The New York City PTET tax rate is 3.876%. An eligible partnership or LLC is an entity with at least one New York City resident partner or member. An eligible S corporation must have only New York City resident shareholders. The New York City PTET is applicable only to city resident partners, members, or shareholders.

NYC-3L - General Corporation Tax Return. Download Instructions. Download General Corporation Tax Worksheet - You must attach this worksheet to amended returns reporting changes or corrections to taxable income or other bases of tax by the IRS or New York State DTF.

Alternative tax base — 8.85 percent of 15 percent of net income + the amount of compensation paid to any individual who owned more than 5 percent of the payer's capital stock. A minimum tax based on the tax year.

PTE elective tax calculation The elective tax is 9.3% of the entity's qualified net income, which is the sum of the pro rata or distributive share and guaranteed payments of each qualified taxpayers' income subject to California personal income tax.

A PTET credit offsets all taxes computed and reported on New York State personal income tax Forms IT-201, IT-203, and IT-205. If the PTET credit exceeds the tax due for the tax year, the excess credit will be refunded without interest.

This tax is in addition to any other taxes imposed on the entity under the Tax Law. The NYC PTET is equal to 3.876% of the NYC PTE taxable income. An electing entity is not required to make any estimated tax payments for the NYC PTET for the 2022 year.

For Partnerships and S corporations You must complete Schedule PTE, Pass-Through Entity Tax, if you are a partnership or S corporation that is electing to pay income tax at the entity level on behalf of your owners. You must make the election by the due date or extended due date of the entity's income tax return.