Sec. 21-2.1. General

Tax Law, § 1462(f)

(a) Each banking corporation (as defined in section 16-2.5 of this Title) or bank holding company (as defined in section 16-2.4 of this Title) is a separate taxable entity and must file its own return. However, where the requirements described in sections 21-2.2 and 21-2.3 of this Subpart are met, a group of banking corporations and bank holding companies may be required or permitted to file a combined return.

(b) Generally, each of the corporations to be included in the combined return must be a banking corporation or a bank holding company. (See section 1462[f][2][v][B] of the Tax Law for information relating to the inclusion of captive REIT and captive RIC in a combined return.)

(c) A corporation organized under the laws of the United States, New York State or any other state may not be included in a combined return with an alien corporation (a corporation organized under the laws of a country other than the United States). That is, an alien corporation can only be included in a combined return with other alien corporations.

(d) It is not necessary that all corporations included in a combined return have the same accounting period. (See section 21-3.2 of this Part – Form of combined returns.)

(e) For purposes of this Subpart, the provisions of subparagraph (iii) and the examples in section 16-2.5(j)(1)(iv) of this Title, relating to ownership and control, apply.