![]() ![]() S-corporations are exempt from the Business Corporate Tax, but they are still subject to the General Corporation Tax or Banking Corporation Tax The sum of its NYC credit card customers and NYC credit card merchants equals 1,000 or more.Has merchant customer contracts with 1,000 or more merchants located in the City to whom the corporation remitted payments for credit card transactions or.Issued credit cards to 1,000 or more customers who have a NYC mailing address.A corporation is also considered to do business in the City if it:.A corporation may be considered to do business in the City if it is a partner or member in a partnership that does business, employs capital, own or lease property in the City, or maintains an office in the City.Publicly traded partnerships that did not elect out of City corporate taxation in 1996 are also characterized as corporations.Joint stock companies or associations, and.The term corporations includes any entity that is taxable as a corporation for federal tax purposes, by election or otherwise, and so may include:. ![]() Corporations that do business, employ capital, or own or lease property, or maintain an office in the city in a corporate or organized capacity must pay this tax.
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