General treatment of REITs and RICs

# (a)

# (1)

For any taxable year in which a REIT is subject to tax for Federal income tax purposes under IRC section 857, the REIT will be subject to tax under article 9-A unless it is a captive REIT required to be included in a combined report under article 33.

# (2)

For any taxable year in which a RIC is subject to tax for Federal income tax purposes under IRC section 852, the RIC will be subject to tax under article 9-A, unless it is a captive RIC required to be included in a combined report under article 33.

# (b)

For purposes of article 9-A, REITs and RICs, other than captive REITs and RICs required to be included in a combined report, are subject to tax computed on either the business income base or the fixed dollar minimum tax, whichever is greater.

# (c)

In the event that a REIT pays dividends after the close of a taxable year, pursuant to IRC section 858, and such dividends were declared before the date its Federal report for such year must be filed (including extensions), such REIT may treat the dividends as having been paid during the taxable year.

# (d)

For any taxable year during which a REIT does not qualify for taxation under IRC section 857, or a
RIC does not qualify for taxation under IRC section 852, such REIT or such RIC will be treated in the same manner as any other taxpayer subject to tax under article 9-A.