185 - Franchise tax on farmers', fruit growers', and other like agricultural corporations organized and operated on a co-operative basis.
§ 185. Franchise tax on farmers', fruit growers', and other like agricultural corporations organized and operated on a co-operative basis. 1. For the privilege of exercising its corporate franchise in this state every farmers', fruit growers' and other like agricultural corporations organized and operated on a co-operative basis for the purposes expressed in and as provided under the co-operative corporations law of the state of New York, shall annually pay, in advance, an annual tax to be computed upon the basis of the amount of its capital stock within this state during the preceding year, and upon each dollar of such amount. The measure of the amount of capital stock in this state shall be such a portion of the issued capital stock as the gross assets employed in any business within this state bear to the gross assets wherever employed in business. Provided, however, that in the case of a corporation taxable hereunder only for the privilege of holding property, the measure shall be such a portion of the issued capital stock as the gross assets located within this state bear to the gross assets wherever located. For the purposes of taxation, the capital of a corporation invested in the stock of another corporation shall be deemed to be assets located where the assets of the issuing corporation, other than patents, copyrights, trade-marks, contracts and good will, are located. 2. Every corporation subject to tax under this section shall, in any event, pay annually a minimum tax of not less than ten dollars nor less than one mill on each dollar of such a portion of the net value of its issued capital stock, which net value for the purposes of this section shall be deemed to be not less than five dollars per share, as may be determined to be within this state as aforesaid upon such of the bases hereinbefore provided for the measurement thereof as is applicable. The term "net value" as used in this section shall be construed to mean not less than the difference between a corporation's assets and liabilities, and not less than the average price at which such stock sold during the year covered by the report which forms the basis for the tax. But if the dividends paid on the par value of any kind of capital stock during any year ending with the thirty-first day of December amount to six or more than six per centum, the tax upon such kind of capital stock shall be at the rate of one-quarter of a mill for each one per centum of dividends paid and shall be computed upon the par value of such capital stock, unless such a tax be less than the minimum tax hereinbefore provided in this section, and the tax commission shall, for such purpose, make a fair and equitable apportionment of the assets of the corporation between or among the different kinds of stock. 3. If such corporation shall have more than one kind of capital stock, and upon one of such kinds of stock a dividend or dividends amounting to six or more than six per centum upon the par value thereof has been paid, and upon the other no dividend has been paid, or the dividend or dividends paid thereon amount to less than six per centum upon the par value thereof, then the tax shall be fixed upon each kind as hereinbefore provided. 4. The dividend rate for a corporation having stock without nominal or par value shall be determined by dividing the amount paid as a dividend or dividends during the year by the amount paid in on such stock and, if the rate is six per centum or more, the rate of one-quarter of a mill for each one per centum of dividends shall be applied to the amount paid in on such stock, unless such tax be less than the minimum tax hereinbefore in this section provided for. 5. Every like corporation organized, incorporated or formed under the laws of any other state, country or sovereignty shall pay a like tax forthe privilege of exercising its corporate franchise, or carrying on business or holding property in a corporate or organized capacity in this state, to be computed upon the basis of the measurement hereinbefore provided for the taxation of domestic corporations. 6. The provisions of this section shall be construed to apply only to corporations having capital stock and not to such corporations as are non-stock, which said corporations shall be exempt from taxation under the provisions of this article and of article nine-a.