Legislation

Search OpenLegislation Statutes
This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 1512
Exemptions
Tax (TAX) CHAPTER 60, ARTICLE 33
§ 1512. Exemptions. (a) This article shall not apply to:

(1) the government of the United States, or of any state or
municipality thereof, or any instrumentality of any such government;

(2) any charitable, religious, missionary, educational or
philanthropic non-stock corporation that would have been excepted from
the classification of the business of insurance by section nine of the
insurance law in effect immediately prior to January first, nineteen
hundred forty, or any person, firm, corporation or association that
would have been exempted from the provisions of article six of such
insurance law by section two hundred fourteen thereof, or exempted from
the provisions of article seven of such insurance law by section two
hundred forty-five thereof;

(3) any retirement system or pension fund which does exclusively an
annuity business;

(4) any non-profit medical expense indemnity or hospital service
corporation organized under article forty-three of the insurance law;

(5) any incorporated or unincorporated fraternal benefit society, or
in the event of (i) the conversion of any such society into a mutual
life insurance company or (ii) the reinsurance of the business of such
society by the superintendent of financial services pursuant to an order
of liquidation, the premiums payable under insurance benefit
certificates issued by such society prior to the conversion or
reinsurance;

(6) any corporation for the insurance of domestic animals on the
cooperative or assessment plan, organized under the laws of this state;
and

(7) a town or county cooperative insurance corporation as heretofore
contemplated by section one hundred eighty-seven of this chapter in
effect immediately prior to January first, nineteen hundred
seventy-four.

(8) any not-for-profit voluntary employees' beneficiary association
which is exempt from federal income tax pursuant to section 501 (c) (9)
of the United States internal revenue code, the members of which are
employees or the beneficiaries or dependents of the employees of a
single employer or an affiliated group of employers. For purposes of
this paragraph, an affiliated group shall mean one or more chains of
corporations connected through stock ownership with a common parent if
(i) eighty percent or more of the voting stock of each corporation other
than the common parent is owned directly by one or more of the other
corporations and (ii) eighty percent or more of the voting stock of at
least one of the corporations other than the common parent is owned
directly by the common parent.

(9) any nonprofit property/casualty insurance company organized
pursuant to section six thousand seven hundred three of the insurance
law.

(10) any nonprofit health maintenance organization required to obtain
a certificate of authority under article forty-four of the public health
law.

(b) The tax imposed by section fifteen hundred ten shall not apply to:

(1) any insurance on property or risks located or resident outside the
state of New York written by a fire or life insurance company organized
and operated, without profit to any private shareholder or individual,
exclusively for the purpose of aiding and strengthening charitable,
religious, missionary, educational or philanthropic institutions, by
issuing insurance and annuity contracts only to or for the benefit of
such institutions, to individuals engaged in the services of such
institutions, and to members of the immediate families of such
individuals;

(2) any insurance on risks resident outside of the state of New York
written by a life insurance company which has been organized for the
purpose of establishing a non-profit voluntary employees beneficiary
association to provide life, sick, accident or other benefits to
eligible employees or their beneficiaries, is operated exclusively for
said purposes and without profit, direct or indirect, to any private
shareholder or individual, and is duly exempt from income taxation
pursuant to the United States internal revenue code; or

(3) except in the case of foreign and alien title insurance
corporations, premiums, other than those for accident and health
insurance, written, procured or received in this state for insurance on
property or risks located or resident outside the United States.

(c) The taxes imposed by sections fifteen hundred one, fifteen hundred
two-a, and fifteen hundred ten of this article shall not apply to any
corporation, association, joint stock company or association, person,
society, aggregation or partnership doing an insurance business as a
member of the New York insurance exchange described in section six
thousand two hundred one of the insurance law. However, such
corporations, associations, joint stock companies or associations,
persons, societies, aggregations or partnerships must compute an
allocated entire net income pursuant to sections fifteen hundred three
and fifteen hundred four of this article and transmit a return to the
tax commission pursuant to section fifteen hundred fifteen of this
article.