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New York City residents must pay a personal income tax, which is administered and collected by the New York State Department of Taxation and Finance.

The New York City School Tax credit is available to New York City residents or part-year residents who cannot be claimed as a dependent on another taxpayer's federal income tax return. The credit amounts vary. This credit must be claimed directly on the New York State personal income tax return. School Tax Credit · NYC311 - NYC.gov nyc.gov https://portal.311.nyc.gov › article nyc.gov https://portal.311.nyc.gov › article

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. New York City credits - Tax.NY.gov Tax.NY.gov https://.tax.ny.gov › pit › new_york_city_credits Tax.NY.gov https://.tax.ny.gov › pit › new_york_city_credits

NYC Unincorporated Business Tax (and GCT for S-corps) - You can make these on the NYC E-services website and similar to the NYS, you will need to create a login, and information from a previously filed return. If this is your first year filing the UBT, you may need to pay that by check.

NYC imposes UBT at a rate of 4% on any unincorporated business—that is, any trade or business engaged in or conducted by an individual (sole proprietorship) or unincorporated entity, including a partnership or LLC.

Corporations that do business, employ capital, or own or lease property, or maintain an office in the city in a corporate or organized capacity must pay this tax.

A 4% 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. Unincorporated Business Tax (UBT) | City of New York NYC Business (.gov) https://nyc-business.nyc.gov › nycbusiness › description NYC Business (.gov) https://nyc-business.nyc.gov › nycbusiness › description

All city residents' income, no matter where it is earned, is subject to New York City personal income tax. Nonresidents of New York City are not liable for New York City personal income tax.

Wages and salaries that were disallowed as a federal business expense deduction due to the taxpayer's receipt of the federal Employee Retention Credit may be deducted when computing New York City taxable income. Business Corporation Tax - Frequently Asked Questions - NYC.gov nyc.gov https://.nyc.gov › site › finance › taxes › business-c... nyc.gov https://.nyc.gov › site › finance › taxes › business-c...