§ 23. Imposition of tax. 1. Pursuant to the authority conferred by
section fifty-two hundred nineteen of the United States revised statutes
and in conformity with the provisions contained in subdivision c of
clause one of such section, every national banking association organized
under authority of the United States and located within the city, shall
annually pay a tax, measured by its net income, to be computed, as
provided in this subpart, at the rate of four and one-half per centum
except that for the year nineteen hundred seventy-one and those
following, as an alternative, at the rate of five and sixty-three one
hundredths per centum, upon the basis of its net income for the calendar
year next preceding the date when such tax becomes due. Such tax shall
be for the calendar year next preceding the year in which it becomes
due; except that with respect to national banking associations required
to file a declaration of estimated tax and to make payments on account
of such estimated tax in accordance with the provisions of section
thirty-five of this part, all payments of tax within a calendar year,
whether computed on the basis of net income for the current calendar
year or on the basis of net income for the preceding calendar year,
shall be for the calendar year in which the payments are required to be
made. If, however, such a national banking association shall be
dissolved between the thirty-first day of December and the succeeding
second day of September, and shall not become merged or consolidated
with a corporation taxable under subpart one of this part, it shall pay
a tax for the period from the thirty-first day of December up to the
time of dissolution equal to that which would have been payable had it
not been dissolved, except that such tax shall be reduced one-third and
an additional one-twelfth for each month, or major portion thereof,
prior to such succeeding second day of September, during which such
corporation was so dissolved. If such dissolution occurs between the
fifteenth day of March and the second day of September, and if such
corporation shall have filed its return on or before the fifteenth day
of March as required by sections thirty and thirty-two of this part, it
may file a claim for refund as provided in section seventy-eight of this
title, showing any reduction in tax to which it may be entitled as
provided in the preceding sentence; and if it shall be made to appear
that the amount of tax due is less than the amount as computed on the
basis of the original return, the director of finance shall adjust the
computation of tax accordingly. If the amount of tax as so adjusted
shall be less than the amount theretofore paid, the excess shall be
refunded by the comptroller as provided in subdivision one of section
seventy-seven of this title.

1-a. Notwithstanding the provisions of subdivision one, for the year
nineteen hundred seventy-three and those following, such city may
impose, by local law, a surtax of fifteen per centum of the percentage
of tax in effect for the year nineteen hundred seventy-two.

2. In the event that the taxes imposed by this subpart shall be
finally determined to be unconstitutional or invalid for the reason that
they do not conform with the provisions of section fifty-two hundred
nineteen of the United States revised statutes, then, in lieu of the
taxes imposed by the provisions of this subpart, every national banking
association and every production credit association that otherwise would
have been subject to tax under this subpart shall be subject to the tax
imposed under part two as of the effective date of part two, and all of
the provisions of part two, unless clearly inappropriate, shall be
applicable except subdivision four of section three; and, in such event,
any payments made, reports or returns filed or any act of the director
of finance or of a taxpayer purportedly under this part shall be treated
as though made, filed or done pursuant to part two.