§235-20 Comfort letters; authority to assess fees; established. The department may assess and collect a fee for the issuance of any comfort letter of the department. All fees collected under this section shall be deposited into the tax administration special fund established under section 235-20.5. [L 2004, c 215, pt of §3]
§235-20.5 Tax administration special fund; established. (a) There is established a tax administration special fund, into which shall be deposited: (1) Fees collected under sections 235-20 and 235-110.9; (2) Revenues collected by the special enforcement section pursuant to section 231-85; provided that in each fiscal year, of the total revenues collected by the special enforcement […]
§235-3 Legislative intent, how Internal Revenue Code shall apply, in general. (a) It is the intent of this chapter, in addition to the essential purpose of raising revenue, to conform the income tax law of the State as closely as may be with the Internal Revenue Code in order to simplify the filing of returns […]
§235-4 Income taxes by the State; residents, nonresidents, corporations, estates, and trusts. (a) Residents. The tax imposed by this chapter applies to the entire income of a resident, computed without regard to source in the State. (b) Nonresidents. In the case of a nonresident, the tax applies to the income received or derived from property […]
§235-4.2 Persons lacking physical presence in the State; nexus presumptions. A person that lacks physical presence in the State is presumed to be systematically and regularly engaging in business in the State and taxable under this chapter if, during the current or preceding calendar year: (1) The person engages in two hundred or more business […]
§235-4.3 REPEALED. L 1999, c 253, §5.
§235-4.5 Taxation of trusts, beneficiaries; credit. (a) There shall be excluded from gross income any intangible income, such as dividends and interest, earned by a trust sited in this State to the extent that, during the taxable year of the trust, the beneficial interest in the trust shall be held by a beneficiary or beneficiaries […]
§235-5 Allocation of income of persons not taxable upon entire income. (a) This section applies to income not subject to part II of this chapter, including nonbusiness income and certain section 235-22 income. (b) Income (including gains), also losses, from property owned in the State and from any other source in the State shall be […]
§235-5.5 Individual housing accounts. (a) There shall be allowed as a deduction from gross income the amount, not to exceed $5,000, paid in cash during the taxable year by an individual taxpayer to an individual housing account established for the individual’s benefit to provide funding for the purchase of the individual’s first principal residence. A […]
§235-5.6 REPEALED. L 2021, c 117, §31.
§235-6 Foreign manufacturing corporation; warehousing of products. (a) For the purposes of sections 235-21 to 235-39, a foreign corporation engaged in the business of manufacturing without the State, having its manufactured products warehoused in this State by another person who is engaged in the business of warehousing in this State and whose compensation for providing […]
§235-7 Other provisions as to gross income, adjusted gross income, and taxable income. (a) There shall be excluded from gross income, adjusted gross income, and taxable income: (1) Income not subject to taxation by the State under the Constitution and laws of the United States; (2) Rights, benefits, and other income exempted from taxation by […]
§235-7.3 Royalties derived from patents, copyrights, or trade secrets excluded from gross income. (a) In addition to the exclusions in section 235-7, there shall be excluded from gross income, adjusted gross income, and taxable income, amounts received by an individual or a qualified high technology business as royalties and other income derived from any patents, […]
§235-7.5 Certain unearned income of minor children taxed as if parent’s income. (a) In the case of any child to whom this section applies, the tax imposed by this chapter shall be equal to the greater of: (1) The tax imposed by section 235-51 without regard to this section, or (2) The sum of: (A) […]
§235-8 REPEALED. L 1987, c 239, §1(9).
§235-9 Exemptions; generally. Except as provided in sections 235-61 to 235-67 relating to withholding and collection of tax at source, and section 235-2.4 relating to “unrelated business taxable income”, the following persons and organizations shall not be taxable under this chapter: banks, building and loan associations, financial services loan companies, financial corporations, small business investment […]
§235-9.5 Stock options from qualified high technology businesses excluded from taxation. (a) Notwithstanding any law to the contrary, all income earned and proceeds derived from stock options or stock, including stock issued through the exercise of stock options or warrants, from a qualified high technology business or from a holding company of a qualified high […]
