§ 61. Tax on transportation corporations and associations. 1. The
term "corporation" as used in this part shall include any business
conducted by a trustee or trustees wherein interest or ownership is
evidenced by certificates or other written instruments.

2. For the privilege of doing business or of holding property in the
city every corporation, joint stock company or association formed for or
principally engaged in the conduct of aviation, steamboat, ferry (except
a ferry company operating between any of the boroughs of the city under
a lease granted by the city), or navigation business, or formed for or
principally engaged in the conduct of two or more of such businesses,
except a corporation, joint stock company or association subject to
taxation under a local law of the city imposed on utilities and vendors
of utility services, shall pay, in advance, an annual tax to be computed
upon the basis of the amount of its capital stock within the city during
the preceding year, and upon each dollar of such amount.

3. The measure of the amount of capital stock in the city, except as
hereinafter provided, shall be such a portion of the issued capital
stock as the gross assets, exclusive of obligations issued by the United
States and cash on hand and on deposit, employed in any business within
the city, bear to the gross assets, exclusive of obligations issued by
the United States and cash on hand and on deposit, wherever employed in
business. Provided, however, that in the case of a corporation taxable
hereunder only for the privilege of holding property, the measure shall
be such a portion of the issued capital stock as the gross assets,
exclusive of obligations issued by the United States and cash on hand
and on deposit, located within the city, bear to the gross assets,
exclusive of obligations issued by the United States and cash on hand
and on deposit, wherever located. The capital of a corporation invested
in the stock of another corporation shall be deemed to be assets located
where the assets of the issuing corporation, other than patents,
copyrights, trademarks, contracts and good will, are located.

4. Every corporation, joint stock company or association subject to
taxation under this section shall, in any event, pay annually a minimum
tax of not less than ten dollars nor less than one mill on each dollar
of such a portion of the net value of its issued capital stock, which
net value for the purposes of this section shall be deemed to be not
less than five dollars per share, as may be determined upon such of the
bases herein provided for the measurement thereof as is applicable. The
term "net value" as used in this section shall be construed to mean not
less than the difference between a corporation's assets and liabilities,
and not less than the average price at which such stock sold during the
year covered by the report which forms the basis for the tax. But if the
dividends paid on the par value of any kind of capital stock during any
year ending with the thirty-first day of December amount to six or more
than six per centum, the tax upon such kind of capital stock shall be at
the rate of one-quarter of a mill for each one per centum of dividends
paid and shall be computed upon the par value of such capital stock,
unless such a tax be less than the minimum tax hereinbefore provided in
this section and the director of finance shall, for such purpose, make a
fair and equitable apportionment of the assets of the corporation, joint
stock company or association, between or among the different kinds of
stock.

5. If such corporation, joint stock company or association shall have
more than one kind of capital stock, and upon one of such kinds of stock
a dividend or dividends amounting to six or more than six per centum
upon the part value thereof, has been paid, and upon the other no
dividend has been paid, or the dividend or dividends paid thereon amount
to less than six per centum upon the par value thereof, then the tax
shall be fixed upon each kind as hereinbefore provided.

6. The dividend rate for a corporation having stock without nominal or
par value shall be determined by dividing the amount paid as a dividend
or dividends during the year by the amount paid in on such stock and, if
the rate is six per centum or more, the rate of one-quarter of a mill
for each one per centum of dividends shall be applied to the amount paid
in on such stock, unless such tax be less than the minimum tax
hereinbefore in this section provided for. Any consideration given by a
corporation for the purchase of its own stock in excess of the
consideration received by it for the issuance of such stock shall for
the purposes of this section, be considered as a dividend.

7. The owning or holding in the city by any corporation of property,
other than property exclusively in interstate or foreign commerce, shall
constitute carrying on business within the city within the intent of
this section, except that a corporation having no property in the city
other than a bank balance or stocks or bonds, or one of more of such
kinds of property, either held for safe keeping or pledged as collateral
security shall not be taxable under this section, and further provided
that any corporation having only office furniture or fixtures, a bank
balance, and stocks or bonds pledged as collateral security or merely
deposited for safe keeping, shall not be taxable under this section.

8. The measure of the amount of capital stock in the city of an
aviation corporation shall be a portion of the issued capital stock
determined by applying thereto the arithmetical average of the following
three ratios: (a) the ratio which the aircraft arrivals and departures
within the city scheduled by any such corporation during the preceding
calendar year bear to the total aircraft arrivals and departures within
and without the city scheduled by it during the same period, provided
that in the case of non-scheduled operations all arrivals and departures
shall be substituted for scheduled arrivals and departures; (b) the
ratio which the revenue tons handled by such corporation at airports
within the city during the preceding calendar year bear the total
revenue tons handled by it at airports within and without the city
during the same period; and (c) the ratio which such corporation's
originating revenue within the city for the preceding calendar year
bears to its total originating revenue within and without the city for
the same period. As used in this section, the term "aircraft arrivals
and departures" means the number of scheduled landings and takeoffs of
the aircraft of an aviation corporation, and the number of scheduled air
pickups and deliveries by the aircraft of such corporation, and in the
case of non-scheduled operations shall include all landings and
takeoffs, pickups and deliveries; the term "originating revenue" means
revenue to any such corportion from the transportation of revenue
passengers and revenue property first received by such corporation
either as originating or connecting traffic at airports; and the term
"revenue tons handled" by any such corportion at an airport means the
weight in tons of revenue passengers (at two hundred pounds per
passenger) and revenue cargo first received either as originating or
connecting traffic or finally discharged by such corporation at such
airport.

9. The measure of the capital stock in the city of a corporation
engaged in the operation of vessels in foreign commerce shall be such
portion of the issued capital stock as the aggregate number of working
days in territorial waters of the city of all such vessels bears to the
aggregate number of working days of all such vessels. The dividend rate
for such a corporation shall be determined by dividing the amount paid
as a dividend or dividends on all classes of stock during the year by
the amount of paid-in capital and, if the rate is six per centum or
more, the rate of one-quarter of a mill for each one per centum of
dividends shall be applied to the amount of such paid-in capital.