General Corporation Tax (GCT)



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
For further assistance, please call 311 and ask for: General Corporation Tax

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