1450 - General definitions.
§ 1450. General definitions. As used in this article: (a) The word "taxpayer" means a corporation or association subject to a tax imposed by this article. (b) The phrase "taxable year" means the taxpayer's taxable year for federal income tax purposes, or the part thereof during which the taxpayer is subject to the tax imposed by this article. (c) The term "international banking facility" shall mean an international banking facility located in New York state and shall have the same meaning as is set forth in the New York state banking law or regulations of the New York state banking department or as is set forth in the laws of the United States or regulations of the board of governors of the federal reserve system. (d) The term "subsidiary" means a corporation or association of which over fifty percent of the number of shares of stock entitling the hold- ers thereof to vote for the election of directors or trustees is owned by the taxpayer. (e) The term "subsidiary capital" means investments in the stock of subsidiaries and any indebtedness from subsidiaries, exclusive of accounts receivable acquired in the ordinary course of trade or business for services rendered or for sales of property held primarily for sale to customers, whether or not evidenced by written instrument, on which interest is not claimed and deducted by the subsidiary for purposes of taxation under article nine-A, thirty-two or thirty-three of this chapter, provided, however, there shall be deducted from subsidiary capital any liabilities payable by their terms on demand or within one year from the date incurred, other than loans or advances outstanding for more than a year as of any date during the year covered by the return, which are attributable to subsidiary capital. (f) The terms "New York S corporation", "New York S year", "New York S election", "New York C corporation", "New York C year", "termination year", "S short year", "C short year", and "New York S termination year" shall have the same meaning as those terms have under subdivision one-A of section two hundred eight of this chapter, except that references in such subdivision to article nine-A of this chapter shall be read as references to this article. (g) The term "QSSS" means a corporation which is a qualified subchapter S subsidiary as defined in subparagraph (B) of paragraph three of subsection (b) of section thirteen hundred sixty-one of the internal revenue code. The term "exempt QSSS" means a QSSS exempt from tax under this article as provided in subsection (o) of section fourteen hundred fifty-three of this article, or a QSSS described in clause (i) of subparagraph (B) of paragraph two of subsection (o) of section fourteen hundred fifty-three, wherein the parent corporation of the QSSS is subject to tax under this article, and the assets, liabilities, income and deductions of the QSSS are treated as the assets, liabilities, income and deductions of the parent corporation. Where a QSSS is an exempt QSSS, then for all purposes under this article: (1) the assets, liabilities, income, deductions, property, payroll, receipts, capital, credits, and all other tax attributes and elements of economic activity of the QSSS shall be deemed to be those of the parent corporation, (2) the stocks, bonds and other securities issued by, and any indebtedness from, the QSSS shall not be subsidiary capital of the parent corporation, (3) transactions between the parent corporation and the QSSS, including the payment of interest and dividends, shall not be taken into account, and(4) general executive officers of the QSSS shall be deemed to be general executive officers of the parent corporation. (h) The term "financial holding company" means a corporation that, pursuant to subsection (l) of section 4 of the federal bank holding company act of nineteen hundred fifty-six, as amended, has filed with the federal reserve board a written declaration that the corporation elects to be a financial holding company and whose election has not been found to be ineffective by the federal reserve board.