Reinstates a franchise tax on banks based on net income, assets, or a fixed minimum.

The bill reinstates a franchise tax on banking corporations doing business in New York, computed on the highest of four bases: allocated entire net income, allocated alternative entire net income, allocated taxable assets, or a fixed dollar minimum. It prohibits banks from segregating their income and capital into business and investment categories. The tax applies to various types of banking corporations, including those organized under New York or federal law, and those with international banking facilities.

Reinstates a franchise tax on banks based on net income, assets, or a fixed minimum.

The bill reinstates a franchise tax on banking corporations doing business in New York, computed on the highest of four bases: allocated entire net income, allocated alternative entire net income, allocated taxable assets, or a fixed dollar minimum. It prohibits banks from segregating their income and capital into business and investment categories. The tax applies to various types of banking corporations, including those organized under New York or federal law, and those with international banking facilities.