2023 New York Laws › TAX - Tax › Article 1 - Short Title; Definitions; Miscellaneous › 2 - Definitions.

§  2.  Definitions. 1. Unless otherwise expressly stated or unless the
context or  subject  matter  otherwise  requires,  "tax  department"  or
"department",  as used in this chapter, means the department of taxation
and finance, "commissioner"  means  the  commissioner  of  taxation  and
finance  or  his  delegate, and "tax commission" or "commission", in all
matters pertaining to the administration of the division of tax appeals,
means the tax appeals tribunal  and  in  all  other  matters  means  the
commissioner of taxation and finance.
2. "Comptroller" as used in this chapter means the state comptroller.
3.  "County  treasurer"  includes  any  officer  performing the duties
devolving upon such office under whatever name.
4. "Infant" or "minor" as used in this chapter means a person who  has
not attained the age of eighteen years.
5.  The  term  "limited  liability  company"  means a domestic limited
liability company or a foreign limited liability company, as defined  in
section  one hundred two of the limited liability company law, a limited
liability investment company formed pursuant  to  section  five  hundred
seven  of  the  banking law, or a limited liability trust company formed
pursuant to section one hundred two-a of the banking law.
6. "Partnership and partner," unless the context  requires  otherwise,
shall  include, but shall not be limited to, a limited liability company
and a member thereof, respectively.
7. "REIT" means a real estate investment trust as defined  in  section
eight hundred fifty-six of the internal revenue code.
8.  "RIC"  means  a regulated investment company as defined in section
eight hundred fifty-one of the internal revenue code.
9. "Captive REIT" means a REIT that is  not  regularly  traded  on  an
established  securities  market,  and  (  more than fifty percent of the
voting stock of which is owned or controlled, directly or indirectly, by
a single entity treated as an association taxable as a corporation under
the Internal Revenue Code that is not exempt from federal income tax and
is not a REIT. Any voting stock in a REIT that is held in  a  segregated
asset  account  of a life insurance corporation (as described in section
817 of the internal revenue code) shall not be taken  into  account  for
purposes  of  determining  whether a REIT is a captive REIT. None of the
following entities shall be  considered  an  association  taxable  as  a
corporation for purposes of this subdivision:
(a)  any  listed Australian property trust (meaning an Australian unit
trust registered as a "managed investment scheme" under  the  Australian
Corporations  Act  in  which the principal class of units is listed on a
recognized stock exchange in Australia and is  regularly  traded  on  an
established  securities  market),  or  an  entity  organized as a trust,
provided that a listed  Australian  property  trust  owns  or  controls,
directly or indirectly, seventy-five percent or more of the voting power
or value of the beneficial interests or shares of such trust; or
(b)  any  qualified  foreign  entity,  meaning  a  corporation, trust,
association or partnership organized outside  the  laws  of  the  United
States and which satisfies the following criteria:
(i) at least seventy-five percent of the entity's total asset value at
the  close  of its taxable year is represented by real estate assets (as
defined at subparagraph (B)  of  paragraph  (5)  of  subsection  (c)  of
section  eight  hundred  fifty-six of the internal revenue code, thereby
including shares or certificates of  beneficial  interest  in  any  real
estate  investment  trust), cash and cash equivalents, and United States
Government securities;
(ii) the entity is not subject to tax on amounts  distributed  to  its
beneficial owners, or is exempt from entity-level taxation;
(iii)  the  entity  distributes  at  least  eight-five  percent of its
taxable  income  (as  computed  in  the  jurisdiction  in  which  it  is
organized)  to  the  holders of its shares or certificates of beneficial
interest on an annual basis;
(iv)  not  more  than ten percent of the voting power or value in such
entity is held directly or indirectly  or  constructively  by  a  single
entity  or  individual,  or  the  shares or beneficial interests of such
entity are regularly traded on an established securities market; and
(v) the entity is organized in a country which has a tax  treaty  with
the United States.
10.  "Captive  RIC" means a RIC (a) that is not regularly traded on an
established securities market, and (b) more than fifty  percent  of  the
voting stock of which is owned or controlled, directly or indirectly, by
a  single  corporation that is not exempt from federal income tax and is
not a RIC. Any voting stock in a RIC that is held in a segregated  asset
account  of a life insurance corporation (as described in section 817 of
the internal revenue code) shall not be taken into account for  purposes
of determining whether a RIC is a captive RIC.
11.  The  term  "combinable captive insurance company" means an entity
that is treated as an association taxable as  a  corporation  under  the
internal revenue code (a) more than fifty percent of the voting stock of
which is owned or controlled, directly or indirectly, by a single entity
that  is  treated  as  an association taxable as a corporation under the
internal revenue code and not exempt from federal income tax;  (b)  that
is  licensed as a captive insurance company under the laws of this state
or another jurisdiction; (c) whose business includes providing, directly
and indirectly, insurance or  reinsurance  covering  the  risks  of  its
parent  and/or members of its affiliated group; and (d) fifty percent or
less of whose gross receipts for the taxable year  consist  of  premiums
from  arrangements  that  constitute  insurance  for  federal income tax
purposes. For purposes of this subdivision, "affiliated group"  has  the
same  meaning  as  that  term  is  given in section 1504 of the internal
revenue code, except that the term "common parent corporation"  in  that
section  is deemed to mean any person, as defined in section 7701 of the
internal revenue code and references to "at  least  eighty  percent"  in
section  1504  of  the  internal  revenue  code are to be read as "fifty
percent or more;" section 1504 of the internal revenue  code  is  to  be
read  without regard to the exclusions provided for in subsection (b) of
that section; "premiums" has the same meaning as that term is  given  in
paragraph  one of subdivision (c) of section fifteen hundred ten of this
chapter, except that it includes consideration for annuity contracts and
excludes any part of the consideration  for  insurance,  reinsurance  or
annuity  contracts  that do not provide bona fide insurance, reinsurance
or annuity benefits; and "gross receipts" includes the amounts  included
in  gross  receipts  for purposes of section 501(c) (15) of the internal
revenue code, except that those amounts also  include  all  premiums  as
defined in this subdivision.