NY Tax L § 211 (2021)
2021 New York Laws TAX - Tax Article 9-A - Franchise Tax on Business Corporations 211 - Reports.

§  211.  Reports.  1. Every taxpayer shall annually on or before March fifteenth,  for  taxable  years  beginning  before  January  first,  two thousand sixteen, and annually on or before April fifteenth, for taxable years  beginning  on  or  after  January  first,  two  thousand sixteen, transmit to the commissioner a  report  in  a  form  prescribed  by  the commissioner  (except that a corporation which reports on the basis of a fiscal year shall transmit its report within  two  and  one-half  months after  the  close of its fiscal year, for taxable years beginning before January first, two thousand sixteen, and on or before the fifteenth  day of  the  fourth  month  after  the close of its fiscal year, for taxable years beginning on or after January first,  two  thousand  sixteen,  and except,  also,  that  a  corporation  which is a DISC shall transmit its report on or before the fifteenth day of the ninth month  following  the close of its calendar or fiscal year), setting forth such information as the  commissioner  may  prescribe  and  every  taxpayer  which ceases to exercise its franchise or to be subject  to  the  tax  imposed  by  this article  shall transmit to the commissioner a report on the date of such cessation or at such other time as the commissioner may require covering each year or period for which no report was theretofore  filed.  In  the case of a termination year of an S corporation, the S short year and the C short year shall be treated as separate short taxable years, provided, however,  the  due  date of the report for the S short year shall be the same as the due date of the report for the C short year. Every  taxpayer shall also transmit such other reports and such facts and information as the  commissioner may require in the administration of this article. The commissioner may grant a reasonable extension of time for filing reports whenever good cause exists.   An automatic extension of six months for  the  filing  of  its  annual report  shall  be allowed any taxpayer if, within the time prescribed by the preceding paragraph, such taxpayer files with  the  commissioner  an application for extension in such form as the commissioner may prescribe by  regulation  and pays on or before the date of such filing the amount properly estimated as its tax.   2. Every report shall have annexed  thereto  a  certification  by  the president,   vice-president,   treasurer,   assistant  treasurer,  chief accounting officer or any other officer of the taxpayer duly  authorized so  to act to the effect that the statements contained therein are true. In the case of an association, within the meaning of paragraph three  of section (a) of section seventy-seven hundred one of the internal revenue code,  a  publicly  traded  partnership  treated  as  a  corporation for purposes of the internal revenue code pursuant to section  seventy-seven hundred four thereof and any business conducted by a trustee or trustees wherein  interest  or  ownership  is  evidenced by certificates or other written instruments such certification shall be made by any person  duly authorized  so  to  act  on  behalf of such association, publicly traded partnership or business. The fact that an individual's name is signed on a certification of the report shall be prima facie  evidence  that  such individual is authorized to sign and certify the report on behalf of the corporation.   Blank   forms  of  reports  shall  be  furnished  by  the commissioner of taxation and finance, on  application,  but  failure  to secure  such  a  blank  shall  not  release  any  corporation  from  the obligation of making any report required by this article.   2-a. The  commissioner  may  prescribe  regulations  and  instructions requiring  returns  of  information  to be made and filed in conjunction with the reports required to be filed pursuant to this article, relating to  payments  made  to  shareholders  owning,  directly  or  indirectly, individually  or in the aggregate, more than fifty percent of the issued capital stock of the  taxpayer,  where  such  payments  are  treated  as  payments of interest in the computation of entire net income reported on such reports.   3.  If  the  amount  of  taxable  income  for any year of any taxpayer (including any taxpayer which has elected to be taxed under subchapter s of chapter one of the internal revenue code), as returned to the  United States  treasury  department is changed or corrected by the commissioner of internal revenue or other officer  of  the  United  States  or  other competent   authority,  or  where  a  renegotiation  of  a  contract  or subcontract with the United  States  results  in  a  change  in  taxable income,  such  taxpayer  shall  report such changed or corrected taxable income, or the results of such renegotiation, within ninety days (or one hundred twenty days, in the case of a taxpayer making a combined  report under  this article for such year) after the final determination of such change  or  correction  or  renegotiation,  or  as   required   by   the commissioner,  and  shall  concede the accuracy of such determination or state wherein it is erroneous. The allowance of  a  tentative  carryback adjustment based upon a net operating loss carryback or net capital loss carryback  pursuant to section sixty-four hundred eleven of the internal revenue code, as amended, shall be treated as a final determination  for purposes of this subdivision. Any taxpayer filing an amended return with such  department  shall  also  file  within  ninety days (or one hundred twenty days, in the case of a taxpayer making a  combined  report  under this  article  for  such  year)  thereafter  an  amended report with the commissioner.   4. For provisions  relating  to  combined  reports,  see  section  two hundred ten-C of this article.   5.  In  case  it  shall appear to the commissioner that any agreement, understanding or arrangement exists between the taxpayer and  any  other corporation  or  any  person  or  firm,  whereby the activity, business, income or capital of the taxpayer within  the  state  is  improperly  or inaccurately reflected, the commissioner is authorized and empowered, in the commissioner's discretion and in such manner as the commissioner may determine,  to  adjust  items  of income, deductions and capital, and to eliminate assets in computing any apportionment percentage provided only that any income directly traceable thereto be also excluded from  entire net income, so as equitably to determine the tax. Where (a) any taxpayer conducts  its  activity  or business under any agreement, arrangement or understanding in such manner as either directly or indirectly to benefit its members or stockholders, or any of them, or any  person  or  persons directly  or  indirectly  interested  in  such  activity or business, by entering into any transaction at more or less than a fair  price  which, but  for  such  agreement, arrangement or understanding, might have been paid or received therefor, or (b) any taxpayer, a substantial portion of whose capital stock is owned either directly or  indirectly  by  another corporation,  enters into any transaction with such other corporation on such terms as to create an improper loss or net income, the commissioner may include in the entire net income of the taxpayer  the  fair  profits which,  but  for  such  agreement,  arrangement  or  understanding,  the taxpayer might have derived from such transaction.  Where  any  taxpayer owns,  directly  or  indirectly,  more than fifty percent of the capital stock of another  corporation  subject  to  tax  under  section  fifteen hundred  two-a  of this chapter and fifty percent or less of whose gross receipts for the taxable year consist of premiums, the commissioner  may include  in  the  entire  net  income  of  the  taxpayer,  as  a  deemed distribution, the amount of the net income of the other corporation that is in excess of its net premium income.    6. An action may be brought at any time by the attorney-general at the instance of the tax commission, in the name of the state, to compel  the filing of reports due under this article.   7. Reports shall be preserved for five years, and thereafter until the tax commission orders them to be destroyed.   8. (a) Except in accordance with proper judicial order or as otherwise provided  by  law,  it  shall  be unlawful for any tax commissioner, any officer or employee of the department, or any person  who,  pursuant  to this  section,  is  permitted  to  inspect  any  report,  or to whom any information contained in any report is furnished, or any person  engaged or  retained by such department on an independent contract basis, or any person who in any manner may acquire knowledge  of  the  contents  of  a report  filed  pursuant to this article, to divulge or make known in any manner the amount of income or any particulars set forth or disclosed in any report under this article. The officers charged with the custody  of such reports shall not be required to produce any of them or evidence of anything  contained  in  them  in any action or proceeding in any court, except on behalf of the state  or  the  commissioner  in  an  action  or proceeding  under  the provisions of this chapter or in any other action or proceeding involving the collection of a tax due under  this  chapter to  which  the state or the commissioner is a party or a claimant, or on behalf of any party to any action or proceeding under the provisions  of this  article  when  the  reports  or  facts  shown thereby are directly involved in such action or proceeding, in any of which events the  court may  require  the  production  of, and may admit in evidence, so much of said reports or of the facts shown  thereby  as  are  pertinent  to  the action  or  proceeding, and no more. The commissioner may, nevertheless, publish a copy or a summary of any determination  or  decision  rendered after   the   formal  hearing  provided  for  in  section  one  thousand eighty-nine of this  chapter.  Nothing  herein  shall  be  construed  to prohibit   the   delivery  to  a  corporation  or  its  duly  authorized representative of a copy of any report filed by it, nor to prohibit  the publication of statistics so classified as to prevent the identification of  particular  reports  and  the  items  thereof; or the publication of delinquent lists showing the names of taxpayers who have failed  to  pay their  taxes  at  the  time  and  in  the manner provided by section two hundred thirteen of this chapter together with any relevant  information which in the opinion of the commissioner may assist in the collection of such  delinquent  taxes;  or  the  inspection by the attorney general or other  legal  representatives  of  the  state  of  the  report  of   any corporation  which  shall  bring  action  to set aside or review the tax based thereon, or against which  an  action  or  proceeding  under  this chapter has been recommended by the commissioner of taxation and finance or the attorney general or has been instituted; or the inspection of the reports of any corporation by the comptroller or duly designated officer or  employee  of the state department of audit and control, for purposes of the audit of a refund of any tax paid by such corporation under  this article.  (b)  (i)  Any  officer or employee of the state who willfully violates the provisions of paragraph (a) of this subdivision shall  be  dismissed from  office and be incapable of holding any public office in this state for a period of five years thereafter.  (ii) Cross-reference: For criminal penalties, see article thirty-seven of this chapter.  (c) Notwithstanding  any  provisions  of  this  subdivision,  the  tax commission may permit the secretary of the treasury of the United States or  his delegates, or the proper officer of any other state charged with tax administration, or the  authorized  representative  of  either  such  officer, to inspect the reports filed under this article, or may furnish to such officer or his authorized representative an abstract of any such report  or  supply  information concerning an item contained in any such report,  or  disclosed  by  an investigation of tax liability under this article, but such  permission  shall  be  granted  or  such  information furnished  to such officer or his representative only if the laws of the United States or of  such  other  state,  as  the  case  may  be,  grant substantially  similar  privileges  to the commission or officer of this state charged with the administration of the tax imposed by this article and such information is to be used for tax purposes only;  and  provided further  the  commissioner  of  taxation  and finance may furnish to the secretary of the treasury of the United States  or  his  delegates  such reports  filed  under  this article and other tax information, as he may consider proper, for use in  court  actions  or  proceedings  under  the internal  revenue  code,  whether  civil  or  criminal,  where a written request therefor has been made  to  the  commissioner  of  taxation  and finance  by  the secretary of the treasury or his delegates provided the laws of the United States grant  substantially  similar  powers  to  the secretary  of  the  treasury or his delegates. Where the commissioner of taxation and finance has so authorized  use  of  reports  or  other  tax information  in  such  actions or proceedings, officers and employees of the department of taxation and finance may testify in  such  actions  or proceedings  in  respect  to  such reports or other tax information; and provided further that such commission may furnish any municipality  with such information contained in the reports filed under this article as it may   consider   proper  for  use  in  any  certiorari  or  condemnation proceeding.   9.  Notwithstanding  the  provisions  of  subdivision  eight  of  this section,  the  tax  commission  may  permit the officer charged with the administration of an income tax imposed by any city of the state of  New York,  or  the authorized representative of such officer, to inspect the reports filed under this article, or may furnish to such officer or  his authorized  representative  an  abstract  of  any  such report or supply information  concerning  an  item  contained  in  any  such  report,  or disclosed  by any investigation of tax liability under this article, but such permission shall be granted or such information furnished  to  such officer  or his representative only if the local laws of such city grant substantially similar privileges to the commission or  officer  of  this state charged with the administration of the tax imposed by this article and  such  information is to be used for tax purposes only; and provided further the commissioner of taxation and finance  may  furnish  to  such city  officer or his delegates and the legal representative of such city such reports filed under this article and other tax information,  as  he may  consider proper, for use in court actions or proceedings under such local law, whether civil or criminal, where a written  request  therefor has  been  made to the commissioner of taxation and finance by such city officer or his delegates or by such legal representative of  such  city, provided  the local law of such city grants substantially similar powers to the city officer charged with the administration of the  city  income tax or his delegates. Where the commissioner of taxation and finance has so authorized use of reports or other tax information in such actions or proceedings,  officers  and  employees of the department of taxation and finance may testify in such actions or proceedings in  respect  to  such reports or other tax information.   10.  Notwithstanding  the  provisions  of  subdivision  eight  of this section, the tax commission, in its discretion, may  require  or  permit any  or  all persons liable for any tax imposed by this article, to make payments on account of estimated tax and payment of any tax, penalty  or  interest  imposed  by  this  article  to  banks, banking houses or trust companies designated by the tax commission and to file  declarations  of estimated  tax,  applications  for  automatic extensions of time to file reports,  and reports with such banks, banking houses or trust companies as agents of the tax commission, in lieu  of  making  any  such  payment directly  to  the  tax  commission.  However,  the  tax commission shall designate only such banks, banking houses or trust companies as  are  or shall  be  designated  by  the  comptroller  as depositories pursuant to section two hundred eighteen.   11. Notwithstanding  the  provisions  of  subdivision  eight  of  this section,  the commissioner may disclose to the head of any state agency, pursuant to section one hundred seventy-one-f of this chapter, the  name and  taxpayer identification number of any taxpayer whose overpayment is certified to the comptroller to be credited against a  past-due  legally enforceable  debt  owed to such agency and the amount of the overpayment and interest thereon certified to the comptroller to be credited against a past-due legally enforceable debt, and the commissioner  may  disclose to  the  commissioner  of  finance  of the city of New York, pursuant to section one hundred seventy-one-l of this chapter, the name and taxpayer identification number of any taxpayer whose overpayment is certified  to the  comptroller  to  be credited against a city of New York tax warrant judgment debt and the amount of the  overpayment  and  interest  thereon certified  to  the comptroller to be credited against a city of New York tax warrant judgment debt.   12. (a) Notwithstanding the provisions of subdivision  eight  of  this section,  the  commissioner  and  the  comptroller  shall  enter into an agreement pursuant  to  which  the  commissioner  shall,  upon  request, provide  the  comptroller  with  a  report,  not  more  frequently  than annually, with respect to corporations  or  other  entities  which  have filed a business corporation franchise tax report under this article for any  taxable  year  within ten calendar years prior to the report to the comptroller made pursuant to this subdivision, providing  the  following information,  to  the  extent that such information is readily available from the department's system for identifying taxpayer indicative data:  (1) business name and legal name, if different;  (2) business address and mailing address;  (3) federal employer identification number;  (4) date entered into business.  (b) Each report to the comptroller made pursuant to  this  subdivision shall  list  each corporation or other entity with respect to which such report is made according to the total assets reported for the end of the year on its most recent available  business  corporation  franchise  tax report,  in  descending order. Such reports to the comptroller shall not disclose the actual amount of total assets  reported  on  such  business corporation franchise tax reports.  (c)  The  information  provided  to  the  comptroller pursuant to this subdivision shall be used only for administration and enforcement of the abandoned property law. The comptroller may redisclose  the  information provided  under  this  subdivision  only  to  the  extent  necessary for enforcement or administration of the abandoned property law.  (d) The reports to the comptroller  required  under  this  subdivision shall  be submitted by electronic means or in some other format which is mutually acceptable to the comptroller and the commissioner. The written agreement with the  comptroller  shall  set  forth  the  procedures  for providing  the  information  the  commissioner  is  allowed  to disclose pursuant to this subdivision.  (e) Notwithstanding article six of the  public  officers  law  or  any other  provision  of law, the reports to be furnished to the comptroller  pursuant to this subdivision  shall  not  be  open  to  the  public  for inspection.   14.  Notwithstanding  the  provisions  of  subdivision  eight  of this section, the commissioner may disclose to a  taxpayer  or  a  taxpayer's related  member,  as  defined  in  paragraph  (o) of subdivision nine of section two hundred eight of this article, information relating  to  any royalty  payments paid, incurred or received by such taxpayer or related member to or from the other, including the treatment of such payments by the taxpayer or the related member in any report or  return  transmitted to the commissioner under this chapter.   15.  Notwithstanding  the  provisions  of  subdivision  eight  of this section,  the  commissioner  shall  provide  the  statements  and  other required information requested on tax reports under section four hundred eight  of  the  business  corporation  law to the secretary of state for filing. Such provision may also include a copy or image of that  portion of  the  report  solely  pertinent  to  such  information  to the extent feasible.   The   commissioner   any   also   provide   information   on noncompliance.   16.  (a)  Notwithstanding  the provisions of subdivision eight of this section, upon written request from the chairperson of the  committee  on ways  and  means  of  the  United  States  House of Representatives, the chairperson of the committee on finance of the United States Senate,  or the  chairperson of the joint committee on taxation of the United States Congress, the commissioner shall furnish such committee with any current or prior year reports specified in such request that  were  filed  under this  article  by  the president of the United States, vice-president of the United States, member of the United States Congress representing New York state, or any person who served in or was employed by the executive branch of the government of the United States on the executive staff  of the president, in the executive office of the president, or in an acting or  confirmed  capacity  in  a  position  subject to confirmation by the United States senate;  or,  in  New  York  state:  a  statewide  elected official,  as  defined  in  paragraph  (a) of subdivision one of section seventy-three-a of the public officers law; a state officer or employee, as defined in subparagraph (i) of paragraph (c) of  subdivision  one  of such  section seventy-three-a; a political party chairperson, as defined in paragraph (h) of subdivision one of such section  seventy-three-a;  a local  elected  official,  as  defined  in  subdivisions  one and two of section eight hundred  ten  of  the  general  municipal  law;  a  person appointed,  pursuant to law, to serve due to vacancy or otherwise in the position of a local elected official, as defined in subdivisions one and two of section eight hundred ten of the general municipal law; a  member of  the  state  legislature;  or a judge or justice of the unified court system, or filed  by  a  partnership,  firm,  association,  corporation, joint-stock  company,  trust  or  similar  entity directly or indirectly controlled by any  individual  listed  in  this  paragraph,  whether  by contract,  through  ownership  or control of a majority interest in such entity, or otherwise, or filed  by  a  partnership,  firm,  association, corporation,  joint-stock  company, trust or similar entity of which any individual listed in this paragraph holds ten percent  or  more  of  the voting  securities  of  such  entity;  provided  however  that, prior to furnishing any report, the commissioner  shall  redact  any  copy  of  a federal return (or portion thereof) attached to, or any information on a federal  return  that  is  reflected  on,  such  report,  and any social security numbers, account numbers and residential address information.  (b) No reports shall be furnished pursuant to this subdivision  unless the  chairperson  of  the requesting committee certifies in writing that such reports have been requested related to, and in  furtherance  of,  a  legitimate  task of the Congress, that the requesting committee has made a written request to the United States secretary  of  the  treasury  for related  federal  reports  or  report information, pursuant to 26 U.S.C. Section  6103(f),  and  that  if such requested reports are inspected by and/or submitted to another committee, to the  United  States  House  of Representatives,  or  to  the United States Senate, then such inspection and/or submission shall occur in a manner consistent with federal law as informed by the requirements and procedures  established  in  26  U.S.C. Section 6103(f).