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Banking Corporation Tax

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  • Business Tax Assistance for help with payment issues, copies of filed returns, audits, and notices of unpaid taxes.

The Banking Corporation Tax (BCT) is a tax on banks and the companies they control. Examples include commercial and savings banks, savings and loan associations, and bank trust companies.

Corporations that have to pay BCT are corporations defined under New York State law or under the laws of other states, the US, or other countries as authorized to do banking business. These corporations include: 

  • Banking corporations
  • Commercial and savings banks
  • Savings and loan associations 
  • Bank holding companies
  • Trust companies
  • Certain subsidiaries of banks that are owned by a bank or bank holding company

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

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.

Online

You can file and pay the tax through Business Tax e-Services.

You can pay by:

  • Electronic Funds Transfer (EFT) withdrawn directly from your bank
  • E-check
  • Credit card (American Express, Master Card, VISA, and Discover)
  • Debit card (VISA and Master Card debit cards that don’t require the entry of a PIN number to complete a transaction)

There is a 2% convenience fee for paying by credit or debit card. There is no convenience fee for paying by EFT or e-check.

To pay online, you will need the notice number from your bill (first 13 digits) plus the billing zip code.

If there is a debit block on the bank account and you wish to pay online or by using software, the number needed to release the block is 6136400434.

By Mail

You can file the tax forms by mail. If there's a balance due, you can also send a payment by mail.

For all returns, except returns claiming a refund, mail the tax form to:

NYC Department of Finance
P.O. Box 5564
Binghamton, NY 13902-5564

Don't send payments or requests for extensions to this address.

After you have mailed the form, if you owe a payment, mail the check and the payment voucher to:

NYC Department of Finance
P.O. Box 3933
New York, NY 10008-3933

If you are claiming a refund, mail the form to:

NYC Department of Finance
P.O. Box 5563
Binghamton, NY 13902-5563

BCT must be filed annually.

  • Calendar year taxpayers must file on March 15 of the following year.
  • Fiscal year taxpayers must file by the 15 day of the third month after the close of their fiscal year.

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

Mail

To request a filing extension by mail, you must complete 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 April 1, 2025 to June 30, 2025, the current interest rates are:

  • 11% for underpayments
  • 6% 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.

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

By Phone

Call 311 or 212-NEW-YORK (212-639-9675) for help.

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