Finance administers business income and excise taxes as well as real property taxes.
Business Income and Excise Taxes
- Banking Corporation Tax (BCT) - A tax paid by corporations or associations that are authorized to conduct banking business.
- Cigarette Tax - The New York State and New York City Cigarette Tax must be paid for possession of all cigarettes, whether bought for resale or consumption.
- Commercial Motor Vehicle Tax (CMVT) - A tax on non-passenger commercial motor vehicles used mostly in the City or mainly in connection with a business located in the City, and on motor vehicles regularly used in the City to transport passengers.
- Commercial Rent Tax (CRT) - A tax charged to certain tenants who occupy or use a property for commercial activity in Manhattan, south of 96th Street.
- E-911 Surcharge for Telecommunications Services - Wireless, landline and Voice over Internet Protocol (VoIP) telecommunications service providers include a 911 surcharge on all New York City customer bills.
- General Corporation Tax (GCT) - A tax that is paid by all domestic and foreign corporations that are doing business, employing capital, owning or leasing property in a corporate or organized capacity, or maintaining an office in New York City.
- Horse Race Admissions Tax - A tax charged on all admissions to horse races that are held in New York City.
- Hotel Room Occupancy Tax - One of three taxes and a fee that apply to hotel room rentals in New York City.
- Retail Beer, Wine and Liquor License Tax - A tax paid by businesses licensed by the New York State Liquor Authority that sell retail beer, wine, or liquor in New York City.
- Taxicab License Transfer Tax - A tax on the transfer of a taxicab license.
- Unincorporated Business Tax (UBT) - A tax paid by unincorporated businesses that include: trades, professions, and certain occupations of an individual, partnership, limited liability company, fiduciary, association, estate or trust.
- Utility Tax- A tax that is paid by every utility and vendor of utility services doing business in New York City.
Real Property and Property-Related Taxes
- Mortgage Recording Tax (MRT) - A tax is charged when mortgages for property in New York City are recorded.
- Property Taxes - A tax is charged on all class 1, 2, 3 and 4 properties.
- Real Property Transfer Tax (RPTT) - A tax that is paid on sales, grants, assignments, transfers or surrenders of real property in New York City. The tax is also paid for the sale or transfer of at least 50% of ownership in a corporation, partnership, trust, or other entity that owns/leases property and transfers of cooperative housing stock shares.
New York City Taxes Collected by New York State
- Beer and Liquor Excise Tax - A tax paid by distributors and noncommercial importers of beer and liquor for sale or use within New York City.
- Personal Income Tax - administered and collected by the New York State Department of Taxation and Finance. Most New York City employees living outside of the 5 boroughs (hired on or after January 4, 1973) must file Form NYC-1127. This form calculates the City Waiver liability, which is the amount due as if the filer was a resident of NYC.
- Sales and Use Tax - A tax on goods and services sold in NYC.
- Tax on Owners of Motor Vehicles - A tax paid when a motor vehicle is registered in New York State.