An international banking facility shall have the meaning as set forth in the New York State Banking Law or regulations promulgated thereunder or as set forth in the Laws of the United States or regulations of the Board of Governors of the Federal Reserve System. A banking corporation taxable under article 32 of the Tax Law that operates an international banking facility must exclude from eligibility the property and wages attributable to the international banking facility. The wage expense attributable to the international banking facility will be computed as set forth in 20 NYCRR Part 38. The portion of property values and rental values relating to a depreciation expense or rent expense allocated to the international banking facility pursuant to 20 NYCRR Part 38 shall not qualify as eligible property values.