Get TM Finance CR-Q2 NEW YORK CITY DEPARTMENT OF FINANCE COMMERCIAL RENT TAX RETURN SECOND QUARTER 2014-2024

Tax Rates. The tax rate is 6% of the base rent. All taxpayers are granted a 35% base rent reduction, which reduces the effective tax rate to 3.9%. In addition, you are allowed a tax credit if your annualized base rent before the 35% rent reduction is between $250,000 and $300,000.

New York has a 6.50 percent to 7.25 percent corporate income tax rate. New York has a 4.00 percent state sales tax rate, a max local sales tax rate of 4.875 percent, and an average combined state and local sales tax rate of 8.52 percent.

The Special Reduction is an optional incentive program that requires the tenant and the landlord to apply together. Both must apply for the special reduction benefit to be granted. All tenants must apply for the Commercial Revitalization Program (CRP) even if they are applying for the CRT Special Reduction only.

There is an additional 6% state-only sales or use tax on the short-term rental of a passenger car rented within New York State, or rented outside New York State for use within New York State. Short-term rental means any rental for less than one year.

Tax Rates. The tax rate is 6% of the base rent. All taxpayers are granted a 35% base rent reduction, which reduces the effective tax rate to 3.9%. In addition, you are allowed a tax credit if your annualized base rent before the 35% rent reduction is between $250,000 and $300,000.

The Special Reduction is an optional incentive program that requires the tenant and the landlord to apply together. Both must apply for the special reduction benefit to be granted. All tenants must apply for the Commercial Revitalization Program (CRP) even if they are applying for the CRT Special Reduction only.

This tax is charged to tenants who occupy or use a property for commercial activity in Manhattan, south of the center line of 96th Street and pay at least $250,000 each year in rent.