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General Corporation Tax (GCT)


City Finance, Department of

Who must pay the general corporation tax?

All domestic and foreign S corporations and qualified S subsidiaries in New York City that are: 

  • Doing business; 
  • Employing capital;
  • Owning or leasing property, in a corporate or organized capacity; or
  • Maintaining an office.

Please note New York City does not have an S corporation election and does not recognize a  New York State S corporation election.  In general, federal subchapter S corporations and qualified subchapter S subsidiaries are subject to the GCT.

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, Activities Report of Business and General Corporations.

Who is exempt from the general corporation 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 S corporations, which did not engage in any business activity or hold title to real property located in New York City
  • S corporations subject to tax under the banking corporation tax
  • S corporations subject to the utility tax, except vendors of utility services which are subject to the GCT
  • S corporations organized to hold title to property as described in sections 501(c)(2) or (25) of the Internal Revenue Code
  • Insurance Corporations
  • Non-stock not-for-profit companies that are granted an exemption by the New York City Department of Finance
  • Limited profit housing and housing development fund companies organized and operating under articles 2 and 11, respectively, of the Private Housing Finance Law

Effective for tax years beginning on or after January 1, 2015, the GCT only applies to Subchapter S Corporations and Qualified Subchapter S Subsidiaries under the U.S. Internal Revenue Code. These corporations will continue to file GCT tax returns in tax years beginning on or after January 1, 2015, if they are otherwise taxable under the GCT. The applicable forms have not changed. All other corporations are now subject to tax under the Business Corporation Tax and will file Business Corporation Tax returns instead of GCT returns. For more information regarding corporate tax reform please click the Business Corporation Tax page below.


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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