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 have two or more Unincorporated Businesses, all are treated as one for the purpose of this tax.
Credits For Tax Years
A liability of $3,400 or less is allowed a credit for the full amount of the tax.
Liabilities between $3,401 and $5,400 are allowed a partial credit.
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. Part-year residents receive a partial credit.
Forms and Reports
The Metropolitan Commuter Transportation Mobility Tax does not need to be added back when filing UBT returns.
Biotechnology Tax Credit
Tax credit for qualified investors/owners for certain expenses incurred by emerging New York City biotechnology companies. Filing deadline for 2016 is January 17, 2017.
Title 11, Chapter 5 Administrative Code
Enabling Act: Chapter 772 of the Laws of 1966