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For additional information about a specific permit, license, tax, or incentive,
please call 311 and ask for the issuing Agency.
For assistance using NYC Business Express, visit our Help page,
email us, or call 311 and ask for NYC Business Express.
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Banking Corporation Tax |
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| Finance, Department of |
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All corporations defined under New York law as doing banking business are required to pay a Banking Corporation Tax. Banking corporations may be organized under the laws of New York, other US States, or another country.
Banking Coproration Types:
1. Commercial and Savings Banks
2. Savings and Loan Associations
3. Bank Holding Companies
4. Trust Companies
5. Certain Subsidiaries of Banks Owned by a Bank or a Bank Holding Company
Banking Corporations Exemt from the Tax
1. Trust Companies with 20 or more savings banks organized under thew laws of New York (and own all capital stock)
2. Corporations subject to the General Corporation Tax
3. Real Estate Mortgage Investment Conduits (REMICs)
4. Corporations subject to the tax as insurance companies under New York State law, other than savings and insurance banks.
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1.
Employer Identification Number (EIN)
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2.
Must be a corporation authorized to do banking business as defined by New York State law.
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| No online process available |
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How the taxpayer files determines the annual tax return deadline.
By Calendar Year: The deadline is on or before March 17th of the following year.
By Fiscal Year: The deadline is the 15th day of the third month after the close of the fiscal year.
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Tax Rates
The banking corporation tax rate is the largest of the following four options:
1. Nine percent of the entire net income allocated to the City; OR
2. (a) In the case of a corporation that is organized under US law, one-tenth of a mill per dollar of taxable assets allocated to the City, and (b) In the case of a corporation that is organized under non-US law, 2.6 mills per dollar of face value of issued capital stock (or, if without par value, of actual or market value, but not less than $5 per share), or (c) If the taxpayer does not have issued capital stock, 2.6 mills per dollar of the amount by which its average total assets exceeds its average total liabilities, or the portion thereof allocated to the City; OR
3. Three percent of alternative entire net income allocated to the City; OR
4. $125 minimum tax.
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American Express
Discover
MasterCard
Visa
Check
Personal Check
Certified Check
E-Check
Bank Check
Cashier's Check
Money Order
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Important Definitions Related to Tax Rate
"Entire net income" is the total net income from all sources, which is the same as the entire taxable income (i) the taxpayer reports to the US Treasury Department, or (ii) that the taxpayer (in the case of a corporation that is exempt from federal income tax but subject to banking corporation tax) would have been required to report to the US Treasury but for the exemption, or (iii) that, in the case of a corporation that is organized under the laws of a country other than the United States, is effectively connected with the conduct of a trade or business within the US, subject to certain modifications.
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This page provides general information only. The information does not address all relevant regulatory requirements of City, State or Federal Agencies, nor does it address requirements with which the business must comply on an ongoing basis. It is the business owner's responsibility to meet all City, State and Federal requirements. Failure to comply with all applicable laws and regulations may result in fines or in the suspension and/or revocation of licenses or permits, or other penalties as allowed by law.
Please note that this information is not legal advice; you can only obtain legal advice from a lawyer. For more information or assistance, please contact the issuing Agency, using the contact information above, or call 311 (or 212-NEW-YORK if outside of New York City).
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