§ 2. Definitions. 1. Unless otherwise expressly stated or unless the
context or subject matter otherwise requires, "tax department" or
"department", as used in this chapter, means the department of taxation
and finance, "commissioner" means the commissioner of taxation and
finance or his delegate, and "tax commission" or "commission", in all
matters pertaining to the administration of the division of tax appeals,
means the tax appeals tribunal and in all other matters means the
commissioner of taxation and finance.

2. "Comptroller" as used in this chapter means the state comptroller.

3. "County treasurer" includes any officer performing the duties
devolving upon such office under whatever name.

4. "Infant" or "minor" as used in this chapter means a person who has
not attained the age of eighteen years.

5. The term "limited liability company" means a domestic limited
liability company or a foreign limited liability company, as defined in
section one hundred two of the limited liability company law, a limited
liability investment company formed pursuant to section five hundred
seven of the banking law, or a limited liability trust company formed
pursuant to section one hundred two-a of the banking law.

6. "Partnership and partner," unless the context requires otherwise,
shall include, but shall not be limited to, a limited liability company
and a member thereof, respectively.

7. "REIT" means a real estate investment trust as defined in section
eight hundred fifty-six of the internal revenue code.

8. "RIC" means a regulated investment company as defined in section
eight hundred fifty-one of the internal revenue code.

9. "Captive REIT" means a REIT that is not regularly traded on an
established securities market, and ( more than fifty percent of the
voting stock of which is owned or controlled, directly or indirectly, by
a single entity treated as an association taxable as a corporation under
the Internal Revenue Code that is not exempt from federal income tax and
is not a REIT. Any voting stock in a REIT that is held in a segregated
asset account of a life insurance corporation (as described in section
817 of the internal revenue code) shall not be taken into account for
purposes of determining whether a REIT is a captive REIT. None of the
following entities shall be considered an association taxable as a
corporation for purposes of this subdivision:

(a) any listed Australian property trust (meaning an Australian unit
trust registered as a "managed investment scheme" under the Australian
Corporations Act in which the principal class of units is listed on a
recognized stock exchange in Australia and is regularly traded on an
established securities market), or an entity organized as a trust,
provided that a listed Australian property trust owns or controls,
directly or indirectly, seventy-five percent or more of the voting power
or value of the beneficial interests or shares of such trust; or

(b) any qualified foreign entity, meaning a corporation, trust,
association or partnership organized outside the laws of the United
States and which satisfies the following criteria:

(i) at least seventy-five percent of the entity's total asset value at
the close of its taxable year is represented by real estate assets (as
defined at subparagraph (B) of paragraph (5) of subsection (c) of
section eight hundred fifty-six of the internal revenue code, thereby
including shares or certificates of beneficial interest in any real
estate investment trust), cash and cash equivalents, and United States
Government securities;

(ii) the entity is not subject to tax on amounts distributed to its
beneficial owners, or is exempt from entity-level taxation;

(iii) the entity distributes at least eight-five percent of its
taxable income (as computed in the jurisdiction in which it is
organized) to the holders of its shares or certificates of beneficial
interest on an annual basis;

(iv) not more than ten percent of the voting power or value in such
entity is held directly or indirectly or constructively by a single
entity or individual, or the shares or beneficial interests of such
entity are regularly traded on an established securities market; and

(v) the entity is organized in a country which has a tax treaty with
the United States.

10. "Captive RIC" means a RIC (a) that is not regularly traded on an
established securities market, and (b) more than fifty percent of the
voting stock of which is owned or controlled, directly or indirectly, by
a single corporation that is not exempt from federal income tax and is
not a RIC. Any voting stock in a RIC that is held in a segregated asset
account of a life insurance corporation (as described in section 817 of
the internal revenue code) shall not be taken into account for purposes
of determining whether a RIC is a captive RIC.

11. The term "combinable captive insurance company" means an entity
that is treated as an association taxable as a corporation under the
internal revenue code (a) more than fifty percent of the voting stock of
which is owned or controlled, directly or indirectly, by a single entity
that is treated as an association taxable as a corporation under the
internal revenue code and not exempt from federal income tax; (b) that
is licensed as a captive insurance company under the laws of this state
or another jurisdiction; (c) whose business includes providing, directly
and indirectly, insurance or reinsurance covering the risks of its
parent and/or members of its affiliated group; and (d) fifty percent or
less of whose gross receipts for the taxable year consist of premiums
from arrangements that constitute insurance for federal income tax
purposes. For purposes of this subdivision, "affiliated group" has the
same meaning as that term is given in section 1504 of the internal
revenue code, except that the term "common parent corporation" in that
section is deemed to mean any person, as defined in section 7701 of the
internal revenue code and references to "at least eighty percent" in
section 1504 of the internal revenue code are to be read as "fifty
percent or more;" section 1504 of the internal revenue code is to be
read without regard to the exclusions provided for in subsection (b) of
that section; "premiums" has the same meaning as that term is given in
paragraph one of subdivision (c) of section fifteen hundred ten of this
chapter, except that it includes consideration for annuity contracts and
excludes any part of the consideration for insurance, reinsurance or
annuity contracts that do not provide bona fide insurance, reinsurance
or annuity benefits; and "gross receipts" includes the amounts included
in gross receipts for purposes of section 501(c) (15) of the internal
revenue code, except that those amounts also include all premiums as
defined in this subdivision.