Interest and Penalties on Late Filing and Late Payments
Business Tax Interest Rate Calculator
Interest Rates
Below are interest rates on New York City Income and Excise Taxes and Annual Vault Charges. These rates are compounded daily and apply to taxpayer underpayments of virtually all City- administered income and excise taxes (that is, all taxes other than property taxes). These rates also apply to late payments of estimated business income taxes, including General Corporation Tax (GCT), Unincorporated Business Tax (UBT) and Banking Corporation Tax (Bank Tax).
| April 1, 2009 |
through |
September 30, 2009 |
6% |
| January 1, 2009 |
through |
March 31, 2009 |
7% |
| October 1, 2008 |
through |
December 31, 2008 |
8% |
| July 1, 2008 |
through |
September 30, 2008 |
7% |
| April 1, 2008 |
through |
June 30, 2008 |
8% |
| January 1, 2008 |
through |
March 31, 2008 |
9% |
| July 1, 2006 |
through |
December 31, 2007 |
10% |
| October 1, 2005 |
through |
June 30, 2006 |
9% |
| April 1, 2005 |
through |
September 30, 2005 |
8% |
| October 1, 2004 |
through |
March 31, 2005 |
7% |
| July 1, 2004 |
through |
September 30, 2004 |
6% |
| April 1, 2004 |
through |
June 30, 2004 |
7% |
| October 1, 2003 |
through |
March 31, 2004 |
6% |
| July 1, 2003 |
through |
September 30, 2003 |
7% |
| January 1, 2002 |
through |
June 30, 2003 |
6% |
| July 1, 2001 |
through |
December 31, 2001 |
7% |
| April 1, 2001 |
through |
June 30, 2001 |
8% |
| April 1, 2000 |
through |
March 31, 2001 |
9% |
| April 1, 1999 |
through |
March 31, 2000 |
8% |
| January 1, 1999 |
through |
March 31, 1999 |
7% |
| April 1, 1998 |
through |
December 31, 1998 |
8% |
Business Tax Rule-Making Actions
and Regulatory Agenda
Penalties for Late Filing and/or Late
Payment
For New York City business income and excise taxes and annual vault charges, in addition to interest, business taxpayers may be subject to one or more of the following penalties:
Late Filing Penalty
If you fail to file your annual
return when it is due, you must add 5% to the tax due (less any payments made on
or before the due date) for each month or partial month that the return is late,
up to 25%. Consideration for abatement will be given if the failure to file is
due to reasonable cause or a satisfactory record of prior City tax compliance.
If you file your return more than 60 days after the due date, you will be
assessed a minimum late filing penalty, which is the lesser of $100 or 100% of
the amount shown on the return, minus any payments or credits
claimed.
Late Filing
Procedures
Filing deadlines and procedures are specific to each
business tax. Taxpayers who fail to pay tax will receive two notices from
Finance advising them to pay in full – a Notice of Tax Due
followed by a Demand for Payment Due. Failing to pay – or to
contact the agency to dispute the need to pay - the taxpayer’s case will be
referred to Finance's Collections Division
.
Late payment penalty
If you fail to fully pay the tax shown on
the return by the prescribed filing date, you must add .5% to the tax due (less any payments made) for each month or partial month that the payment is late. Consideration for abatement will be given if the failure to file is due to reasonable cause or a satisfactory record of prior City tax compliance.
NOTE: The total of late filing and late payment penalties will not exceed 5 percent in any month.
