Purchase of state bonds; credit to be given.- Every corporation, company or association required by section one hundred and eightyseven, one hundred and eighty-eight or one hundred and eighty-nine of this chapter, to pay to the state an annual tax equal to a percentage of its gross premiums, capital stock, surplus, undivided profits or undivided earnings, or one or more, for the privilege of exercising its corporate franchise or carrying on its business in such corporate or organized capacity, which shall own any of the bonds of the state of New York, shall have credited to it annually to apply upon or in lieu of the payment of such tax an amount equal to one and one-half per centum of the par value of all such bonds of the state, bearing interest at a rate not exceeding three per centum per annum, and an amount equal to one-half of one per centum of the par value of all such bonds of the state, bearing interest at a rate exceeding three per centum per annum but not exceeding four per centum per annum, owned by such corporation, company or association, and registered in its name or registered in the name of a public department, a public officer or officers of this state, or of any state, or of the United States, in trust for such corporation, company or association, on the thirtieth day of June prior to the date when such tax shall become due and payable; provided, however, that there shall in so case be credited to any such corporation, company or association an amount in excess of the amount due to the state from such corporation, company or association for taxes payable to the state under this chapter for the fiscal year for which such credit is given; and further provided that any such credit so allowed under this section shall not bear interest. (Section 190 of the Tax Law, as amended by ch. 357 of the Laws of 1913.)

Source: Former Sec. 187c, Tax Law, as added by ch. 550, L. 1907, and am'd by ch. 228, L. 1908.

An additional one-half per centum on the par value of the bonds was granted by the amendment of 1913.

Bonds, etc., forming surplus not to be valued above par.Bonds and securities in which surplus may be invested are to be assessed at market value, if below par, and at face value if above par. People ex rel. Bank for Savings v. Miller, 177 N. Y. 461 (1904).

Tax upon foreign bankers.—Every foreign banker doing business in this state, shall annually pay to the treasurer a tax of five per

centum on the amount of interest or compensation of any kind earned and collected by him on money loaned, used or employed in this state by such banker.

The term, doing a banking business, as used in this section means doing such business, as a corporation may be created to do under article three of the banking law, or doing any business which a corporation is authorized by such article to do. The term, foreign banker doing a banking business in this state, as used in this section includes:

1. Every foreign corporation doing a banking business in this state, except a national bank.

2. Every unincorporated company, partnership or association, of two or more individuals, organized under or pursuant to the laws of another state or country, doing a banking business in this state.

3. Every other unincorporated company, partnership or association, of two or more individuals, doing a banking business in this state, if the members thereof, owning more than a majority interest therein, or entitled to more than one-half of the profits thereof, or who would, if it were dissolved, be entitled to more than one-half of the net assets thereof, are not residents of this state.

4. Every non-resident of this state, doing a banking business in this state, in his own name and right only. (Section 191, former sec. 188, Tax Law, as amended by ch. 500, L. 1900.)

CHAPTER X.

REPORTS TO BE FILED WITH COMPTROLLER-STATEMENT OF TAX AND PAYMENT THEREOF.

Section 192 of the Tax Law provides for the making of reports by the various classes of corporations hereinbefore referred to, liable to taxation under Article IX of the Tax Law. It reads as follows:

Reports of corporations.-Corporations liable to pay a tax under this article shall report as follows:

1. CORPORATIONS PAYING FRANCHISE tax.—Exery corporation, association or joint stock company liable to pay a tax under section one hundred and eighty-two of this chapter shall, on or before November fifteenth in each year, make a written report to the comptroller of its condition at the close of its business on October thirty-first preceding, stating the amount of its authorized capital stock, the amount of stock paid in, and date and rate per centum of each dividend declared by it during the year ending with such day, the entire amount of the capital of such corporation, and the capital employed by it in this state during such year.

2. TRANSPORTATION AND TRANSMISSION CORPORATIONS.-Every transportation or transmission corporation, joint stock company or association liable to pay an additional tax under section one hundred and eighty-four of this chapter, shall also, on or before August first in each year, make a written report to the comptroller of its condition at the close of its business on June thirtieth preceding, stating the amount of its gross earnings from all sources and the amount of its gross earnings from its transportation or transmission business originating and terminating within this state.

3. ELEVATED AND SURFACE RAILROAD CORPORATIONS.-Every corporation, joint stock company or association liable to pay a tax under section one hundred and eighty-five of this chapter, shall, on or before August first of each year, make a written report to the comptroller of its condition at the close of its business on June thirtieth preceding, stating the amount of its gross earnings from business done in this state, the amount of dividends of every nature declared or paid during

the year ending June thirtieth, the authorized capital of the company and the amount of capital stock actually issued and outstanding.

4. WATER WORKS, GAS, ELECTRIC, STEAM HEATING, LIGHTING AND POWER CORPORATIONS.—Every corporation, joint stock company or association liable to pay a tax under section one hundred and eighty-six of this chapter, shall, on or before December first of each year, make a written report to the comptroller of its condition at the close of its business on October thirty-first preceding, stating the amount of its gross earnings from business done in this state, the amount of dividends of every nature declared or paid during the year ending with October thirty-first, the authorized capital of the company and the amount of capital stock actually issued and outstanding.

5. INSURANCE CORPORATIONS.-Every insurance corporation liable to pay a tax under section one hundred and eighty-seven of this chapter, shall, on or before March first in each year, make a written report to the comptroller of its condition at the close of its business on December thirty-first preceding, stating the gross amount of all premiums referred to in section one hundred and eighty-seven of this chapter, received during the preceding calendar year on business done thereby in this state during the year ending with such day, and at all times prior thereto, whether the premiums were in money or in the form of notes, credits or other substitutes for money. (Subd. 5, amended by ch. 118, L. 1901, and ch. 94, L. 1905.)

6. FOREIGN BANKERS.—Every foreign banker liable to pay a tax under section one hundred and eighty-eight of this chapter shall, on or before February first in each year, make a written report to the comptroller of the condition of his business on December thirty-first preceding, stating the amount of tax for which he is liable under this article, and giving in detail the facts required by the last preceding section for the purpose of ascertaining and computing the same.

7. TRUST COMPANIES.-Every company liable to pay a tax under section one hundred and eighty-eight of this chapter shall on or before August first in each year, make a written report to the comptroller of its condition at the close of business on June 30th, preceding, separately stating the amount of its capital stock, the amount of its surplus, and the amount of its undivided profits, and containing such other data, information or matter as the comptroller may require. (Added by ch. 132, L. 1901, and re-enacted by ch. 172, L. 1902.)

8. SAVINGS BANKS.—Every savings bank liable to pay a tax under section one hundred and eighty-nine of this chapter, shall on or before August first in each year make a written report to the comptroller of

its condition, at the close of business on June thirtieth preceding, stating the par value of its surplus, and undivided earnings and containing such other data, information or matter as the comptroller may require. (Former sec. 189, Tax Law, added by ch. 117, L. 1901.)

Source: Ch. 361 of L. 1881, sec. 1; ch. 361, L. 1881, sec. 5, as amended by ch. 425, L. 1895; ch. 361, L. 1881, sec. 7; ch. 409, L. 1882, sec. 322, as amended by ch. 196, L. 1894; ch. 679, L. 1886, sec. 2. Subds. 7 and 8 of the above section are new.

The time when taxes are payable by the various classes of corporations required to make reports under the various provisions of the foregoing section, is fixed by section 194 of the Tax Law (infra).

Prospective character of section 192.-When a corporation organized in February, 1880, made a report under section 192 (formerly 189) in November, 1880, and paid a tax in January, 1881, such report and payment were proper, even though the corporation had been in existence one year. This construction does not give the act a retroactive effect, as the tax was for the prospective fiscal expenditures for the year commencing October 30, 1880. People v. Spring Valley Hydraulic Gold Co., 92 N. Y. 383 (1883).

The above act is prospective in character. The tax imposed is not for the past but for the future engagements of the franchises. People v. Albany Ins. Co., 92 N. Y. 460 (1883).

Further requirements as to reports of corporations.-Every report required by this article shall have annexed thereto the affidavit of the president, vice-president, secretary or treasurer of the corporation, association or joint stock company or of the person or one of the persons, or the members of the partnership making the same, to the effect that the statements contained therein are true. Such reports shall contain any other data, information or matter which the comptroller may require to be included therein, and he may prescribe the form in which such reports shall be made and the form of oath thereto. When so prescribed such form shall be used in making the report. The comptroller may require at any time a further or supplemental