NY Tax L § 210 (2021)
2021 New York Laws TAX - Tax Article 9-A - Franchise Tax on Business Corporations 210 - Computation of Tax.

§  210.  Computation of tax.  1. The tax imposed by subdivision one of section two hundred nine of this chapter shall be: (A) in  the  case  of each  taxpayer  other  than  a  New  York  S  corporation or a qualified homeowners  association,  the  highest  of  the  amounts  prescribed  in paragraphs  (a),  (b),  and  (d) of this subdivision, (B) in the case of each New York S corporation, the amount prescribed in paragraph  (d)  of this  subdivision,  and  (C)  in  the  case  of  a  qualified homeowners association, the highest of the amounts prescribed in paragraphs (a) and (b) of this subdivision.  For  purposes  of  this  paragraph,  the  term "qualified  homeowners  association"  means a homeowners association, as such  term  is  defined  in  subsection  (c)  of  section  five  hundred twenty-eight of the internal revenue code without regard to subparagraph (E)  of  paragraph  one  of such subsection (relating to elections to be taxed pursuant to such section), which  has  no  homeowners  association taxable  income,  as  such  term  is  defined  in subsection (d) of such section. Provided, however,  that  in  the  case  of  a  small  business taxpayer  (other  than a New York S corporation) as defined in paragraph (f) of this subdivision, for  taxable  years  beginning  before  January first,  two thousand sixteen, if the amount prescribed in such paragraph (b) is higher than the amount prescribed in such paragraph (a) solely by reason of the application of  the  rate  applicable  to  small  business taxpayers, then with respect to such taxpayer the tax referred to in the previous   sentence  shall  be  higher  of  the  amounts  prescribed  in paragraphs (a) and (d) of this subdivision.  (a) Business income base.  For taxable years beginning before  January first,  two  thousand  sixteen,  the amount prescribed by this paragraph shall be computed at the rate of seven  and  one-tenth  percent  of  the taxpayer's business income base. For taxable years beginning on or after January  first,  two  thousand  sixteen,  the  amount prescribed by this paragraph shall be six and one-half percent of the  taxpayer's  business income  base. For taxable years beginning on or after January first, two thousand twenty-one and before January first, two  thousand  twenty-four for  any  taxpayer  with  a business income base for the taxable year of more than five million dollars, the amount prescribed by this  paragraph shall be seven and one-quarter percent of the taxpayer's business income base.  The taxpayer's business income base shall mean the portion of the taxpayer's business income apportioned within the state  as  hereinafter provided.  However, in the case of a small business taxpayer, as defined in paragraph (f) of this subdivision,  the  amount  prescribed  by  this paragraph  shall  be  computed  pursuant  to  subparagraph  (iv) of this paragraph and in the case of a manufacturer, as defined in  subparagraph (vi) of this paragraph, the amount prescribed by this paragraph shall be computed  pursuant  to  subparagraph (vi) of this paragraph, and, in the case  of  a  qualified  emerging  technology  company,  as  defined   in subparagraph  (vii)  of  this  paragraph,  the amount prescribed by this paragraph shall be computed  pursuant  to  subparagraph  (vii)  of  this paragraph.  (iv)  for  taxable  years beginning before January first, two thousand sixteen, if the business income base is not more than two hundred ninety thousand dollars the amount shall be six and  one-half  percent  of  the business  income  base;  if  the  business  income base is more than two hundred ninety thousand  dollars  but  not  over  three  hundred  ninety thousand  dollars  the  amount shall be the sum of (1) eighteen thousand eight hundred fifty dollars, (2) seven  and  one-tenth  percent  of  the excess  of  the  business  income  base over two hundred ninety thousand dollars but not over three hundred ninety thousand dollars and (3)  four and  thirty-five hundredths percent of the excess of the business income  base over three hundred  fifty  thousand  dollars  but  not  over  three hundred ninety thousand dollars;  (v) if the taxable period to which subparagraph (iv) of this paragraph applies  is  less  than  twelve  months,  the  amount prescribed by this paragraph shall be computed as follows:  (A) Multiply the business income base for such taxpayer by twelve;  (B) Divide the result obtained in (A) by the number of months  in  the taxable year;  (C)  Compute  an amount pursuant to subparagraph (iv) as if the result obtained in (B) were the taxpayer's business income base;  (D) Multiply the result obtained in (C) by the number of months in the taxpayer's taxable year;  (E) Divide the result obtained in (D) by twelve.  (vi) for taxable years  beginning  on  or  after  January  first,  two thousand  fourteen,  the  amount  prescribed  by  this  paragraph  for a taxpayer that is a qualified New York manufacturer, shall be computed at the rate of zero percent of the taxpayer's  business  income  base.  The term  "manufacturer"  shall mean a taxpayer that during the taxable year is principally engaged in the  production  of  goods  by  manufacturing, processing,   assembling,   refining,   mining,   extracting,   farming, agriculture,  horticulture,  floriculture,  viticulture  or   commercial fishing.  However,  the  generation and distribution of electricity, the distribution of natural gas, and the production of steam associated with the generation of electricity shall not be qualifying activities  for  a manufacturer  under  this  subparagraph.  Moreover,  in  the  case  of a combined report, the combined group shall be considered a "manufacturer" for purposes of this subparagraph only if the combined group during  the taxable  year is principally engaged in the activities set forth in this paragraph, or any combination thereof. A taxpayer or, in the case  of  a combined  report,  a  combined  group  shall be "principally engaged" in activities described above if, during the taxable year, more than  fifty percent  of  the  gross  receipts  of  the  taxpayer  or combined group, respectively, are derived from receipts from the sale of goods  produced by  such  activities.  In  computing  a combined group's gross receipts, intercorporate receipts shall  be  eliminated.  A  "qualified  New  York manufacturer"  is  a  manufacturer that has property in New York that is described in  clause  (A)  of  subparagraph  (i)  of  paragraph  (b)  of subdivision  one of section two hundred ten-B of this article and either (I) the adjusted basis of such property for New York state tax  purposes at the close of the taxable year is at least one million dollars or (II) all of its real and personal property is located in New York. A taxpayer or,  in  the  case of a combined report, a combined group, that does not satisfy the principally  engaged  test  may  be  a  qualified  New  York manufacturer  if  the  taxpayer or the combined group employs during the taxable  year  at  least  two  thousand  five   hundred   employees   in manufacturing  in  New  York  and the taxpayer or the combined group has property in the state used in manufacturing, the adjusted basis of which for New York state tax purposes at the close of the taxable year  is  at least one hundred million dollars.  (vii)  For  a  taxpayer  that  is  defined  as  a  qualified  emerging technology company under paragraph (c) of  subdivision  one  of  section thirty-one hundred two-e of the public authorities law regardless of the ten  million  dollar  limitation  expressed  in subparagraph one of such paragraph (c) the amount prescribed by this paragraph shall be  computed at  the  rate  of  5.7  percent  for taxable years beginning on or after January first, two  thousand  fifteen  and  before  January  first,  two thousand  sixteen,  5.5  percent for taxable years beginning on or after January first  two  thousand  sixteen  and  before  January  first,  two  thousand  eighteen,  and 4.875 percent for taxable years beginning on or after January first, two thousand eighteen.  (viii)  (A)  In computing the business income base, taxpayers shall be allowed both a prior net operating  loss  conversion  subtraction  under this  subparagraph and a net operating loss deduction under subparagraph (ix)  of  this  paragraph.  The  prior  net  operating  loss  conversion subtraction  computed  under  this subparagraph shall be applied against the business  income  base  before  the  net  operating  loss  deduction computed under subparagraph (ix) of this paragraph.  (B) Prior net operating loss conversion subtraction.  (1) Definitions.  (I)  "Base  year"  means  the  last taxable year beginning on or after January first, two thousand  fourteen  and  before  January  first,  two thousand fifteen.  (II)  "Unabsorbed  net operating loss" means the unabsorbed portion of net operating loss as calculated under paragraph (f) of subdivision nine of section two hundred eight of this  article  or  subsection  (k-1)  of section  fourteen  hundred  fifty-three of this chapter as such sections were in effect on December thirty-first, two thousand fourteen, that was not deductible in previous taxable years and was eligible for  carryover on  the  last  day  of  the  base  year  subject  to the limitations for deduction  under  such  sections,  including  any  net  operating   loss sustained by the taxpayer during the base year.  (III)  "Base  year  BAP"  means  the  taxpayer's  business  allocation percentage as calculated under paragraph (a)  of  subdivision  three  of this  section for the base year, or the taxpayer's allocation percentage as calculated under section fourteen hundred fifty-four of this  chapter for purposes of calculating entire net income for the base year, as such sections were in effect on December thirty-first, two thousand fourteen.  (IV)  "Base  year tax rate" means the taxpayer's tax rate for the base year as calculated under this paragraph or  subsection  (a)  of  section fourteen  hundred fifty-five of this chapter, as such provisions were in effect on December thirty-first, two thousand fourteen.  (2) The prior net  operating  loss  conversion  subtraction  shall  be calculated as follows:  (I) The taxpayer shall first calculate the tax value of its unabsorbed net  operating loss for the base year. The value is equal to the product of (I) the amount of the taxpayer's unabsorbed net operating loss,  (II) the  taxpayer's  base  year  BAP, and (III) the taxpayer's base year tax rate.  (II) The product determined under item (I) of this subclause  is  then divided  by  six and one-half percent, or in the case of a qualified New York manufacturer, five and  seven-tenths  percent.  This  result  shall equal  the  taxpayer's  prior  net operating loss conversion subtraction pool.  (III) The taxpayer's prior net operating loss  conversion  subtraction for  the  taxable  year  shall equal one-tenth of its net operating loss conversion  subtraction  pool  plus  any  amount  of  unused  prior  net operating  loss  conversion  subtraction  from  preceding taxable years. Provided, however, the prior net operating loss  conversion  subtraction of  a  small  business  corporation, as defined in paragraph (f) of this subdivision, as of the last day of the base year, shall not  be  subject to the one-tenth limitation in the previous sentence.  (IV)  In  lieu  of  the  subtraction  described  in item (III) of this subclause, if the taxpayer so elects, the taxpayer's prior net operating loss conversion subtraction for the tax  years  beginning  on  or  after January  first,  two  thousand  fifteen  and  before  January first, two thousand seventeen shall equal in each year, not more than  one-half  of  its  net  operating  loss  conversion subtraction pool until the pool is exhausted. If the pool is not exhausted at the end of such time  period, the  remainder  of  the pool shall be forfeited. The taxpayer shall make such  revocable  election on its first return for the tax year beginning on or after January first,  two  thousand  fifteen  and  before  January first,  two thousand sixteen by the due date for such return (determined with regard to extensions).  (3) Combined groups. (I) Where a taxpayer  was  properly  included  or required  to be included in a combined report for the base year pursuant to section two hundred eleven of this article or a combined return under section fourteen hundred sixty-two of this  chapter,  as  such  sections were  in effect on December thirty-first, two thousand fourteen, and the members of the combined group for the base year  are  the  same  as  the members   of  the  combined  group  for  the  taxable  year  immediately succeeding the base year, the combined group shall calculate  its  prior net  operating  loss  conversion  subtraction  pool  using  the combined group's total unabsorbed net operating loss, base  year  BAP,  and  base year tax rate.  (II)  If  a  combined group includes additional members in the taxable year immediately succeeding the base year that were not included in  the combined  group  during the base year, each base year combined group and each taxpayer that filed separately in the base year but is included  in the  combined  group  in the taxable year succeeding the base year shall calculate its prior net operating loss conversion subtraction pool,  and the  sum  of  the  pools  shall be the combined prior net operating loss conversion subtraction pool of the combined group.  (III) If a taxpayer was properly included in a combined report for the base year and files a separate report in a subsequent taxable year, then the amount of remaining prior net operating loss conversion  subtraction allowed   to   the   taxpayer  filing  such  separate  report  shall  be proportionate to the amount that such taxpayer contributed to the  prior net  operating loss conversion subtraction pool on a combined basis, and the remaining prior net operating loss conversion subtraction allowed to the  remaining  members  of  the  combined  group   shall   be   reduced accordingly.  (IV)  If  a  taxpayer filed a separate report for the base year and is properly included in a combined report in  a  subsequent  taxable  year, then  the  prior  net  operating loss conversion subtraction pool of the combined group shall be increased by the amount  of  the  remaining  net operating  loss  conversion  subtraction  allowed to the taxpayer at the time the taxpayer is properly included in the combined group.  (4) The prior net operating loss conversion subtraction may be used to reduce the taxpayer's tax on the apportioned business income base to the higher of the tax on the  capital  base  under  paragraph  (b)  of  this subdivision  or  the  fixed  dollar  minimum under paragraph (d) of this subdivision. Unless the taxpayer has made the election provided  for  in item  (IV)  of  subclause  two  of  this  clause,  any  amount of unused subtraction shall be carried forward to subsequent  tax  year  or  years until  the  prior  net  operating  loss  conversion  subtraction pool is exhausted, but for no longer than twenty taxable years, or  the  taxable year  beginning  on or after January first, two thousand thirty-five but before January first, two thousand thirty-six,  whichever  comes  first. Such  amount  carried  forward  shall  not  be  subject to the one-tenth limitation for the  subsequent  tax  year  or  years.  However,  if  the taxpayer  elects  to  compute  its  prior  net operating loss conversion subtraction pursuant to item (IV) of subclause two of this  clause,  the taxpayer  shall  not carry forward any unused amount of such subtraction  to any tax year beginning  on  or  after  January  first,  two  thousand seventeen.  (ix)  Net  operating loss deduction.  In computing the business income base, a net operating loss deduction shall be allowed. A  net  operating loss deduction is the amount of net operating loss or losses from one or more  taxable  years  that  are  carried  forward  or  carried back to a particular taxable year. A  net  operating  loss  is  the  amount  of  a business  loss  incurred  in  a  particular  tax  year multiplied by the apportionment factor for that  year  as  determined  under  section  two hundred  ten-A of this article. The maximum net operating loss deduction that is allowed in a  taxable  year  is  the  amount  that  reduces  the taxpayer's  tax on the apportioned business income base to the higher of the tax on the capital base or the fixed dollar minimum.  Such deduction and loss are determined in accordance with the following:  (1) Such net operating loss deduction is not  limited  to  the  amount allowed  under  section  one hundred seventy-two of the internal revenue code or the amount that would have been allowed if the taxpayer had  not made  an  election  under  subchapter  S  of chapter one of the internal revenue code.  (2) Such net operating  loss  deduction  shall  not  include  any  net operating  loss  incurred  during  any  taxable  year beginning prior to January first, two thousand fifteen, or during any taxable year in which the taxpayer was not subject to the tax imposed by this article.  (3) A taxpayer that files as part of a federal consolidated return but on a separate basis for  purposes  of  this  article  must  compute  its deduction  and loss as if it were filing on a separate basis for federal income tax purposes.  (4) A net operating loss may  be  carried  back  three  taxable  years preceding  the  taxable  year  of the loss ("the loss year"). However no loss can be carried back to a  taxable  year  beginning  before  January first,  two  thousand fifteen. The loss is first carried to the earliest of the three taxable years. If it is not entirely used in that year,  it is  carried  to the second taxable year preceding the loss year, and any remaining amount is carried to the taxable  year  immediately  preceding the  loss  year. Any unused amount of loss then remaining may be carried forward for as many as twenty taxable years  following  the  loss  year. Losses  carried  forward  are  carried forward first to the taxable year immediately following the loss year, then to  the  second  taxable  year following  the  loss  year,  and then to the next immediately subsequent taxable year or years until the loss is used up or the twentieth taxable year following the loss year, whichever comes first.  (5) Such net operating  loss  deduction  shall  not  include  any  net operating  loss  incurred during a New York S year; provided, however, a New York S year must be treated  as  a  taxable  year  for  purposes  of determining  the  number  of taxable years to which a net operating loss may be carried forward.  (6) Where there are two or more apportioned net operating  losses,  or portions  thereof, carried back or carried forward to be deducted in one particular tax year  from  apportioned  business  income,  the  earliest apportioned loss incurred must be applied first.  (7)  A  taxpayer  may  elect to waive the entire carryback period with respect to a net operating loss. Such  election  must  be  made  on  the taxpayer's  original  timely  filed  return  (determined  with regard to extensions) for the taxable year of the net operating loss for which the election is to be in effect. Once an election  is  made  for  a  taxable year, it shall be irrevocable for that taxable year. A separate election must be made for each loss year. This election applies to all members of a combined group.  (b)  Capital  base.  (1) (i) The amount prescribed by this paragraph shall be computed at .15 percent for each dollar of the taxpayer's total business capital, or the portion thereof apportioned within the state as hereinafter provided for taxable years beginning before  January  first, two  thousand  sixteen.    However, in the case of a cooperative housing corporation as defined in the internal revenue code, the applicable rate shall be .04 percent until taxable years beginning on or  after  January first,  two thousand twenty and zero percent for taxable years beginning on or after January first, two thousand twenty-one. The rate of tax  for subsequent tax years shall be as follows: .125 percent for taxable years beginning  on  or  after  January first, two thousand sixteen and before January first, two thousand seventeen; .100 percent  for  taxable  years beginning  on  or after January first, two thousand seventeen and before January first, two thousand eighteen; .075  percent  for  taxable  years beginning  on  or  after January first, two thousand eighteen and before January first, two thousand nineteen; .050  percent  for  taxable  years beginning  on  or  after January first, two thousand nineteen and before January first, two thousand  twenty;  .025  percent  for  taxable  years beginning  on  or  after  January  first, two thousand twenty and before January first, two thousand twenty-one;  and  .1875  percent  for  years beginning  on or after January first, two thousand twenty-one and before January first, two thousand twenty-four, and zero  percent  for  taxable years  beginning  on  or  after January first, two thousand twenty-four. Provided however, for taxable years beginning on or after January first, two thousand twenty-one, the rate of tax for a small business as defined in paragraph (f) of this subdivision shall be zero percent. The rate  of tax  for  a  qualified  New  York manufacturer shall be .132 percent for taxable years beginning on or after January first, two thousand  fifteen and before January first, two thousand sixteen, .106 percent for taxable years  beginning  on  or  after  January first, two thousand sixteen and before January first, two thousand seventeen, .085 percent  for  taxable years  beginning  on  or after January first, two thousand seventeen and before January first, two thousand eighteen; .056  percent  for  taxable years  beginning  on  or  after January first, two thousand eighteen and before January first, two thousand nineteen; .038  percent  for  taxable years  beginning  on  or  after January first, two thousand nineteen and before January first, two thousand  twenty;  .019  percent  for  taxable years  beginning  on  or  after  January  first, two thousand twenty and before January first, two thousand  twenty-one;  and  zero  percent  for years beginning on or after January first, two thousand twenty-one. (ii) In  no  event shall the amount prescribed by this paragraph exceed three hundred fifty thousand dollars for qualified New York manufacturers  and for all other taxpayers five million dollars.  (2)  For  purposes  of  subparagraph  one  of this paragraph, the term "manufacturer" shall mean a taxpayer that during  the  taxable  year  is principally  engaged  in  the  production  of  goods  by  manufacturing, processing,   assembling,   refining,   mining,   extracting,   farming, agriculture,   horticulture,  floriculture,  viticulture  or  commercial fishing. Moreover, for purposes of  computing  the  capital  base  in  a combined report, the combined group shall be considered a "manufacturer" for  purposes of this subparagraph only if the combined group during the taxable year is principally engaged in the activities set forth in  this subparagraph,  or any combination thereof. A taxpayer or, in the case of a combined report, a combined group shall be  "principally  engaged"  in activities  described above if, during the taxable year, more than fifty percent of the  gross  receipts  of  the  taxpayer  or  combined  group, respectively,  are derived from receipts from the sale of goods produced by such activities. In computing  a  combined  group's  gross  receipts,  intercorporate  receipts  shall  be  eliminated.  A  "qualified New York manufacturer" is a manufacturer that has property in New  York  that  is described  in  clause  (A)  of  subparagraph  (i)  of  paragraph  (b) of subdivision  one of section two hundred ten-B of this article and either (i) the adjusted basis of that property for New York state tax  purposes at the close of the taxable year is at least one million dollars or (ii) all  of  its  real  and  personal  property  is  located in New York. In addition, a "qualified New York manufacturer" means a taxpayer  that  is defined  as  a qualified emerging technology company under paragraph (c) of subdivision one of section thirty-one hundred  two-e  of  the  public authorities   law  regardless  of  the  ten  million  dollar  limitation expressed in subparagraph one of such paragraph. A taxpayer or,  in  the case  of  a combined report, a combined group, that does not satisfy the principally engaged test may be a qualified New York manufacturer if the taxpayer or the combined group employs during the taxable year at  least two thousand five hundred employees in manufacturing in New York and the taxpayer  or  the  combined  group  has  property  in  the state used in manufacturing, the adjusted basis  of  which  for  New  York  state  tax purposes  at  the  close  of  the  taxable  year is at least one hundred million dollars.  (d) Fixed dollar minimum.   (1) (A)  The  amount  prescribed  by  this paragraph   for   New  York  S  corporations,  other  than  New  York  S corporations that are qualified  New  York  manufacturers  or  qualified emerging technology companies, will be determined in accordance with the following table:  If New York receipts are:                The fixed dollar minimum tax is:  not more than $100,000                               $   25  more than $100,000 but not over $250,000             $   50  more than $250,000 but not over $500,000             $  175  more than $500,000 but not over $1,000,000           $  300  more than $1,000,000 but not over $5,000,000         $1,000  more than $5,000,000 but not over $25,000,000        $3,000  Over $25,000,000                                     $4,500  (B)  Provided further, the amount prescribed by this paragraph for New York S corporations  that  are  qualified  New  York  manufacturers,  as defined  in  subparagraph (vi) of paragraph (a) of this subdivision, and for New York S  corporations  that  are  qualified  emerging  technology companies  under  paragraph (c) of subdivision one of section thirty-one hundred two-e of the  public  authorities  law  regardless  of  the  ten million   dollar  limitation  expressed  in  subparagraph  one  of  such paragraph (c), will be  determined  in  accordance  with  the  following tables.  For  taxable  years  beginning  on  or  after January 1, 2015 and before January 1, 2016:  If New York receipts are:                The fixed dollar minimum tax is:   not more than $100,000                               $   22  more than $100,000 but not over $250,000             $   44  more than $250,000 but not over $500,000             $  153  more than $500,000 but not over $1,000,000           $  263  more than $1,000,000 but not over $5,000,000         $  877  more than $5,000,000 but not over $25,000,000        $2,631  Over $25,000,000                                     $3,947  For taxable years beginning on or  after  January  1,  2016  and  before January 1, 2018:  If New York receipts are:                The fixed dollar minimum tax is:  not more than $100,000                               $   21  more than $100,000 but not over $250,000             $   42  more than $250,000 but not over $500,000             $  148  more than $500,000 but not over $1,000,000           $  254  more than $1,000,000 but not over $5,000,000         $  846  more than $5,000,000 but not over $25,000,000        $2,538  Over $25,000,000                                     $3,807  For taxable years beginning on or after January 1, 2018:  If New York receipts are:                The fixed dollar minimum tax is:  not more than $100,000                               $   19  more than $100,000 but not over $250,000             $   38  more than $250,000 but not over $500,000             $  131  more than $500,000 but not over $1,000,000           $  225  more than $1,000,000 but not over $5,000,000         $  750  more than $5,000,000 but not over $25,000,000        $2,250  Over $25,000,000                                     $3,375  (C)  Provided  further,  the amount prescribed by this paragraph for a qualified New York manufacturer, as  defined  in  subparagraph  (vi)  of paragraph  (a)  of this subdivision, and a qualified emerging technology company under paragraph (c) of subdivision  one  of  section  thirty-one hundred  two-e  of  the  public  authorities  law  regardless of the ten million  dollar  limitation  expressed  in  subparagraph  one  of   such paragraph  (c), that is not a New York S corporation, will be determined in accordance with  the  following  tables.  However,  with  respect  to qualified New York manufacturers, the amounts in these tables will apply in  the  case  of a combined report only if the combined group satisfies the requirements to be a qualified New York manufacturer as set forth in such subparagraph (vi).  For tax years beginning on or after January 1, 2015 and  before  January 1, 2016:  If New York receipts are:                The fixed dollar minimum tax is:  not more than $100,000                               $   22  more than $100,000 but not over $250,000             $   66  more than $250,000 but not over $500,000             $  153  more than $500,000 but not over $1,000,000           $  439  more than $1,000,000 but not over $5,000,000         $1,316  more than $5,000,000 but not over $25,000,000        $3,070  Over $25,000,000                                     $4,385  For  tax  years beginning on or after January 1, 2016 and before January 1, 2018:  If New York receipts are:                The fixed dollar minimum tax is:  not more than $100,000                               $   21  more than $100,000 but not over $250,000             $   63  more than $250,000 but not over $500,000             $  148  more than $500,000 but not over $1,000,000           $  423  more than $1,000,000 but not over $5,000,000         $1,269   more than $5,000,000 but not over $25,000,000        $2,961  Over $25,000,000                                     $4,230  For tax years beginning on or after January 1, 2018:  If New York receipts are:                The fixed dollar minimum tax is:  not more than $100,000                               $   19  more than $100,000 but not over $250,000             $   56  more than $250,000 but not over $500,000             $  131  more than $500,000 but not over $1,000,000           $  375  more than $1,000,000 but not over $5,000,000         $1,125  more than $5,000,000 but not over $25,000,000        $2,625  Over $25,000,000                                     $3,750  (D)  Otherwise,  for  all  other taxpayers not covered by clauses (A), (B), (C) and (D-1) of this subparagraph, the amount prescribed  by  this paragraph will be determined in accordance with the following table:  If New York receipts are:                The fixed dollar minimum tax is:  not more than $100,000                               $   25  more than $100,000 but not over $250,000             $   75  more than $250,000 but not over $500,000             $  175  more than $500,000 but not over $1,000,000           $  500  more than $1,000,000 but not over $5,000,000         $1,500  more than $5,000,000 but not over $25,000,000        $3,500  more than $25,000,000 but not over $50,000,000       $5,000  more than $50,000,000 but not over $100,000,000      $10,000  more than $100,000,000 but not over $250,000,000     $20,000  more than $250,000,000 but not over $500,000,000     $50,000  more than $500,000,000 but not over $1,000,000,000   $100,000  Over $1,000,000,000                                  $200,000  (D-1)  In  the  case  of a REIT or a RIC that is not a captive REIT or captive RIC, the amount prescribed by this paragraph will be  determined in accordance with the following table:  If New York receipts are:                The fixed dollar minimum tax is:  not more than $100,000                               $   25  more than $100,000 but not over $250,000             $   75  more than $250,000 but not over $500,000             $  175  more than $500,000                                   $  500  (E) For purposes of this paragraph, New York receipts are the receipts included  in  the numerator of the apportionment factor determined under section two hundred ten-A for the taxable year.  (2) If the taxable year is less than twelve months, the amount of  New York  receipts  is determined by dividing the amount of the receipts for the taxable year by the  number  of  months  in  the  taxable  year  and multiplying  the  result  by  twelve,  and the amount prescribed by this paragraph shall be reduced by twenty-five  percent  of  the  period  for which  the  taxpayer  is  subject to tax is more than six months but not more than nine months and by fifty percent if the period for  which  the taxpayer is subject to tax is not more than six months. In the case of a termination  year  of  a  New  York  S  corporation,  the sum of the tax computed under this paragraph for the S short year and for the  C  short year  shall not be less than the amount computed under this paragraph as if the corporation were a New York C corporation for the entire  taxable year.  (f)  For  purposes of this section, the term "small business taxpayer" shall mean a taxpayer (i) which has an entire net  income  of  not  more than  three  hundred  ninety thousand dollars for the taxable year; (ii) the aggregate amount  of  money  and  other  property  received  by  the corporation  for  stock,  as  a  contribution to capital, and as paid-in surplus, does not exceed one million dollars; (iii) which is not part of an affiliated group, as defined in section 1504 of the internal  revenue code,  unless such group, if it had filed a report under this article on a combined basis, would have  itself  qualified  as  a  "small  business taxpayer"  pursuant  to  this subdivision; and (iv) which has an average number of individuals, excluding general  executive  officers,  employed full-time  in the state during the taxable year of one hundred or fewer. If the taxable period  to  which  subparagraph  (i)  of  this  paragraph applies  is  less  than  twelve  months,  entire  net  income under such subparagraph shall be placed on  an  annual  basis  by  multiplying  the entire  net  income  by  twelve and dividing the result by the number of months in  the  period.  For  purposes  of  subparagraph  (ii)  of  this paragraph,  the  amount  taken into account with respect to any property other than money shall be the amount equal to the adjusted basis to  the corporation  of  such  property  for  determining  gain,  reduced by any liability to which the property was subject or which was assumed by  the corporation.  The  determination  under  the preceding sentence shall be made as of the time the property was received by  the  corporation.  For purposes  of  subparagraph  (iv)  of  this paragraph, "average number of individuals, excluding general executive officers,  employed  full-time" shall  be  computed  by  ascertaining  the  number  of  such individuals employed by the taxpayer on the thirty-first day of March, the thirtieth day of June, the thirtieth day of September and the thirty-first day  of December  during each taxable year or other applicable period, by adding together the number of such individuals  ascertained  on  each  of  such dates  and  dividing  the  sum  so  obtained by the number of such dates occurring within such  taxable  year  or  other  applicable  period.  An individual  employed  full-time means an employee in a job consisting of at least thirty-five hours per week, or two or more employees who are in jobs  that  together  constitute  the  equivalent  of  a  job  at  least thirty-five  hours per week (full-time equivalent). Full-time equivalent employees in the state include all employees regularly connected with or working out of an office or place of business of the taxpayer within the state.   1-c. The computations specified in paragraph (b) of subdivision one of this section shall not apply  to  the  first  two  taxable  years  of  a taxpayer which, for one or both such years, is a small business taxpayer as defined in paragraph (f) of subdivision one of this section.   2. The amount of investment capital and business capital shall each be determined  by  taking  the average value of the assets included therein (less liabilities deductible therefrom pursuant  to  the  provisions  of subdivisions  five  and seven of section two hundred eight), and, if the period covered by the report is other than a period of  twelve  calendar months,  by  multiplying  such value by the number of calendar months or major parts thereof included in such period, and  dividing  the  product thus obtained by twelve. For purposes of this subdivision, real property and  marketable  securities shall be valued at fair market value and the value of personal property other than marketable securities shall be the value thereof shown  on  the  books  and  records  of  the  taxpayer  in accordance with generally accepted accounting principles.   3.  A corporation that is a partner in a partnership shall compute tax under this  article  using  the  aggregate  method  as  defined  in  the regulations  of  the  commissioner,  unless another method for computing  such tax is required or allowed by such regulations. Under the aggregate method, a corporation that is a partner in a partnership  is  viewed  as having  an  undivided interest in the partnership's assets, liabilities, and  items  of  receipts,  income,  gain,  loss and deduction. Under the aggregate method, the corporation that is a partner in a partnership  is treated   as   participating   in  the  partnership's  transactions  and activities.