Section 1520 - Tax surcharge(a) In addition to the tax imposed under sections fifteen hundred one and fifteen hundred ten of this article, there is hereby imposed, (1) for taxable years ending after June thirtieth, nineteen hundred eighty-nine and before July first, nineteen hundred ninety a tax surcharge at the rate of two and one-half percent of the tax imposed pursuant to such sections fifteen hundred one and fifteen hundred ten of this article, as limited by section fifteen hundred five of this article, before deduction of any credits against tax otherwise allowable under this article for all or any part of such taxable years, (2) for taxable years ending after June thirtieth, nineteen hundred ninety and before July first, nineteen hundred ninety-four, and until such rate is superseded, a tax surcharge at the rate of fifteen percent of the tax imposed pursuant to such sections fifteen hundred one and fifteen hundred ten of this article, as limited by section fifteen hundred five of this article, after deduction of any credits against tax otherwise allowable under this article, (3) for taxable years ending after June thirtieth, nineteen hundred ninety-four and before July first, nineteen hundred ninety-five, and until such rate is superseded, a tax surcharge at the rate of ten percent of the tax imposed pursuant to such sections fifteen hundred one and fifteen hundred ten of this article, as limited by section fifteen hundred five of this article, after deduction of any credits against tax otherwise allowable under this article, (4) for taxable years ending after June thirtieth, nineteen hundred ninety-five and before July first, nineteen hundred ninety-six, and until such rate is superseded, a tax surcharge at the rate of five percent of the tax imposed pursuant to such sections fifteen hundred one and fifteen hundred ten of this article, as limited by section fifteen hundred five of this article, after deduction of any credits against tax otherwise allowable under this article, and (5) for taxable years ending after June thirtieth, nineteen hundred ninety-six and before July first, nineteen hundred ninety-seven, a tax surcharge at the rate of zero percent of the tax imposed pursuant to such sections fifteen hundred one and fifteen hundred ten of this article, as limited by section fifteen hundred five of this article, after deduction of any credits against tax otherwise allowable under this article. However, the tax surcharge imposed by this section at the rate of two and one-half percent shall not be imposed upon any taxpayer for more than twelve months, the tax surcharge imposed under this section at the rate of fifteen percent shall not be imposed on any taxpayer for more than forty-eight months, and the tax surcharges imposed by this section at the rates of ten percent, five percent and zero percent shall not, respectively, be imposed upon any taxpayer for more than twelve months, and the commissioner shall prescribe by regulation or instructions a method of proration designed to effectuate such result. The limitation on tax provided for in section fifteen hundred five of this article shall not be applicable to the tax surcharge imposed by this section. The credits against tax otherwise allowable under section fifteen hundred eleven of this article shall not be allowed as a credit against the tax surcharge imposed by this section. A taxpayer which has made the election provided for in section fifteen hundred two-a of this article shall nevertheless compute its tax under this section as if it computed its taxes pursuant to the provisions of sections fifteen hundred two and fifteen hundred ten of this article. (b)(1) The provisions concerning returns under section fifteen hundred fifteen of this article shall be applicable to this section, except that for purposes of an automatic extension for six months for filing a return covering the taxes imposed by this article, such automatic extension shall be allowed, for taxable years to which the tax surcharge imposed by this section apply, only if a taxpayer files with the commissioner an application for extension in such form as the commissioner may prescribe and pays on or before the date of such filing in addition to any other amounts required under this article, two and one-half percent, fifteen percent, ten percent, five percent or zero percent, whichever is the rate applicable to the taxable year pursuant to subdivision (a) of this section, of the amount properly estimated as provided in subdivision (b) of section fifteen hundred sixteen of this article as its taxes payable under sections fifteen hundred one and fifteen hundred ten of this article, before deduction of any credits against tax otherwise allowable under section fifteen hundred eleven of this article in the case of the tax surcharge imposed at the rate of two and one-half percent, and after deduction of any credits against tax otherwise allowable under section fifteen hundred eleven of this article in the case of the tax surcharge imposed at the rate of fifteen, ten, five or zero percent. The tax surcharge imposed by this section shall be payable to the commissioner in full at the time the return is required to be filed.(2) Except as otherwise provided in this section, all of the provisions of this article, except for sections fifteen hundred five, fifteen hundred five-A and fifteen hundred eleven, presently applicable are applicable to the tax surcharge imposed by this section with such modifications as may be necessary to adapt such language to the tax surcharge imposed by this section. Such provisions shall apply with the same force and effect as if those provisions had been set forth in full in this section except to the extent that any provision is either inconsistent with a provision of this section or not relevant to the tax surcharge imposed by this section and to that end a reference in this article to the tax imposed by sections fifteen hundred one and fifteen hundred ten of this article shall be read as a reference to the tax surcharge imposed by this section, and to the sum of such tax and such tax surcharge in the case of sections fifteen hundred thirteen and fifteen hundred fourteen of this article and such other provisions requiring such reading in order to effectuate the purposes of this provision, unless a different meaning is clearly required.(c) Coordination with section fifteen hundred five-A of this article. The amount of tax surcharge imposed pursuant to this section shall not be included in any calculation of a tax surcharge imposed pursuant to section fifteen hundred five-A of this article.(d) Insofar as subdivision (a) of this section establishes a rate of fifteen percent in the case of taxable years ending after June thirtieth, nineteen hundred ninety and before July first, nineteen hundred ninety-four and until such rate is superseded, a rate of ten percent in the case of taxable years ending after June thirtieth, nineteen hundred ninety-four and before July first, nineteen hundred ninety-five and until such rate is superseded, a rate of five percent in the case of taxable years ending after June thirtieth, nineteen hundred ninety-five and before July first, nineteen hundred ninety-six and until such rate is superseded, and a rate of zero percent in the case of taxable years ending after June thirtieth, nineteen hundred ninety-six and before July first, nineteen hundred ninety-seven, the transition from such rate of fifteen percent to such rate of ten percent, from such rate of ten percent to such rate of five percent, and from such rate of five percent to such rate of zero percent, shall be deemed to occur, respectively, on the first day of the seventh month of each of such taxable years, with the result that for purposes of implementation of such changes in rates, and notwithstanding such subdivision (a), there is hereby imposed with respect to all taxable years ending after June thirtieth, nineteen hundred ninety-four and before July first, nineteen hundred ninety-five, including taxable years of fewer than twelve months, a tax surcharge at the rate of twelve and one-half percent; there is hereby imposed with respect to all taxable years ending after June thirtieth, nineteen hundred ninety-five and before July first, nineteen hundred ninety-six, including taxable years of fewer than twelve months, a tax surcharge at the rate of seven and one-half percent; and there is hereby imposed with respect to all taxable years ending after June thirtieth, nineteen hundred ninety-six and before July first, nineteen hundred ninety-seven, including taxable years of fewer than twelve months, a tax surcharge at the rate of two and one-half percent. In addition, for purposes of implementation of all the provisions of this section references to ten percent shall be read as references to twelve and one-half percent, references to five percent shall be read as references to seven and one-half percent and references to zero percent shall be read as references to two and one-half percent.