Section 1455. Computation of tax

The  tax  imposed by section fourteen
  hundred fifty-one shall be, in the case of each taxpayer  other  than  a
  New York S corporation, the greater of the following computations:
    (a)  Basic  tax.  For  taxable  years beginning before July first, two
  thousand, nine percent of the  taxpayer's  entire  net  income,  or  the
  portion  thereof  allocated to this state, for the taxable year, or part
  thereof. For taxable years beginning after June thirtieth, two  thousand
  and  before  July first, two thousand one, eight and one-half percent of
  the taxpayer's entire net income, or portion thereof allocated  to  this
  state,  for  the  taxable  year,  or  part  thereof.  For  taxable years
  beginning after June thirtieth, two thousand one and before July  first,
  two  thousand two, eight percent of the taxpayer's entire net income, or
  portion thereof allocated to this state, for the taxable year,  or  part
  thereof.  For taxable years beginning after June thirtieth, two thousand
  two and before January first, two thousand  seven,  seven  and  one-half
  percent  of  the  taxpayer's  entire  net  income,  or  portion  thereof
  allocated to this state, for the taxable  year,  or  part  thereof.  For
  taxable  years  beginning on or after January first, two thousand seven,
  seven and one-tenth percent of the taxpayer's entire net income, or  the
  portion  thereof  allocated to this state, for the taxable year, or part
  thereof.
    (b) Alternative minimum tax. If the tax under subsection (a)  of  this
  section  is less than any of the following amounts, the tax shall be the
  larger of the following amounts:
    (1) (i) Except in the case of a taxpayer  described  in  clause  (ii),
  (iii),  or  (iv)  below, one-tenth of a mill upon each dollar of taxable
  assets, or the portion thereof allocated to this state.
    (ii) In the case of a taxpayer whose net worth ratio is less than five
  but greater than or equal to four percent and  whose  total  assets  are
  comprised of thirty-three percent or more of mortgages, one-twenty-fifth
  of  a  mill  upon  each dollar of taxable assets, or the portion thereof
  allocated to this state.
    (iii) In the case of a taxpayer whose net worth  ratio  is  less  than
  four  percent  and  whose  total  assets  are  comprised of thirty-three
  percent or more of mortgages, one-fiftieth of a mill upon each dollar of
  taxable assets, or the portion thereof allocated to this state.
    (iv) For taxable years beginning on or after January  first,  nineteen
  hundred  eighty-five, a taxpayer (whether or not a qualified institution
  as defined in subparagraph (B) of paragraph five of  subsection  (f)  of
  section  four  hundred  six  of  the  federal  national  housing act, as
  amended, or as defined in paragraph two of  subsection  (i)  of  section
  thirteen  of the federal deposit insurance act, as amended) shall not be
  subject to the provisions of this paragraph  for  that  portion  of  the
  taxable  year  in which it had outstanding net worth certificates issued
  in accordance with paragraph five of  subsection  (f)  of  section  four
  hundred  six  of the federal national housing act, as amended, or issued
  in accordance with subsection (i) of section  thirteen  of  the  federal
  deposit insurance act, as amended.
    (v) For the purposes of this article:
    (A)  The  term  "taxable assets" shall mean the average value of total
  assets reduced by any amount of money or other property received from or
  attributable to amounts received  from  the  federal  deposit  insurance
  corporation  pursuant  to  subsection  (c)  of  section  thirteen of the
  federal deposit insurance act, as amended, or the  federal  savings  and
  loan insurance corporation pursuant to paragraph one, two, three or four
  of  subsection  (f)  of section four hundred six of the federal national
  housing act, as  amended.  Total  assets  are  those  assets  which  are
  properly  reflected  on  a balance sheet the income or expenses of which

  are properly reflected (or would have been  properly  reflected  if  not
  fully  depreciated  or  expensed or depreciated or expensed to a nominal
  amount) in the computation of alternative  entire  net  income  for  the
  taxable  year  or  in  the computation of the eligible net income of the
  taxpayer's international banking facility for the taxable year.
    (B) The term "net worth ratio" shall mean the percentage of net  worth
  to  assets  on  the  last  day of the taxable year. The term "net worth"
  means the  sum  of  preferred  stock,  common  stock,  surplus,  capital
  reserves,  undivided  profits,  mutual capital certificates, reserve for
  contingencies, reserve for loan losses and reserve for  security  losses
  minus  assets  classified  loss.  The  term  "assets"  means  the sum of
  mortgage loans, nonmortgage loans, repossessed assets, real estate  held
  for  development  or  investment  or  resale, cash, deposits, investment
  securities, fixed assets and other assets (such  as  financial  futures,
  goodwill  and  other intangible assets) minus assets classified loss. In
  no event shall assets be reduced by reserves for losses.
    (C) The term "mortgages" shall mean loans  secured  by  real  property
  within   or   without   the  state,  participations  in  and  securities
  collateralized by pools of residential mortgages, whether or not  issued
  or guaranteed by a United States government agency, and loans secured by
  stock  in  a  cooperative  housing  corporation. The percentage of total
  assets comprised of mortgages shall be an amount equal to the  ratio  of
  the  average  of  the  four  quarterly balances of such mortgages ending
  within the taxable year, to the average of the four  quarterly  balances
  of  all  assets  ending within the taxable year. Such quarterly balances
  shall be computed in the same manner as the report of condition required
  for federal deposit insurance corporation or federal  savings  and  loan
  insurance  corporation purposes, whether or not such report is required.
  For taxable periods of less than one year, the  taxpayer  shall  compute
  such  ratio  using  the  number of such quarterly balances ending within
  such taxable period.
    (2) Three percent of the taxpayer's alternative entire net income,  or
  portion  thereof  allocated to this state, for the taxable year, or part
  thereof.
    (3) Two hundred fifty dollars.
    (c) New York S corporations. (1) General. In the case of a New York  S
  corporation,  the  tax  imposed by section fourteen hundred fifty-one of
  this article shall be  the  higher  of  (i)  the  amount  prescribed  in
  subsection  (a)  of  this  section reduced by the article twenty-two tax
  equivalent  or  (ii)  the  amount  prescribed  in  paragraph  three   of
  subsection (b) of this section.
    (2) The article twenty-two tax equivalent is the amount computed under
  subsection  (a) of this section by substituting for the rate therein the
  rate of 7.875 percent.
    (3) Termination year. In the case of a termination year, the  tax  for
  the  S  short  year  shall  be  computed  under  paragraph  one  of this
  subsection without regard to the amount prescribed in paragraph three of
  subsection (b) of this section, and the tax for the C short  year  shall
  be the larger of the taxes computed under subsection (a) of this section
  or  paragraph  one  or  two of subsection (b) of this section, but in no
  event shall the sum of the tax for the S short year and the tax for  the
  C  short  year  be  less  than  the tax prescribed in paragraph three of
  subsection (b) of this section.