1462 - Returns.

§  1462.  Returns.  (a) Every taxpayer, as well as every other banking  corporation having an employee, including any officer, within the state,  shall annually on or  before  the  fifteenth  day  of  the  third  month  following  the  close  of  each of its taxable years transmit to the tax  commission a return in a  form  prescribed  by  it  setting  forth  such  information as the tax commission may prescribe and every taxpayer which  ceases  to exercise its franchise or to be subject to the tax imposed by  this article shall transmit to the tax commission a return on  the  date  of  such  cessation  or  at  such  other  time as the tax commission may  require covering each year or period for which no return was theretofore  filed. In the case of a termination year of  an  S  corporation,  the  S  short  year  and  the  C  short  year shall be treated as separate short  taxable years, provided, however, the due date of the report for  the  S  short  year  shall  be  the same as the due date of the report for the C  short year.    (b) Every taxpayer shall also transmit such  other  returns  and  such  facts  and  information  as  the  tax  commission  may  require  in  the  administration of this article.    (c) The tax commission may grant a reasonable extension  of  time  for  filing returns whenever good cause exists. An automatic extension of six  months  for  the  filing  of  its  annual  return  shall  be allowed any  taxpayer, if within the time prescribed by subsection (a), such taxpayer  files with the tax commission an application for extension in such  form  as said commission may prescribe by regulation and pays on or before the  date of such filing the amount properly estimated as its tax.    (d)  Every  return  shall  have annexed thereto a certification by the  president,  vice  president,  treasurer,  assistant   treasurer,   chief  accounting  officer or any other officer of the taxpayer duly authorized  so to act to the effect that the statements contained therein are  true.  The  fact  that an individual's name is signed on a certification of the  return shall be prima facie evidence that such individual is  authorized  to sign and certify the return on behalf of the corporation. In the case  of  an  association  or  publicly  traded  partnership  referred  to  in  paragraph one of subsection (f)  of  this  section,  such  certification  shall  be made by any person duly authorized so to act on behalf of such  association or publicly traded partnership.    (e) If the amount of taxable income  or  alternative  minimum  taxable  income  for  any  year of any taxpayer (including any taxpayer which has  elected to be taxed under subchapter s of chapter one  of  the  internal  revenue  code)  as  returned to the United States treasury department is  changed or corrected by the commissioner of internal  revenue  or  other  officer of the United States or other competent authority, such taxpayer  shall  report  such  change  or  corrected taxable income or alternative  minimum taxable income within ninety days (or one hundred  twenty  days,  in  the  case  of a taxpayer making a combined return under this article  for  such  year)  after  the  final  determination  of  such  change  or  correction  or  as  required  by the commissioner, and shall concede the  accuracy of such determination or state wherein  it  is  erroneous.  Any  taxpayer  filing  an amended return with such department shall also file  within ninety days (or one  hundred  twenty  days,  in  the  case  of  a  taxpayer  making  a  combined  return  under this article for such year)  thereafter an amended return with the commissioner which  shall  contain  such  information  as the commissioner shall require. The allowance of a  tentative carryback adjustment based upon a net capital  loss  carryback  pursuant  to  section  sixty-four hundred eleven of the internal revenue  code, shall be treated as a final determination  for  purposes  of  this  subsection.(f)  (1)  For  purposes  of  this  subsection,  the term "bank holding  company" means any corporation subject to article three-A of the banking  law, or registered  under  the  federal  bank  holding  company  act  of  nineteen  hundred  fifty-six, as amended, or registered as a savings and  loan  holding  company  (but  excluding  a  diversified savings and loan  holding company) under the federal national housing act, as amended. For  purposes of the preceding sentence, the term "corporation" shall include  an association, within the meaning of paragraph three of subsection  (a)  of section seventy-seven hundred one of the internal revenue code, and a  publicly traded partnership treated as a corporation for purposes of the  internal  revenue  code  pursuant  to section seventy-seven hundred four  thereof.    (2) (i) Any banking corporation  or  bank  holding  company  which  is  exercising  its corporate franchise or doing business in this state in a  corporate or organized capacity, and    (A) which owns or controls, directly or indirectly, eighty percent  or  more  of  the  voting  stock of one or more banking corporations or bank  holding companies, or    (B) whose voting stock is eighty percent or more owned or  controlled,  directly  or  indirectly,  by  a  banking  corporation or a bank holding  company,  shall make a return on a combined  basis  under  this  article  covering  itself  and  such  corporations described in clause (A) or (B) and shall  set forth such information as the tax commission may require unless  the  taxpayer  or  the  tax  commission  shows  that  the inclusion of such a  corporation in the combined return fails to  properly  reflect  the  tax  liability  of  such  corporation  under this article. Provided, however,  that no banking corporation or bank holding company not a taxpayer shall  be subject to the requirements  of  this  subparagraph  unless  the  tax  commission  deems that the application of such requirements is necessary  in order to properly reflect  the  tax  liability  under  this  article,  because  of  intercompany transactions or some agreement, understanding,  arrangement or transaction of the type referred to in subsection (g)  of  this section.    (ii)  In the discretion of the tax commission, any banking corporation  or bank holding company which is exercising its corporate  franchise  or  doing business in this state in a corporate or organized capacity, and    (A) which owns or controls, directly or indirectly, sixty-five percent  or  more of the voting stock of one or more banking corporations or bank  holding companies, or    (B) whose  voting  stock  is  sixty-five  percent  or  more  owned  or  controlled,  directly  or indirectly, by a banking corporation or a bank  holding company,  may be required or permitted to make a return on a combined basis  under  this  article  covering itself and such corporations described in clause  (A) or (B) and shall set forth such information as  the  tax  commission  may  require;  provided,  however,  that  no  combined  return  shall be  required or permitted  unless  the  tax  commission  deems  such  report  necessary  in  order  to  properly  reflect the tax liability under this  article of any one or more of such banking corporations or bank  holding  companies.    (iii) In the discretion of the tax commission, banking corporations or  bank  holding  companies  which  are sixty-five percent or more owned or  controlled,  directly  or  indirectly,  by  the  same  interest  may  be  permitted  or  required  to make a return on a combined basis under this  article and shall set forth such information as the tax  commission  may  require,  if  at  least  one  such  banking  corporation or bank holding  company is exercising its corporate franchise or doing business in  thisstate  in a corporate or organized capacity. No combined return shall be  required or permitted  unless  the  tax  commission  deems  such  report  necessary  in  order  to  properly  reflect the tax liability under this  article  of any one or more of such banking corporations or bank holding  companies.    (iv) (A) Notwithstanding any provision of  this  paragraph,  any  bank  holding  company exercising its corporate franchise or doing business in  the state may make a return on a  combined  basis  without  seeking  the  permission  of  the commissioner with any banking corporation exercising  its corporate franchise or doing business in the state in a corporate or  organized capacity sixty-five percent or more of whose voting  stock  is  owned  or  controlled,  directly  or  indirectly,  by  such bank holding  company, for the first taxable year beginning on or after January first,  two thousand and before January first, two thousand eleven during  which  such bank holding company registers for the first time under the federal  bank  holding company act, as amended, and also elects to be a financial  holding company. In addition, for each subsequent taxable year beginning  after January first, two thousand and before January first, two thousand  eleven, any such bank holding company  may  file  on  a  combined  basis  without  seeking  the  permission  of  the commissioner with any banking  corporation that is exercising its corporate franchise or doing business  in the state and sixty-five percent or more of  whose  voting  stock  is  owned  or  controlled,  directly  or  indirectly,  by  such bank holding  company if either such banking corporation is exercising  its  corporate  franchise  or  doing  business  in the state in a corporate or organized  capacity for the first time during  such  subsequent  taxable  year,  or  sixty-five  percent  or  more  of  the  voting  stock  of  such  banking  corporation is owned or controlled, directly or indirectly, by such bank  holding company for the first time during such subsequent taxable  year.  Provided  however,  for  each  subsequent  taxable  year beginning after  January first, two thousand  and  before  January  first,  two  thousand  eleven,  a  banking corporation described in either of the two preceding  sentences which filed on a combined basis with  any  such  bank  holding  company  in a previous taxable year, must continue to file on a combined  basis with such bank holding company if such banking corporation, during  such subsequent  taxable  year,  continues  to  exercise  its  corporate  franchise  or  do  business  in  the  state  in a corporate or organized  capacity and sixty-five percent or more of  such  banking  corporation's  voting   stock   continues  to  be  owned  or  controlled,  directly  or  indirectly, by such bank holding company, unless the permission  of  the  commissioner  has  been  obtained  to  file on a separate basis for such  subsequent taxable year. Provided further, however, for each  subsequent  taxable  year  beginning  after  January  first, two thousand and before  January first, two thousand eleven, a banking corporation  described  in  either of the first two sentences of this clause which did not file on a  combined  basis with any such bank holding company in a previous taxable  year, may not file on a combined basis with such  bank  holding  company  during  any  such  subsequent  taxable year unless the permission of the  commissioner has been obtained to file on  a  combined  basis  for  such  subsequent taxable year.    (B)  Notwithstanding any provision of this paragraph other than clause  (A) of this subparagraph,  the  commissioner  may  not  require  a  bank  holding  company  which,  during  a  taxable  year beginning on or after  January first, two thousand  and  before  January  first,  two  thousand  eleven,  registers for the first time during such taxable year under the  federal bank holding company act, as amended, and also elects  to  be  a  financial  holding company, to make a return on a combined basis for any  taxable year beginning on or  after  January  first,  two  thousand  andbefore  January  first,  two  thousand eleven with a banking corporation  sixty-five percent or more of whose voting stock is owned or controlled,  directly or indirectly, by such bank holding company.    * (v)  A  banking  corporation  doing  business  in  this state solely  because it meets one or more of the tests in subparagraphs  (i)  through  (v)  of  paragraph  one  of  subsection  (c) of section fourteen hundred  fifty-one of this article (referred  to  in  this  subparagraph  as  the  "credit  card  bank") will not be included in a combined return pursuant  to subparagraph (i) of this paragraph with another  banking  corporation  or  bank  holding company which is exercising its corporate franchise or  doing business in  this  state  unless  the  credit  card  bank  or  the  commissioner  shows  that  the  inclusion of the credit card bank in the  combined return is necessary to properly reflect the  tax  liability  of  the  credit  card  bank, the banking corporation or bank holding company  under this article. However, any banking corporation that meets  one  or  more  of  the tests in subparagraphs (i) through (v) of paragraph one of  subsection (c) of section fourteen hundred fifty-one and was included in  a combined return for its last taxable  year  beginning  before  January  first,  two  thousand  eight  may  continue to be included in a combined  return for  future  taxable  years,  provided  that  once  that  banking  corporation  has been included in a combined return for any taxable year  beginning on or  after  January  first,  two  thousand  eight,  it  must  continue  to  be  included  in  a  combined  return until it obtains the  consent of the commissioner to cease being included in a combined return  because  the  combined  return  no  longer  properly  reflects  the  tax  liability  under this article of any of the corporations included in the  combined return. Further, the credit card bank will  be  included  in  a  combined  return  with  (i)  any  banking corporation not subject to tax  under this article sixty-five percent or more of whose voting  stock  is  owned or controlled, directly or indirectly, by the credit card bank, or  (ii)  any banking corporation or bank holding company not subject to tax  under this article which  owns  or  controls,  directly  or  indirectly,  sixty-five  percent or more of the voting stock of the credit card bank,  or (iii) any banking corporation not subject to tax under  this  article  sixty-five  percent  or  more  of  the voting stock of which is owned or  controlled,  directly  or  indirectly,  by  the  same   corporation   or  corporations  that  own  or  control, directly or indirectly, sixty-five  percent or more of the voting stock of the  credit  card  bank,  if  the  corporation  or corporations described in clauses (i), (ii) and (iii) of  this subparagraph provide services for or support  to  the  credit  card  bank's operations, unless the credit card bank or the commissioner shows  that  the  inclusion of any of those corporations in the combined return  fails to properly reflect the tax liability of the credit card bank. For  purposes of this subparagraph, services for or  support  to  the  credit  card  bank's  operations  include  such  activities  as  billing, credit  investigation and reporting, marketing, research, advertising,  mailing,  customer   service,   information   technology,  lending  and  financing  services, and communications services, but will not include  accounting,  legal or personnel services.    * NB There are 2 sb