If you have two or more Unincorporated Businesses, all are treated as one for the purpose of this tax.
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.
- A person or entity, other than a dealer, who is only engaged in the purchase, holding, and sale of property for their own personal account (e.g. a person who owns and rents a two-family house); and
- An owner, lessee, or fiduciary who is engaged in holding, leasing, or managing real property for their own account.
- Entities engaged primarily with qualifying investment activities are partially exempt from UBT on the income.
- Associations and publicly traded partnerships treated as corporations for Federal income tax purposes; and S Corps. are subject to the General Corporation Tax.
Unincorporated Business Tax Unit
345 Adams Street, 10th Floor
Brooklyn, NY 11201
For further assistance, please call 311 and ask for: Unincorporated Business Tax