Complete Legal New York Franchise Forms For Free

If your business is incorporated in New York State or does business or participates in certain other activities in New York State, you may have to file an annual New York State corporation tax return to pay a franchise tax under the New York State Tax Law.

Corporation franchise tax Tax yearTax amountPercent of total tax2019less than or equal to $9990.96%greater than or equal to $1 million73.75%2020 (preliminary)less than or equal to $9991.00%greater than or equal to $1 million69.95%8 more rows ?

An LLC or LLP that is treated as a corporation for federal income tax purposes may be required to file a New York State corporation franchise tax return. An LLC or LLP may be required to pay a filing fee and/or estimated income tax on behalf of certain partners or members.

Corporate tax rates - Part I (subpart A) Background: Two years ago, the FY 22 budget increased the corporate franchise tax rate to 7.25% from 6.5% for tax years beginning on or after January 1, 2021 and before January 1, 2024, for taxpayers with a business income base greater than $5 million.

Corporations. New York Corporations or, more specifically, C-corps, are subject to a corporation franchise tax that is calculated to be the higher of the New York Corporation's Entire Net Income (ENI), Maximum Taxable Income (MTI), Fixed Dollar Minimum (FDM), or Business and Investment Capital.

For S-corporations, the FDM tax is based on the corporation's New York State receipts and is as follows: $25 ? Receipts not exceeding $100,000. $50 ? Receipts exceeding $100,000 but not more than $250,000. $175 ? Receipts exceeding $250,000 but not more than $500,000.