  for the measurement thereof as is applicable. The term
  "net value" as used in this section shall be construed to mean not  less
  than  the difference between a corporation's assets and liabilities, and
  not less than the average price at which such stock sold during the year
  covered by the report which forms the basis for  the  tax.  But  if  the
  dividends  paid on the par value of any kind of capital stock during any
  year ending with the thirty-first day of December amounts to six or more
  than six per centum, the tax upon such kind of capital stock shall be at
  the rate of one-quarter of a mill for taxable years ending on or  before
  December thirty-first, nineteen hundred seventy-four, and at the rate of
  four-tenths  of  a  mill for taxable years beginning on or after January
  first,  nineteen  hundred  seventy-five  for  each  one  per  centum  of
  dividends  paid and shall be computed upon the par value of such capital
  stock, unless such a tax be  less  than  the  minimum  tax  hereinbefore
  provided in this section and the commissioner of finance shall, for such
  purpose,  make  a  fair and equitable apportionment of the assets of the

  the corporation, joint-stock company or association,  between  or  among
  the different kinds of stock.
    5.  If such corporation, joint-stock company or association shall have
  more than one kind of capital stock, and upon one of such kinds of stock
  a dividend or dividends amounting to six or more  than  six  per  centum
  upon  the  par  value  thereof,  has  been  paid,  and upon the other no
  dividend has been paid, or the dividend or dividends paid thereon amount
  to less than six per centum upon the par value  thereof,  then  the  tax
  shall be fixed upon each kind as hereinbefore provided.
    6. The dividend rate for a corporation having stock without nominal or
  par  value shall be determined by dividing the amount paid as a dividend
  or dividends during the year by the amount paid in on such stock and, if
  the rate is six per centum or more, then for taxable years ending on  or
  before December thirty-first, nineteen hundred seventy-four, the rate of
  one-quarter  of  a  mill  for  each one per centum of dividends shall be
  applied to the amount paid in on  such  stock,  and  for  taxable  years
  beginning  on or after January first, nineteen hundred seventy-five, the
  rate of four-tenths of a mill for each one per centum of dividends shall
  be applied to the amount paid in on such stock, unless such tax be  less
  than  the  minimum  tax  hereinbefore  in this section provided for. Any
  consideration given by a corporation for the purchase of its  own  stock
  in  excess  of the consideration received by it for the issuance of such
  stock shall for the  purposes  of  this  section,  be  considered  as  a
  dividend.
    7.  The  owning or holding in the city by any corporation of property,
  other than property exclusively in interstate or foreign commerce, shall
  constitute carrying on business within the city  within  the  intent  of
  this  section,  except that a corporation having no property in the city
  other than a bank balance or stocks or bonds, or one  or  more  of  such
  kinds of property, either held for safe keeping or pledged as collateral
  security  shall  not be taxable under this section, and further provided
  that any corporation having only office furniture or  fixtures,  a  bank
  balance,  and  stocks  or bonds pledged as collateral security or merely
  deposited for safe keeping, shall not be taxable under this section.
    8. The measure of the amount of  capital  stock  in  the  city  of  an
  aviation  corporation  shall  be  a  portion of the issued capital stock
  determined by applying thereto the arithmetical average of the following
  three ratios:  (a) the ratio which the aircraft arrivals and  departures
  within  the  city scheduled by any such corporation during the preceding
  calendar year bear to the total aircraft arrivals and departures  within
  and  without  the  city scheduled by it during the same period, provided
  that in the case of non-scheduled operations all arrivals and departures
  shall be substituted for scheduled  arrivals  and  departures;  (b)  the
  ratio  which  the  revenue  tons handled by such corporation at airports
  within the city during the preceding calendar year  bear  to  the  total
  revenue  tons  handled  by  it  at  airports within and without the city
  during the same period; and  (c)  the  ratio  which  such  corporation's
  originating  revenue  within  the  city for the preceding calendar years
  bears to its total originating revenue within and without the  city  for
  the  same  period.  As used in this section, the term "aircraft arrivals
  and departures" means the number of scheduled landings and  takeoffs  of
  the aircraft of an aviation corporation, and the number of scheduled air
  pickups  and  deliveries by the aircraft of such corporation, and in the
  case  of  non-scheduled  operations  shall  include  all  landings   and
  takeoffs,  pickups  and deliveries; the term "originating revenue" means
  revenue to any such  corporation  from  the  transportation  of  revenue
  passengers  and  revenue  property  first  received  by such corporation
  either as originating or connecting traffic at airports;  and  the  term

  "revenue  tons  handled" by any such corporation at an airport means the
  weight in  tons  of  revenue  passengers  (at  two  hundred  pounds  per
  passenger)  and  revenue  cargo  first received either as originating or
  connecting  traffic  or  finally  discharged by such corporation at such
  airport.
    9. The measure of the capital stock  in  the  city  of  a  corporation
  engaged  in  the  operation of vessels in foreign commerce shall be such
  portion of the issued capital stock as the aggregate number  of  working
  days  in territorial waters of the city of all such vessels bears to the
  aggregate number of working days of all such vessels. The dividend  rate
  for  such  a corporation shall be determined by dividing the amount paid
  as a dividend or dividends on all classes of stock during  the  year  by
  the  amount  of  paid-in  capital  and, if the rate is six per centum or
  more, then for taxable years ending on or before December  thirty-first,
  nineteen  hundred  seventy-four,  the  rate of one-quarter of a mill for
  each one per centum of dividends shall be applied to the amount of  such
  paid-in  capital,  and  for  taxable years beginning on or after January
  first, nineteen hundred seventy-five, the rate of four-tenths of a  mill
  for  each  one per centum of dividends shall be applied to the amount of
  such paid-in capital.