General Corporation Tax (GCT)

A tax imposed on domestic and foreign corporations that are engaged in business activities, employ capital, own or lease property, or maintain an office in New York City.

Who is Subject to This Tax?
Who is Exempt from The Tax?
Tax Credits
Filing Information & Forms
Dissolution Consent Requirement
Frequently Asked Questions
Legal Authority
Contact Us


Who is Subject to This Tax?
Except for certain exemptions, the General Corporation Tax is imposed on all domestic and foreign corporations that are engaged in any of the following four activities in New York City during their calendar or fiscal year:

• Doing business;
• Employing capital;
• Owning or leasing property, in a corporate or organized capacity; or
• Maintaining an office. 

New York City does not recognize federal or New York State "S Corporation" elections. S Corporations are subject to this tax. Furthermore, beginning in 1996, an association or publicly traded partnership that is taxable as a corporation for federal income tax purposes is treated as a corporation for the purpose of this tax.

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, the Activities Report for Corporations.

Who is Exempt from the Tax?
The instructions to Forms NYC-3L and 4S explain in detail what types of corporations are exempt from the General Corporation Tax:

• Dormant corporations, which at no time during the taxable year engaged in any activity or held title to real property located in New York City;
• Corporations subject to the New York City Banking Corporation Tax or Utility Tax, except vendors of utility services which are subject to the General Corporation Tax;
• Corporations organized exclusively for the purpose of holding title to property as described in Sections 501(c)(2) or (25) of the Internal Revenue Code;
• Insurance Corporations;
• Nonstock not-for-profit companies that have been granted an exemption by the New York City Department of Finance; and
• Limited profit housing and housing development fund companies organized and operating under articles 2 and 11, respectively, of the Private Housing Finance Law.

Tax Credits

Biotechnology Tax Credit
A new law allows a tax credit for qualified investors/owners for certain expenses incurred by emerging New York City biotechnology companies.

Download FAQ 
Biotechnology Application

Filing Information & Forms

Automatic Extension
Businesses that are subject to GCT may obtain an automatic six-month extension by filing Form NYC-6. This extension is granted as long as the extension form is filed before the original due date for the return and the tax was properly estimated and paid. The extension application will be denied if the properly estimated amount of tax is not paid with the extension application (or before).

Additional Extensions
A business with a valid six-month extension may request up to two additional 3-month extensions by filing Form NYC-6.1. A separate form must be filed for each 3-month extension requested.

Estimated Tax
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 percent of the tax liability for the preceding year is required as the first installment of estimated tax for the current year.

Properly estimated tax must be either 1) not less than 90 percent of the tax that is finally determined, or 2) not less than the tax for the preceding taxable year.

Tax Rates
 Tax Rates

Forms
 Forms & Publications
 Forms & Publications Archive

Filing Deadlines

• Annual returns and tax payments must be postmarked no later than March 15th of the following year, if the corporation chooses an accounting period that is based on the calendar year.
• A corporation that uses an accounting period other than the calendar year (e.g., a fiscal year) must file a return on the 15th day of the third month after the close of its fiscal year.

If a due date falls on a Saturday, Sunday or a legal holiday, the filing must be made by the next business day.

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Dissolution Requirement
Under Section 1003 of the Business Corporation Law, as of October 1, 2009, Tax Clearance must be obtained from the NYC Department of Finance (Finance) when dissolving corporations that have done business in and incurred tax liability to the City of New York.  Corporations must complete the Request For Dissolution and mail to Finance.  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 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.

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Legal Authority
Title 11, Chapter 6 (Subchapter 2) Administrative Code Enabling Act: Chapter 772 of the Laws of 1966

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Write to us:
NYC Department of Finance
Correspondence Unit
One Centre Street, 22nd Floor
New York, NY 10007

Additional Information

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