2023 New York Laws › TAX - Tax › Article 33 - Franchise Taxes on Insurance Corporations › 1512 - Exemptions.

§ 1512. Exemptions. (a) This article shall not apply to:
(1)  the  government  of  the  United  States,  or  of  any  state  or
municipality thereof, or any instrumentality of any such government;
(2)   any   charitable,   religious,   missionary,   educational    or
philanthropic  non-stock  corporation that would have been excepted from
the classification of the business of insurance by section nine  of  the
insurance  law  in  effect  immediately prior to January first, nineteen
hundred forty, or any person,  firm,  corporation  or  association  that
would  have  been  exempted  from  the provisions of article six of such
insurance law by section two hundred fourteen thereof, or exempted  from
the  provisions  of  article  seven of such insurance law by section two
hundred forty-five thereof;
(3) any retirement system or pension fund which  does  exclusively  an
annuity business;
(4)  any  non-profit  medical  expense  indemnity  or hospital service
corporation organized under article forty-three of the insurance law;
(5) any incorporated or unincorporated fraternal benefit  society,  or
in  the  event  of  (i) the conversion of any such society into a mutual
life insurance company or (ii) the reinsurance of the business  of  such
society by the superintendent of financial services pursuant to an order
of   liquidation,   the   premiums   payable   under  insurance  benefit
certificates  issued  by  such  society  prior  to  the  conversion   or
reinsurance;
(6)  any  corporation  for  the  insurance  of domestic animals on the
cooperative or assessment plan, organized under the laws of this  state;
and
(7)  a  town or county cooperative insurance corporation as heretofore
contemplated by section one hundred  eighty-seven  of  this  chapter  in
effect   immediately   prior   to   January   first,   nineteen  hundred
seventy-four.
(8) any not-for-profit voluntary  employees'  beneficiary  association
which  is exempt from federal income tax pursuant to section 501 (c) (9)
of the United States internal revenue code, the  members  of  which  are
employees  or  the  beneficiaries  or  dependents  of the employees of a
single employer or an affiliated group of  employers.  For  purposes  of
this  paragraph,  an  affiliated  group shall mean one or more chains of
corporations connected through stock ownership with a common  parent  if
(i) eighty percent or more of the voting stock of each corporation other
than  the  common  parent  is owned directly by one or more of the other
corporations and (ii) eighty percent or more of the voting stock  of  at
least  one  of  the  corporations  other than the common parent is owned
directly by the common parent.
(9)  any  nonprofit  property/casualty  insurance  company   organized
pursuant  to  section  six thousand seven hundred three of the insurance
law.
(10) any nonprofit health maintenance organization required to  obtain
a certificate of authority under article forty-four of the public health
law.
(b) The tax imposed by section fifteen hundred ten shall not apply to:
(1) any insurance on property or risks located or resident outside the
state  of New York written by a fire or life insurance company organized
and operated, without profit to any private shareholder  or  individual,
exclusively  for  the  purpose  of  aiding and strengthening charitable,
religious, missionary, educational  or  philanthropic  institutions,  by
issuing  insurance  and  annuity contracts only to or for the benefit of
such institutions, to  individuals  engaged  in  the  services  of  such
institutions,   and  to  members  of  the  immediate  families  of  such
individuals;
(2) any insurance on risks resident outside of the state of  New  York
written  by  a  life  insurance company which has been organized for the
purpose of establishing a  non-profit  voluntary  employees  beneficiary
association  to  provide  life,  sick,  accident  or  other  benefits to
eligible  employees  or their beneficiaries, is operated exclusively for
said purposes and without profit, direct or  indirect,  to  any  private
shareholder  or  individual,  and  is  duly  exempt from income taxation
pursuant to the United States internal revenue code; or
(3)  except  in  the  case  of  foreign  and  alien  title   insurance
corporations,  premiums,  other  than  those  for  accident  and  health
insurance, written, procured or received in this state for insurance  on
property or risks located or resident outside the United States.
(c) The taxes imposed by sections fifteen hundred one, fifteen hundred
two-a,  and  fifteen  hundred ten of this article shall not apply to any
corporation, association, joint stock company  or  association,  person,
society,  aggregation  or  partnership  doing an insurance business as a
member of the New York  insurance  exchange  described  in  section  six
thousand   two   hundred   one  of  the  insurance  law.  However,  such
corporations,  associations,  joint  stock  companies  or  associations,
persons,   societies,  aggregations  or  partnerships  must  compute  an
allocated entire net income pursuant to sections fifteen  hundred  three
and  fifteen  hundred  four of this article and transmit a return to the
tax commission pursuant to  section  fifteen  hundred  fifteen  of  this
article.