General Corporation Tax (GCT)

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Finance, Department of City
Who Has to Pay This Tax? All domestic and foreign corporations in New York City that are: Doing business; Employing capital;Owning or leasing property, in a corporate or organized capacity; or Maintaining an office.
New York City does not recognize Federal or New York State "S Corporation" elections. S Corporations are subject to this tax. A taxable association or publicly traded partnership is treated as a corporation for the purpose of this tax.
If a corporation is not subject to the tax, but it has an officer, employee, agent, or other representative within the five boroughs, it must nevertheless file Form NYC-245, the Activities Report for Corporations.



Who is Exempt from the Tax?

The instructions to Forms NYC-3L and NYC-4S explain in detail what types of corporations are exempt from the General Corporation Tax:

  • Dormant corporations, which did not engage in any business activity or held title to real property located in New York City; 
  • Corporations subject to the New York City Banking Corporation Tax or Utility Tax, except vendors of utility services which are subject to the General Corporation Tax; 
  • Corporations organized to hold title to property as described in Sections 501(c)(2) or (25) of the Internal Revenue Code; 
  • Insurance Corporations; 
  • Nonstock not-for-profit companies that are granted an exemption by the New York City Department of Finance; and 
  • Limited profit housing and housing development fund companies organized and operating under articles 2 and 11, respectively, of the Private Housing Finance Law.



NYC Department of Finance (DOF)
General Corporation Tax Unit
345 Adams Street, 10th Floor
Brooklyn, NY 11201
crt@finance.nyc.gov
For further assistance, please call 311 and ask for: General Corporation Tax
Website: http://www.nyc.gov/html/dof/html/home/home.shtml

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