N.Y. Tax Law § 1512 — Exemptions

§ 1512. Exemptions. (a) This article shall not apply to:\n (1) the government of the United States, or of any state or\nmunicipality thereof, or any instrumentality of any such government;\n (2) any charitable, religious, missionary, educational or\nphilanthropic non-stock corporation that would have been excepted from\nthe classification of the business of insurance by section nine of the\ninsurance law in effect immediately prior to January first, nineteen\nhundred forty, or any person, firm, corporation or association that\nwould have been exempted from the provisions of article six of such\ninsurance law by section two hundred fourteen thereof, or exempted from\nthe provisions of article seven of such insurance law by section two\nhundred forty-five thereof;\n (3) any retirement system or pension fund which does exclusively an\nannuity business;\n (4) any non-profit medical expense indemnity or hospital service\ncorporation organized under article forty-three of the insurance law;\n (5) any incorporated or unincorporated fraternal benefit society, or\nin the event of (i) the conversion of any such society into a mutual\nlife insurance company or (ii) the reinsurance of the business of such\nsociety by the superintendent of financial services pursuant to an order\nof liquidation, the premiums payable under insurance benefit\ncertificates issued by such society prior to the conversion or\nreinsurance;\n (6) any corporation for the insurance of domestic animals on the\ncooperative or assessment plan, organized under the laws of this state;\nand\n (7) a town or county cooperative insurance corporation as heretofore\ncontemplated by section one hundred eighty-seven of this chapter in\neffect immediately prior to January first, nineteen hundred\nseventy-four.\n (8) any not-for-profit voluntary employees' beneficiary association\nwhich is exempt from federal income tax pursuant to section 501 (c) (9)\nof the United States internal revenue code, the members of which are\nemployees or the beneficiaries or dependents of the employees of a\nsingle employer or an affiliated group of employers. For purposes of\nthis paragraph, an affiliated group shall mean one or more chains of\ncorporations connected through stock ownership with a common parent if\n(i) eighty percent or more of the voting stock of each corporation other\nthan the common parent is owned directly by one or more of the other\ncorporations and (ii) eighty percent or more of the voting stock of at\nleast one of the corporations other than the common parent is owned\ndirectly by the common parent.\n (9) any nonprofit property/casualty insurance company organized\npursuant to section six thousand seven hundred three of the insurance\nlaw.\n (10) any nonprofit health maintenance organization required to obtain\na certificate of authority under article forty-four of the public health\nlaw.\n (b) The tax imposed by section fifteen hundred ten shall not apply to:\n (1) any insurance on property or risks located or resident outside the\nstate of New York written by a fire or life insurance company organized\nand operated, without profit to any private shareholder or individual,\nexclusively for the purpose of aiding and strengthening charitable,\nreligious, missionary, educational or philanthropic institutions, by\nissuing insurance and annuity contracts only to or for the benefit of\nsuch institutions, to individuals engaged in the services of such\ninstitutions, and to members of the immediate families of such\nindividuals;\n (2) any insurance on risks resident outside of the state of New York\nwritten by a life insurance company which has been organized for the\npurpose of establishing a non-profit voluntary employees beneficiary\nassociation to provide life, sick, accident or other benefits to\neligible employees or their beneficiaries, is operated exclusively for\nsaid purposes and without profit, direct or indirect, to any private\nshareholder or individual, and is duly exempt from income taxation\npursuant to the United States internal revenue code; or\n (3) except in the case of foreign and alien title insurance\ncorporations, premiums, other than those for accident and health\ninsurance, written, procured or received in this state for insurance on\nproperty or risks located or resident outside the United States.\n (c) The taxes imposed by sections fifteen hundred one, fifteen hundred\ntwo-a, and fifteen hundred ten of this article shall not apply to any\ncorporation, association, joint stock company or association, person,\nsociety, aggregation or partnership doing an insurance business as a\nmember of the New York insurance exchange described in section six\nthousand two hundred one of the insurance law. However, such\ncorporations, associations, joint stock companies or associations,\npersons, societies, aggregations or partnerships must compute an\nallocated entire net income pursuant to sections fifteen hundred three\nand fifteen hundred four of this article and transmit a return to the\ntax commission pursuant to section fifteen hundred fifteen of this\narticle.\n