Banking Corporation Tax

The following do not have to pay BCT:

• Corporations that have to pay General Corporation Tax (GCT)
• Trust companies of 20 or more savings banks organized under NYS law owning all capital stock
• Real Estate Mortgage Investment Conduits (REMICs)
• Corporations taxed as insurance companies under NYS Tax Law Article 33 (other than savings and insurance banks)

You must use one of the following forms to file the Banking Corporation Tax.

• NYC-1
• NYC-1A

Get BCT forms.

You can file the forms and pay online through Business Tax e-Services or send the documents and payment by mail.

The Department of Finance participates in the IRS Federal and State 1120 Corporation Tax e-file program. This program allows NYC businesses to file federal and NYC business tax returns together.

Electronic filing is required for tax preparers and businesses that self-file 100 or more NYC returns.

BCT must be filed annually, two and a half months after the tax year ends. If a due date falls on a Saturday, Sunday or a legal holiday, the deadline is the next business day.

When paying estimated taxes, if the preceding year's tax is more than $1,000, the first installment must be 25% of this tax and be paid when filing either the preceding year's tax return or a request for an extension.

You can request an extension of filing time, but not an extension of time to pay.

Extensions can be filed online through e-Services or by mail.

Online

Access Business Tax e-Services.

Mail

To request a filing extension by mail, you must complete the extension request form.

Download the extension request form.

Mailed extension requests should be sent to the address on the form.

If you don't file your return or pay the tax by the deadline, or if you overpay, you will be charged interest.

From January 1, 2022 to March 31, 2022, the current interest rates are:

• 7.5% for underpayments
• 2% for taxes that remain or become overpaid

You must file for a refund within three years of when the return was filed or two years of when the tax was filed and paid, whichever is later. If no return was filed, you must file within two years from the time the tax was paid.

Refunds can be requested by filing an amended return. If the refund is based on changes made by the IRS or New York State, use Form NYC-3360B.

You can't get a refund based on "Net Operating Loss Carryback."

The Department of Finance has 90 days from the due date, extended due date, or filing date (whichever is later) to issue a refund without interest.

Get BCT forms.

You can get answers to questions about the tax or help with filing and paying.

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