NY Gen City L § 25-A-4 (2021)
2021 New York Laws GCT - General City Article 2-D - City Personal Income Tax on Residents 25-A-4 - Taxable Years to Which Tax Applies; Tax for Taxable Years Beginning Prior to and Ending After July First, Nineteen Hundred Sixty-Six.

§ 4. Taxable  years  to  which  tax  applies;  tax  for  taxable years beginning prior  to  and  ending  after  July  first,  nineteen  hundred sixty-six.--  (a)  General.--The  tax  imposed  by section two, with any modification permitted by subdivision (b) of this  section,  is  imposed for  each  taxable  year  beginning with taxable years ending after July first, nineteen hundred sixty-six and prior to January  first,  nineteen hundred  seventy-six and each taxable year beginning in nineteen hundred seventy-five and ending in nineteen hundred seventy-six.  (b) Alternate methods for determining tax for taxable years ending  on or  after  July  first, nineteen hundred sixty-six and on or before June thirtieth, nineteen hundred sixty-seven. -- (1) The tax for any  taxable year ending on or after July first, nineteen hundred sixty-six and on or before  June  thirtieth,  nineteen hundred sixty-seven shall be the same part of the tax which would have been imposed had section  two  been  in effect  for  the  entire  taxable year as the number of months (or major portions thereof) of  the  taxable  year  occurring  after  July  first, nineteen hundred sixty-six is of the number of months (or major portions thereof)  in  the  taxable  year. The credit allowed against such tax as provided by section twenty shall be reduced by a fraction the  numerator of which is equal to the number of months (or major portions thereof) in such  taxable  year  which  occurred before July first, nineteen hundred sixty-six and the denominator of which is equal to the number of  months (or major portions thereof) in such taxable year.  (2)  In  lieu  of  the  method  of  computation  of  tax prescribed in paragraph (1), if  the  taxpayer  maintains  adequate  records  for  any taxable  year  ending on or after July first, nineteen hundred sixty-six and on or before June thirtieth, nineteen hundred sixty-seven,  the  tax for  such taxable year, at the election of the taxpayer, may be computed on the basis of the city taxable income which the  taxpayer  would  have reported  had  he  filed  a  return  under this local law for the period (referred to in this paragraph as "short period") beginning July  first, nineteen  hundred  sixty-six  and  ending  with  the  last  day  of  the taxpayer's taxable year. If a return for a period of  less  than  twelve months  is  made  under  this paragraph (2), the city taxable income for such short period shall be placed on an annual basis by multiplying such income by twelve and dividing the result by the number of months in  the short  period.  In  determining city taxable income under this paragraph (2), the city personal exemptions provided by section sixteen, shall  be reduced  to  amounts that bear the same ratio to the full exemptions, as the number of months in the short period bears  to  twelve.  The  credit allowed  against such tax as provided by section twenty shall be reduced by a fraction the numerator of which is equal to the  number  of  months (or  major  portions thereof) in such taxable year which occurred before July first, nineteen hundred sixty-six and the denominator of  which  is equal  to  the  number  of  months  (or  major portions thereof) in such taxable year. The tax shall be the same part of the tax computed on  the annual  basis  as  the number of months in the short period is of twelve months.  Except as provided in this paragraph  (2),  the  tax  for  such period ending on or before June thirtieth, nineteen hundred sixty-seven, shall  be computed in accordance with the other provisions of this local law.