All domestic and foreign S corporations and qualified S subsidiaries in New York City that are:
Please note that New York City does not have an S corporation election and does not recognize a New York State S corporation election. In general, federal subchapter S corporations and qualified subchapter S subsidiaries are subject to the GCT.
If a corporation is not subject to the tax, but it has an officer, employee, agent or other representative within the five boroughs, it must nevertheless file Form NYC-245, Activities Report of Business and General Corporations.
The instructions to Forms NYC-3L and NYC-4S explain in detail which types of S corporations are exempt from the general corporation tax, including:
Biotechnology Tax Credit
The biotechnology tax credit is not available for tax years beginning on or after January 1, 2019.
Businesses that are subject to GCT may get an automatic six-month extension by filing Form NYC-EXT. This extension is given only if the extension form is filed before the original due date for the return and the tax was estimated correctly and paid. The application will be denied if the estimated amount of tax is not correct or if it is not paid before the original due date.
A business with a valid six-month extension may request up to two additional 3-month extensions by filing Form NYC-EXT.1. A separate form must be filed for each 3-month extension requested.
If the corporation can reasonably expect its tax to exceed $1,000 for the taxable year, it must file Form NYC-400 (Declaration of Estimated Tax) and pay the estimated tax. Estimated tax can also be paid in installments. A payment of 25% of the tax liability for the preceding year is required as the first installment of estimated tax for the current year.
Estimated tax must be either:
If a due date falls on a weekend or a legal holiday, the filing must be made by the next business day.
Under Section 1004 of the Business Corporation Law, as of October 1, 2009, Tax Clearance must be obtained from Department of Finance when dissolving corporations that have done business in and incurred tax liability to the City of New York. You must complete the Request For Dissolution and mail to Department of Finance. Department of Finance will send a Dissolution Consent to the address provided on the Request. The Dissolution Consent must be attached to Certificates of Dissolution that are filed with the New York State Secretary of State.
If you are not an officer of the corporation, and are filing a Request for Dissolution on behalf of a corporation, you will need to obtain and submit a signed and dated Power of Attorney with your request.
Title 11, Chapter 6 (Subchapter 2) Administrative Code Enabling Act: Chapter 772 of the Laws of 1966