Corporation Tax Statistical Publications - Franchise Tax on Banking Corporations
In 1985, the executive and legislative branches of New York State, the government of the City of New York and the State's banking community joined together to reform New York's corporate franchise tax on banking corporations. The resulting legislation, Chapter 298 of the Laws of 1985, essentially restructured the New York State and New York City taxes imposed on banking corporations.
In recognition of the extensive nature of the reform and the uncertain effect of the changes, numerous provisions of the legislation were scheduled to expire for taxable years beginning on or after January 1, 1990. Subsequent legislation extended the expiration date, most recently through taxable years beginning before January 1, 1995.
This publication provides bank tax return data from four tax years prior to the reform (1981-1984) and eight tax years after the reform (1985-1992). The report also provides statistics regarding the more than 1,200 bank tax audits completed since the beginning of the 1979-80 State fiscal year.
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