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NYC imposes the UBT on the unincorporated business taxable income of an unincorporated business (e.g., a partnership) that is wholly or partly carried on within NYC at a rate of 4%. The UBT is an entity-level tax so unincorporated business taxable income is subject to both the UBT and NYC's personal income tax.

Who is Exempt from this Tax? Performing services as an employee is not subject to UBT. An owner, lessee, or fiduciary who is engaged in holding, leasing, or managing real property for their own account. Entities engaged primarily with qualifying investment activities are partially exempt from UBT on the income.

Any individual or unincorporated entity, other than a partnership, that carries on or liquidates a trade, business, profes- sion or occupation wholly or partly with- in New York City and has a total gross income from all business regardless of where carried on of more than $75,000 (prior to any deduction for cost of ...

For example, an owner, lessee, or fiduciary that holds, leases, or manages real property for the purpose of producing rental income is not subject to the UBT. ... For entities whose operations are conducted both inside and outside New York City, business income is allocated for purposes of the UBT.

If you have two or more Unincorporated Businesses, all are treated as one for the purpose of this tax. Tax Rates A 4% tax rate is charged for taxable income allocated to New York City. Who is Exempt from this Tax? Performing services as an employee is not subject to UBT.

Individual New York City residents are allowed to claim a credit against their NYC Personal Income Tax for a portion of the UBT payments made as sole proprietors. The amount of the credit depends on the City resident's taxable income for personal income tax purposes.

New York City's Unincorporated Business Tax (UBT): The new legislature requires an individual or unincorporated entity that has gross receipts greater than $95,000 to file the UBT return.

You can get the form online or by mail. Get the NYC-1127 form and learn more about 1127 taxes for nonresident City employees. Call 311 to request a paper copy. You can file the forms and pay online through Business Tax e-Services or send the documents and payment by mail.

You have to file a federal return. You did not have to file a federal return but your federal adjusted gross income plus New York additions was more than $4,000 ($3,100 if you are single and can be claimed as a dependent on another taxpayer's federal return).