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Controlling Your Taxes Your State Tax Obligations New York Taxes on Business Income in New York Franchise Tax in New York
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Your business is off the ground and hopefully you've complied with all the state filing and license requirements for starting-up a business. Unfortunately, the paperwork is not over yet — read on for what you need to do to make sure you're running your business in accordance with New York's requirements.
Annual reports. Domestic corporations must file a biennial statement and pay a $9 filing fee to the secretary of state.
Every foreign corporation authorized to do business in New York must pay an annual maintenance fee of $300. (If the period is more than six months, but not more than nine months, the fee is $225. If the period is not more than six months, the fee is $150.) The annual maintenance fee is payable each year until the corporation surrenders its authority to do business in New York. The annual maintenance fee is available as a credit against the franchise tax.
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All LLCs and limited liability partnerships (LLPs) with New York source income are subject, when filing annual returns, to annual filing fees of $50 per member in the company or partnership (the state fee) determined as of the last day of the tax year. Annual filing fees may not be less than $325 or more than $10,000.
New York's corporate income tax is also sometimes referred to as a franchise tax.
