20 NYCRR § 4-2.9
Net interest income from Federal funds
# (a)
8% of net interest income (not less than zero) from Federal funds is included in New York receipts.
The net interest income (not less than zero) from Federal funds is included in everywhere receipts.
# (b)
Net interest income from Federal funds is determined after the deduction of interest expense from
Federal funds. Interest income from Federal funds means interest income paid by another institution in the Federal reserve system for borrowing the corporation’s funds deposited at a Federal reserve bank. Interest expense from Federal funds includes the interest paid by the corporation to another institution in the Federal reserve system for the use of the other institution’s funds deposited at a Federal reserve bank.
# (c)
Interest paid to the corporation directly by the Federal reserve on reserves maintained at a Federal reserve bank does not constitute interest income from Federal funds for purposes of this section and is apportioned under the rules for other financial instruments.
Source: official source document (DTF adopted rule text, December 2023 corporate reform)
In this part (40 sections)
- 4-1.1 · Definitions
- 4-1.2 · General rules for apportionment
- 4-1.3 · Lump sum payments
- 4-1.4 · Installment sales
- 4-1.5 · Apportionment on combined reports
- 4-1.6 · Power of the Commissioner of Taxation and Finance to adjust the…
- 4-1.7 · Federal changes
- 4-2.1 · Receipts and net gains from the sale of tangible personal…
- 4-2.2 · Net gains from the sale of real property
- 4-2.3 · Receipts from rents and royalties
- 4-2.4 · Net income from qualified financial instruments for…
- 4-2.5 · Interest income and net gains from loans
- 4-2.6 · Interest income and net gains from asset backed securities and…
- 4-2.7 · Interest income and net gains from corporate bonds
- 4-2.8 · Net interest income from reverse repurchase agreements and…
- 4-2.9 · Net interest income from Federal funds
- 4-2.10 · Net income from commodities
- 4-2.11 · Marked to market net gains
- 4-2.12 · Interest income, net gains, and other income from other…
- 4-2.13 · Brokerage commissions
- 4-2.14 · Receipts from credit cards and similar activities
- 4-2.15 · Receipts received by credit card processors
- 4-2.16 · Receipts from railroad, trucking and omnibus businesses
- 4-2.17 · Receipts from the sale of advertising
- 4-3.1 · Definitions
- 4-3.2 · General Principles
- 4-3.3 · Special rules for determining primary use location
- 4-3.4 · General rule for determining primary use location
- 4-3.5 · Reasonable approximation based on customer information
- 4-3.6 · Reasonable approximation based on general information
- 4-3.7 · Where received method
- 4-3.8 · Rules for intermediary transactions
- 4-3.9 · Preceding taxable year method
- 4-3.10 · Current taxable year method
- 4-3.11 · Examples
- 4-4.1 · Definitions
- 4-4.2 · General Principles
- 4-4.3 · Special rules for determining where the benefit is received
- 4-4.4 · General rule for determining where the benefit is received
- 4-4.5 · Reasonable approximation based on customer information