Electronic filing is the fastest, safest way to file—but if you must file a paper Resident Income Tax Return, use our enhanced fill-in Form IT-201 with 2D barcodes. Benefits include: no more handwriting—type your entries directly into our form.
The capital base is the total of business capital and investment capital, or the portions of each allocated within New York State. The rate of tax is 1.78 mills (or 0.4 of a mill in the case of a cooperative housing corporation) for each dollar of the capital base.
How do I calculate the amount of tax I owe? Zone 1 & Zone 2 . 11% (. 0011) if your payroll expense was over $0 but not over $375,000. Zone 1 & Zone 2 . 23% (. 0023) if your payroll expense was over $375,000 but not over $437,500. Zone 1 0.60% (. 0060) & Zone 2 . 34% (. 0034) if your payroll expense was over $437,500.
The metropolitan commuter transportation mobility tax (MCTMT) exemption eliminates the MCTMT on your net earnings from self-employment attributable to your approved business location within the Metropolitan Commuter Transportation District (MCTD) for a tax benefit period of 10 consecutive years.