Terms Used In New York Laws > Tax > Article 33 - Franchise Taxes On Insurance Corporations

• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• alien insurance corporation: means an insurance corporation incorporated or organized under the laws of any other foreign nation, or of any province or territory not included under the definition of "foreign insurance corporation. See N.Y. Tax Law 1500
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• business capital: means all assets, other than subsidiary capital, investment capital and stock issued by the taxpayer, less liabilities not deducted from subsidiary or investment capital which are payable by their terms on demand or within one year from the date incurred, other than loans or advances outstanding for more than a year as of any date during the year covered by the return, except that cash on hand and on deposit shall be treated as investment or as business capital as the taxpayer may elect, provided, however, that there shall be excluded from business capital such assets which are held to maintain reserves of the taxpayer required under sections one thousand three hundred three, one thousand three hundred four and one thousand three hundred five of the insurance law. See N.Y. Tax Law 1500
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Dependent: A person dependent for support upon another.
• domestic insurance corporation: means an insurance corporation incorporated or organized under the laws of this state. See N.Y. Tax Law 1500
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• insurance corporation: includes a corporation, association, joint stock company or association, person, society, aggregation or partnership, by whatever name known, doing an insurance business, and, notwithstanding the provisions of section fifteen hundred twelve of this article, shall include (1) a risk retention group as defined in subsection (n) of § 5902 of the insurance law, (2) the state insurance fund and (3) a 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 § 6201 of the insurance law. See N.Y. Tax Law 1500
• Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• investment capital: means investments in stocks, bonds and other securities, corporate and governmental, not held for sale to customers in the regular course of business, exclusive of subsidiary capital and stock issued by the taxpayer, provided, however, that in the discretion of the tax commission, there shall be deducted from investment capital any liabilities payable by their terms on demand or within one year from the date incurred, other than loans or advances outstanding for more than a year as of any date during the year covered by the return, which are attributable to investment capital, provided, also, there shall be excluded from investment capital, such investments which are held to maintain reserves of the taxpayer required under sections one thousand three hundred three, one thousand three hundred four and one thousand three hundred five of the insurance law. See N.Y. Tax Law 1500
• Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Personal property: All property that is not real property.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• special risk premium: means any premium received on insurance provided the insurance is exempt from the filing requirements with respect to rates and policy forms pursuant to Article 63 of the insurance law. See N.Y. Tax Law 1500
• Statute: A law passed by a legislature.
• subsidiary: means a corporation of which over fifty percent of the number of shares of stock entitling the holders thereof to vote for the election of directors or trustees is owned by the taxpayer. See N.Y. Tax Law 1500
• subsidiary capital: means investments in the stock of subsidiaries and any indebtedness from subsidiaries, exclusive of accounts receivable acquired in the ordinary course of trade or business for services rendered or for sales of property held primarily for sale to customers, whether or not evidenced by a written instrument, on which interest is not claimed and deducted by the subsidiary for purposes of taxation under any article of this chapter, provided, however, that in the discretion of the tax commission, there shall be deducted from subsidiary capital any liabilities payable by their terms on demand within one year from the date incurred, other than loans or advances outstanding for more than one year as of any date during the taxable year covered by the return, which are attributable to subsidiary capital. See N.Y. Tax Law 1500
• taxable year: means the taxpayer's taxable year for federal income tax purposes, or the part thereof during which the taxpayer is subject to the tax under this article. See N.Y. Tax Law 1500
• taxpayer: means any insurance corporation subject to the tax imposed under section fifteen hundred one, fifteen hundred two-a, or fifteen hundred ten or any captive insurance company subject to the tax imposed under section fifteen hundred two-b of this article. See N.Y. Tax Law 1500
• Testify: Answer questions in court.