New York Codes, Rules and Regulations
Title 20 - DEPARTMENT OF TAXATION AND FINANCE
Chapter I - Franchise and Certain Business Taxes
Subchapter F - Tax On The Furnishing Of Utility Services
Part 46 - Gross Operating Income
Section 46.1 - Taxability of utilities of the second class
Universal Citation: 20 NY Comp Codes Rules and Regs ยง 46.1
Current through Register Vol. 46, No. 12, March 20, 2024
As distinguished from utilities which are subject to the jurisdiction of the State Department of Public Service, utilities in the second class, which are illustrated by questions and answers 1-8, inclusive, are only subject to tax on gross operating income as defined in the statute. Profits made by such utilities from the sale of securities, personal property, real property and any other transaction, as well as receipts from interest, dividends and royalties, are not subject to tax.
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