Sec. 23-1.1. General

Tax Law, § 1455-B; Public Authorities Law, § 1262

(a) In addition to the tax imposed by section 1451 of the Tax Law, section 1455-B of the Tax Law imposes a tax surcharge for taxable years commencing on or after January 1, 1982 but ending before December 31, 1986. The tax surcharge is imposed on every banking corporation, as defined in section 16-2.5 of this Title, and every corporation included in a combined return, pursuant to Subpart 21-2 of this Title, for the privilege of exercising its corporate franchise or doing business in the Metropolitan Commuter Transportation District in a corporate or organized capacity. Such an entity is referred to in this Part as a surcharge taxpayer. The tax surcharge shall not be imposed on any surcharge taxpayer for more than 48 months. Every surcharge taxpayer which continues to do business in the Metropolitan Commuter Transportation District after it has been dissolved by the filing of a certificate of dissolution, by proclamation or otherwise, is subject to the tax surcharge.

(b) The tax surcharge is imposed on the portion of the tax computed in Part 18 of this Title, after the deduction of credits allowed pursuant to Part 20 of this Title, which is attributable to the surcharge taxpayer's business activity carried on within the Metropolitan Commuter Transportation District. (See section 23-1.3 of this Subpart.)

(c) For purposes of this Part, the term Metropolitan Commuter Transportation District (hereinafter abbreviated as MCTD) embraces the City of New York (New York, Bronx, Kings, Queens and Richmond Counties) and the Counties of Dutchess, Nassau, Orange, Putnam, Rockland, Suffolk and Westchester.