1. (a) A corporation subject to tax under article 32 of the Tax Law may, by reason of a change in the nature of its activities or a change in the ownership or control of its voting stock, cease to be subject to such tax and become taxable under another article of the Tax Law. Conversely, a corporation subject to tax under another article of the Tax Law may, for the same reason, cease to be taxable thereunder and become subject to tax under article 32 of the Tax Law. The date on which any change of classification becomes effective will be determined by the facts of each case.
2. (b) A corporation which becomes subject to tax under article 32 of the Tax Law during one of its fiscal or calendar years by reason of a change in classification is treated in the same manner as a corporation which became subject to tax in New York State during such year. (See section 16-1.1 of this Part - Nature of tax; and Subpart 16-3 of this Part - Corporations Subject to Tax.)
3. (c) A corporation which ceases to be subject to the franchise tax imposed by article 32 of the Tax Law during one of its fiscal or calendar years by reason of a change of classification is treated, insofar as article 32 of the Tax Law is concerned, in the same manner as a corporation which is dissolved or ceases to be taxable in New York State during such year. (See section 17-3.1 of this Title - Cessation periods.)
4. (d) A bank holding company which does not make a combined return pursuant to Subpart 21-2 of this Title is not subject to tax pursuant to article 32 of the Tax Law. That bank holding company may be subject to tax pursuant to article 9-A of the Tax Law if the requirements set forth in that article for the imposition of tax are met.
5. (e) A corporation which has made the election, described in paragraph (j)(3) of section 16-2.5 of this Part, to be taxable under article 9-A of the Tax Law may become subject to tax under article 32 of the Tax Law upon the revocation of such election by the corporation. Such revocation must be for the entire taxable year.

6. (f) A corporation principally engaged, as defined in paragraph (j)(4) of section 16-2.5 of this Part, in a business described in section 183, 184 or 186 of the Tax Law, any of whose business receipts derived from the conduct of such business are from other than a corporation:

   1. (1) which owns or controls, directly or indirectly, 65 percent or more of its voting stock; or
   2. (2) whose voting stock is 65 percent or more owned or controlled, directly or indirectly, by the corporation engaged in such business; or

   3. (3) whose voting stock is 65 percent or more owned or controlled, directly or indirectly, by the same interest as the corporation engaged in such business;

      is not subject to tax under article 32 of the Tax Law for the taxable year.

Tax Law, §§ 1451, 1452(d)