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- 5 UBT I NEW YORK CITY DEPARTMENT OF FINANCE A. Payment Finance First name and initial Business name (FOR INDIVIDUALS, ESTATES AND TRUSTS) Last name Business address (number and street) City and.

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Form NYC-221 will enable taxpayers subject to the Unincorporated Business Tax to determine if they paid the correct amount of estimated tax by the proper due date. If the minimum amount was not paid timely, an underpayment penalty may be imposed for the period underpaid.

Nonresidents of New York City are not liable for New York City personal income tax. The rules regarding New York City domicile are also the same as for New York State domicile.

What Activities are Subject to This Tax? Unincorporated Businesses include: trades, professions, and certain occupations of an individual, partnership, limited liability company, fiduciary, association, estate or trust.

What Activities are Subject to This Tax? Unincorporated Businesses include: trades, professions, and certain occupations of an individual, partnership, limited liability company, fiduciary, association, estate or trust. The business can be active or in the process of being liquidated.

If you are a New York-based corporation, you will need to pay GCT tax if any of the following are true: You are conducting business. You are employing capital. You own or lease a property within a corporate capacity or you maintain an office.

How much is the credit? The amount of credit allowed to a New York City resident or part-year resident with city taxable income of $42,000 or less is 100% of the UBT imposed. The credit decreases gradually from 100% to 23% for taxpayers with city taxable incomes of more than $42,000 but less than $142,000.

You can make an estimated income tax payment with an Individual or Fiduciary Online Services account. Pay directly from your bank account, or by credit card for a fee.

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.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232