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SECTION 1520
Tax surcharge
Tax (TAX) CHAPTER 60, ARTICLE 33
§ 1520. Tax surcharge. (a) In addition to the tax imposed under
sections fifteen hundred one and fifteen hundred ten of this article,
there is hereby imposed, (1) for taxable years ending after June
thirtieth, nineteen hundred eighty-nine and before July first, nineteen
hundred ninety a tax surcharge at the rate of two and one-half percent
of the tax imposed pursuant to such sections fifteen hundred one and
fifteen hundred ten of this article, as limited by section fifteen
hundred five of this article, before deduction of any credits against
tax otherwise allowable under this article for all or any part of such
taxable years, (2) for taxable years ending after June thirtieth,
nineteen hundred ninety and before July first, nineteen hundred
ninety-four, and until such rate is superseded, a tax surcharge at the
rate of fifteen percent of the tax imposed pursuant to such sections
fifteen hundred one and fifteen hundred ten of this article, as limited
by section fifteen hundred five of this article, after deduction of any
credits against tax otherwise allowable under this article, (3) for
taxable years ending after June thirtieth, nineteen hundred ninety-four
and before July first, nineteen hundred ninety-five, and until such rate
is superseded, a tax surcharge at the rate of ten percent of the tax
imposed pursuant to such sections fifteen hundred one and fifteen
hundred ten of this article, as limited by section fifteen hundred five
of this article, after deduction of any credits against tax otherwise
allowable under this article, (4) for taxable years ending after June
thirtieth, nineteen hundred ninety-five and before July first, nineteen
hundred ninety-six, and until such rate is superseded, a tax surcharge
at the rate of five percent of the tax imposed pursuant to such sections
fifteen hundred one and fifteen hundred ten of this article, as limited
by section fifteen hundred five of this article, after deduction of any
credits against tax otherwise allowable under this article, and (5) for
taxable years ending after June thirtieth, nineteen hundred ninety-six
and before July first, nineteen hundred ninety-seven, a tax surcharge at
the rate of zero percent of the tax imposed pursuant to such sections
fifteen hundred one and fifteen hundred ten of this article, as limited
by section fifteen hundred five of this article, after deduction of any
credits against tax otherwise allowable under this article. However, the
tax surcharge imposed by this section at the rate of two and one-half
percent shall not be imposed upon any taxpayer for more than twelve
months, the tax surcharge imposed under this section at the rate of
fifteen percent shall not be imposed on any taxpayer for more than
forty-eight months, and the tax surcharges imposed by this section at
the rates of ten percent, five percent and zero percent shall not,
respectively, be imposed upon any taxpayer for more than twelve months,
and the commissioner shall prescribe by regulation or instructions a
method of proration designed to effectuate such result. The limitation
on tax provided for in section fifteen hundred five of this article
shall not be applicable to the tax surcharge imposed by this section.
The credits against tax otherwise allowable under section fifteen
hundred eleven of this article shall not be allowed as a credit against
the tax surcharge imposed by this section. A taxpayer which has made the
election provided for in section fifteen hundred two-a of this article
shall nevertheless compute its tax under this section as if it computed
its taxes pursuant to the provisions of sections fifteen hundred two and
fifteen hundred ten of this article.

(b) (1) The provisions concerning returns under section fifteen
hundred fifteen of this article shall be applicable to this section,
except that for purposes of an automatic extension for six months for
filing a return covering the taxes imposed by this article, such
automatic extension shall be allowed, for taxable years to which the tax
surcharge imposed by this section apply, only if a taxpayer files with
the commissioner an application for extension in such form as the
commissioner may prescribe and pays on or before the date of such filing
in addition to any other amounts required under this article, two and
one-half percent, fifteen percent, ten percent, five percent or zero
percent, whichever is the rate applicable to the taxable year pursuant
to subdivision (a) of this section, of the amount properly estimated as
provided in subdivision (b) of section fifteen hundred sixteen of this
article as its taxes payable under sections fifteen hundred one and
fifteen hundred ten of this article, before deduction of any credits
against tax otherwise allowable under section fifteen hundred eleven of
this article in the case of the tax surcharge imposed at the rate of two
and one-half percent, and after deduction of any credits against tax
otherwise allowable under section fifteen hundred eleven of this article
in the case of the tax surcharge imposed at the rate of fifteen, ten,
five or zero percent. The tax surcharge imposed by this section shall be
payable to the commissioner in full at the time the return is required
to be filed.

(2) Except as otherwise provided in this section, all of the
provisions of this article, except for sections fifteen hundred five,
fifteen hundred five-A and fifteen hundred eleven, presently applicable
are applicable to the tax surcharge imposed by this section with such
modifications as may be necessary to adapt such language to the tax
surcharge imposed by this section. Such provisions shall apply with the
same force and effect as if those provisions had been set forth in full
in this section except to the extent that any provision is either
inconsistent with a provision of this section or not relevant to the tax
surcharge imposed by this section and to that end a reference in this
article to the tax imposed by sections fifteen hundred one and fifteen
hundred ten of this article shall be read as a reference to the tax
surcharge imposed by this section, and to the sum of such tax and such
tax surcharge in the case of sections fifteen hundred thirteen and
fifteen hundred fourteen of this article and such other provisions
requiring such reading in order to effectuate the purposes of this
provision, unless a different meaning is clearly required.

(c) Coordination with section fifteen hundred five-A of this article.
The amount of tax surcharge imposed pursuant to this section shall not
be included in any calculation of a tax surcharge imposed pursuant to
section fifteen hundred five-A of this article.

(d) Insofar as subdivision (a) of this section establishes a rate of
fifteen percent in the case of taxable years ending after June
thirtieth, nineteen hundred ninety and before July first, nineteen
hundred ninety-four and until such rate is superseded, a rate of ten
percent in the case of taxable years ending after June thirtieth,
nineteen hundred ninety-four and before July first, nineteen hundred
ninety-five and until such rate is superseded, a rate of five percent in
the case of taxable years ending after June thirtieth, nineteen hundred
ninety-five and before July first, nineteen hundred ninety-six and until
such rate is superseded, and a rate of zero percent in the case of
taxable years ending after June thirtieth, nineteen hundred ninety-six
and before July first, nineteen hundred ninety-seven, the transition
from such rate of fifteen percent to such rate of ten percent, from such
rate of ten percent to such rate of five percent, and from such rate of
five percent to such rate of zero percent, shall be deemed to occur,
respectively, on the first day of the seventh month of each of such
taxable years, with the result that for purposes of implementation of
such changes in rates, and notwithstanding such subdivision (a), there
is hereby imposed with respect to all taxable years ending after June
thirtieth, nineteen hundred ninety-four and before July first, nineteen
hundred ninety-five, including taxable years of fewer than twelve
months, a tax surcharge at the rate of twelve and one-half percent;
there is hereby imposed with respect to all taxable years ending after
June thirtieth, nineteen hundred ninety-five and before July first,
nineteen hundred ninety-six, including taxable years of fewer than
twelve months, a tax surcharge at the rate of seven and one-half
percent; and there is hereby imposed with respect to all taxable years
ending after June thirtieth, nineteen hundred ninety-six and before July
first, nineteen hundred ninety-seven, including taxable years of fewer
than twelve months, a tax surcharge at the rate of two and one-half
percent. In addition, for purposes of implementation of all the
provisions of this section references to ten percent shall be read as
references to twelve and one-half percent, references to five percent
shall be read as references to seven and one-half percent and references
to zero percent shall be read as references to two and one-half percent.