N.Y. Comp. Codes R. & Regs. Tit. 20 §§ 2-1.1
Current through Register Vol. 46, No. 53, December 31, 2024
(Tax Law, sections 208(10), 209(1))
(a) Generally, for Federal income tax purposes, a taxpayer's taxable year is the same as its accounting period. In most cases, the taxable year for which the franchise tax imposed by article 9-A is to be computed and for which a franchise tax report is to be filed shall be the same as the taxpayer's taxable year for Federal income tax purposes, or that portion of the Federal taxable year for which the taxpayer is subject to the tax imposed by article 9-A. The taxable year under article 9-A generally will be the accounting period covered by the taxpayer's Federal income tax return, whether such period be a calendar year, a properly established fiscal year (which includes an accounting period consisting of 52 - 53 weeks) or an accounting period of less than 12 months as permitted or required under the IRC. If a taxpayer does not have a taxable year for Federal income tax purposes, the tax must be computed and a report must be filed for a calendar year, unless the commissioner authorizes the use of some different accounting period.(b) The tax imposed by article 9-A is imposed for each fiscal or calendar year of the taxpayer, or any part thereof, during which the taxpayer has a corporate franchise granted by New York State or does business, employs capital, owns or leases property in a corporate or organized capacity, maintains an office, or derives receipts from activity in New York State. Therefore, for purposes of article 9-A, the taxpayer's first taxable year begins, in the case of a domestic corporation, on the date of its incorporation or, if elected, on such other date for the beginning of its corporate existence as set forth in the certificate of incorporation, not to exceed 90 days after the filing of such certificate, and ends on the last day of such fiscal or calendar year, or on the last day it is subject to the tax imposed by article 9-A, whichever comes first. In the case of a foreign corporation, the taxpayer's first taxable year begins on the date it begins to do business, employ capital, own or lease property, maintain an office, or derive receipts from activity in New York State and ends on the last day of such fiscal or calendar year, or on the last day it is subject to the tax imposed by article 9-A, whichever comes first.N.Y. Comp. Codes R. & Regs. Tit. 20 §§ 2-1.1
Adopted New York State Register December 27, 2023/Volume XLV, Issue 52, eff. 12/27/2023