MATTER OF BANKERS TRUST NEW YORK CORP. v. DEP'T OF FIN. OF THE CITY OF NEW YORK


171 A.D.2d 550 (1991)

In the Matter of Bankers Trust New York Corporation et al., Petitioners, v. Department of Finance of the City of New York et al., Respondents

Appellate Division of the Supreme Court of the State of New York, First Department.

March 21, 1991


New York Laws of 1966 (ch. 772, § 1)* authorizes "any city having a population of one million or more * * * to adopt and amend local laws imposing * * * taxes on * * * financial corporations". Section 12 (1) of the Model Local Law, immediately following the enabling statute (1966 McKinney's Session Laws of NY, at 974), expressly states that a "[t]ax based on net income" be imposed "[f]or the privilege...

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