(a) Article 32 of the Tax Law imposes a tax which is the greater of the “basic tax” or the “ alternative minimum tax.” The basic tax is measured by “entire net income,” which is the same as the Federal taxable income which the taxpayer is required to report to the United States Department of the Treasury, with certain adjustments, and is imposed at the rate of nine percent on entire net income, or portion thereof allocated to New York State. (See Subpart 18-2 of this Title -Basic Tax, Measured by Entire Net Income.) The alternative minimum tax is measured by the greatest of three bases and is the tax when such alternative minimum tax results in a tax greater than the basic tax. The bases for computing the alternative minimum tax are:

(b) In certain cases, the alternative minimum tax measured by taxable assets is imposed at the rate of 0.04 of a mill or 0.02 of a mill upon each dollar of taxable assets, or portion thereof allocated to New York State. A taxpayer which has an outstanding net worth certificate issued to the Federal Deposit Insurance Corporation or to the Federal Savings and Loan Insurance Corporation is not subject to the alternative minimum tax measured by taxable assets for that portion of the taxable year in which such certificate is outstanding. (See section 18-5.1 of this Title - Computation of the alternative minimum tax measured by taxable assets.)