Anchor Savings Bank, F.S.B. v. Chu

—Mikoll, J.

Appeal from a judgment of the Supreme Court at Special Term (Conway, J.), entered March 15, 1985 in Albany County, which dismissed petitioner’s application, in a proceeding pursuant to CPLR article 78, to review a determination of respondent State Tax Commission denying petitioner’s request for a refund of corporate franchise tax under Tax Law article 32.

Petitioner is a bank corporation subject to a corporate franchise tax (Tax Law art 32). In 1979, petitioner earned $2,146,649.73 in interest from various tax-exempt bonds issued by the State Housing Finance Agency (HFA bonds) and…