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  Instructions for Form NYC-3L
   General Corporation Tax Return     For fiscal years beginning in 2022 or for calendar year 2022
 IMPORTANT INFORMATION REGARDING THE FILING OF NYC CORPORATE TAX RETURNS
 Pursuant to section 11-602.1 of the Administrative Code of the City of New York as enacted by section 3 of Part D of Chapter 60 of the Laws of 
 2015, for taxable years beginning on or after January 1, 2015, the General Corporation Tax is only applicable to Subchapter S Corporations and 
 Qualified Subchapter S Subsidiaries.   Therefore, only these types of corporations should file this return.  All other corporations should file a re-
 turn on Form NYC-2 or Form NYC-2S or, if included in a combined return, on Form NYC-2A.

   IMPORTANT INFORMATION CONCERNING FORM NYC-200V AND PAYMENT OF TAX DUE
 Payments may be made on the NYC Department of Finance website at nyc.gov/eservices, or via check or money order. If paying with check 
 or money order, do not include these payments with your New York City return. Checks and money orders must be accompanied by payment 
 voucher form NYC-200V and sent to the address on the voucher. Form NYC-200V must be postmarked by the return due date to avoid late 
 payment penalties and interest. See Form NYC-200V for more information.

   Highlights        of Recent Tax Law Changes 

   ● For tax years beginning on or after January 1, 2021, eligible pass through entities may opt into the New York State Pass Through Entity Tax 
     (“NYS PTET”) imposed under New York Tax Law Article 24-A. For tax years beginning on or after January 1, 2022, eligible New York City 
     pass through entities may opt into the New York City Pass Through Entity Tax (“NYC PTET”) imposed under New York Tax Law Article 24-
     B. Taxpayers are required to add back to federal taxable income any NYC PTET, NYS PTET, and similar pass through entity taxes from other 
     jurisdictions that were previously deducted when calculating federal taxable income. See Section 11-602(8)(b)(3) of the Administrative Code 
     of the City of New York. 
   ● Section 3 of Chapter 555 of the Laws of 2022 added a new subparagraph 16 to section 11-602(8)(a) of the New York City Administrative Code, 
     which excludes from entire net income the amount of any grant received through either the COVID-19 Pandemic Small Business Recovery 
     Grant program pursuant to section 16-ff of the New York State Urban Development Corporation Act or the New York City Small Business Re-
     silience Grant program administered by the New York City Department of Small Business Services to the extent the amount of either such grant 
     is included in federal taxable income. 
   ● For details on the proper reporting of income and expenses addressed in the federal Tax Cuts and Jobs Act of 2017, such as mandatory deemed 
     repatriation income, foreign-derived intangible income (FDII), global intangible low-taxed income (GILTI), please refer to Finance Memo-
     randum 18-10.  For information about the IRC section 163(j) limitation on the business interest expense deduction, please refer to Finance Mem-
     orandum 18-11. 
 ●   Note that according to the federal Tax Cuts and Jobs Act of 2017, net operating losses (NOL) generated during or after 2018 generally may 
     no longer be carried back. These losses may be carried forward indefinitely; however each year’s NOL deduction will be limited to 80% of 
     taxable income (without regard to the deduction). 
 ●   In general, for tax years beginning in or after 2018, taxpayers who allocate business income inside and outside New York City must do so using 
     single business receipts factor allocation. See Administrative Code section 11-604.

GENERAL INFORMATION                             CORPORATION DEFINED                            they were deducted when calculating federal 
                                                Unincorporated entities electing to be treated taxable income.  To avoid double taxation, if 
NOTE: This form may be used by  federal         as associations taxable as corporations for    the royalty recipient was also a New York tax-
Subchapter S Corporations and Qualified Sub-    federal income tax purposes pursuant to the    payer, the statute allowed the recipient to ex-
chapter S Subsidiaries only (“S corporations”).   “check-the-box” rules under IRC §7701(a)(3)  clude the royalty income if the related member 
If any instructions appear to apply to C corpo- are treated as corporations for City tax pur-  added back the deduction for the royalty pay-
rations, they should be read to apply only to S poses and are not subject to the Unincorpo-    ment expense.  
corporations and qualified S subsidiaries.      rated Business Tax.  Eligible entities having   
                                                a single owner disregarded as a separate en-   Ad. Code section 11-602(8)(n), as amended, 
S CORPORATIONS                                  tity under the “check-the-box” rules and       eliminates the income exclusion previously al-
An S corporation is subject to the General Cor- treated as either a sole proprietorship or a   lowed to certain royalty recipients.  It also 
poration Tax (GCT) and must file either Form    branch for federal tax purposes will be simi-  modifies the two previous exceptions to the 
NYC-4S, NYC-4S-EZ or NYC-3L, whichever          larly treated for City tax purposes.  See Fi-  add-back requirement and adds two additional 
is applicable.  Under certain limited circum-   nance Memorandum 99-1 for additional           exceptions.  Those four exceptions generally 
stances, an S corporation may be permitted or   information.                                   can apply in following situations (for addi-
required to file a combined return (Form NYC-                                                  tional conditions that must be met, see the Ad. 
3A).  See, e.g., Finance Memorandum 99-3 for    Royalty Payments to Related Members            Code sections indicated below):  
                                                 
information regarding the treatment of quali-                                                   
                                                For tax years beginning on or after January 1, 
fied subchapter S subsidiaries.  Federal S cor-                                                • If all or part of the royalty payment a related 
                                                2013, the General Corporation Tax has been 
poration taxpayers must complete the Form                                                       member received was then paid to an unre-
                                                amended to change the treatment of royalty 
NYC-ATT-S-CORP, Calculation of Federal                                                          lated third party during the tax year, that 
                                                payments to related members.  Under prior 
Taxable Income for S Corporations and include                                                   portion of the payment will be exempt if the 
                                                law, taxpayers who made royalty payments to 
it with their GCT filing.  For more information                                                 transaction giving rise to the original roy-
                                                related entities were required to add back the 
see Form NYC-ATT-S-CORP.                                                                        alty payment to the related member was un-
                                                amount of the payments to taxable income if

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Instructions for Form NYC-3L - 2022                                                                                                     Page 2 
 dertaken for a valid business purpose, and       Tax (GCT) or Banking Corporation Tax (BCT).          port as provided in Ad. Code section 11-
 the related member was subject to tax on the     Under Ad. Code 11-601(12), a REIT or RIC is a        605(4)(a)(1), (a)(2) or (a)(4), then the cap-
 royalty payment in this city or another city     captive REIT or RIC if more than 50% of its vot-     tive REIT or captive RIC must determine 
 within the United States or a foreign nation     ing stock is owned or controlled, directly or indi-  the closest controlling shareholder under 
 or some combination thereof (Ad. Code            rectly, by a single corporation.  Any voting stock   Ad. Code section 11-605(4)(a)(5)(iii) to be 
 section 11-602(8)(n)(2)(B)(i));                  held in a segregated asset account of a life insur-  included in a combined report with that cor-
                                                  ance corporation as described in Internal Revenue    poration.  If the corporation that is the clos-
• If the taxpayer's related member paid an ag-    Code section 817 is not taken into account for the   est controlling stockholder of the captive 
 gregate effective rate of tax on the royalty     purpose of determining the percentage of stock       REIT or captive RIC is a corporation not 
 payment, to this city or another city within     ownership.  As explained more below, if a corpo-     permitted to make a combined report, then 
 the United States or some combination            ration subject to the GCT directly owns over 50%     that corporation is deemed to not be in the 
 thereof, that is not less than 80 percent of the of the voting stock of a captive REIT or RIC or is   ownership structure of the captive REIT or 
 rate of tax that applied to the taxpayer under   the “closest controlling shareholder” of a captive   captive RIC, and the closest controlling 
 Ad. Code section 11-643.5 for the tax year       REIT or RIC, then the captive REIT or RIC must       stockholder will be determined under Ad. 
 (Ad. Code section 11-602(8)(n)(2)(B)(ii));       be included in a combined report under the GCT       Code section 11-605(4)(a)(5)(iii) without 
 
• If the related member is organized under the    with that corporation.  For these purposes, the      regard to that corporation.  
 laws of a foreign country that has a tax treaty  “closest controlling stockholder” means the cor-     
 with the United States, the related member’s     poration: (a) that indirectly owns or controls over (4) If a captive REIT owns the stock of a 
 income from the transaction was taxed in         50% of the voting stock of a captive REIT or RIC,    qualified REIT subsidiary (as defined in 
 such country at an effective rate of tax at      (b) is subject to tax under the GCT or BCT or oth-   IRC section 856(i)(2)), then the qualified 
 least equal to that imposed by this city, and    erwise required to be included in a combined report  REIT subsidiary must be included in any 
 the transaction giving rise to the royalty was   or report under the GCT or BCT, and (c) is the       combined report required to be made by 
 undertaken for a valid business purpose and      fewest tiers of corporations away in the ownership   the captive REIT that owns its stock. 
                                                                                                       
 reflected an arm's length relationship.  (Ad.    structure from the captive REIT or RIC.             (5) If a captive REIT or RIC is required by 
                                                   
 Code section 11-602(8)(n)(2)(B)(iii)); or                                                             any of the conditions set out herein to be 
                                                  If a captive REIT or RIC is required to be in-
                                                                                                       included in a combined report with an-
• If the taxpayer and the Department of Finance   cluded in a combined report under the GCT, it 
                                                                                                       other corporation, and that other corpora-
 agree to alternative adjustments that more ap-   will be subject to tax under the GCT.  Ad. 
                                                                                                       tion is required to be included in a 
 propriately reflect the taxpayer's income.       Code § 11-605(4)(a)(5). Note that if a cap-
                                                                                                       combined report with another corporation 
 (Ad. Code section 11-602(8)(n)(2)(B)(iv)).       tive REIT or RIC is required to be included 
                                                                                                       under other provisions of Ad. Code 11-
                                                  in a combined report under the BCT, it will 
                                                                                                       605(4)(a), the captive REIT or RIC must 
The law as amended also defines the term “re-     not be subject to tax under the GCT, and, 
                                                                                                       be included in that combined report with 
lated member” by linking it to the definition     as a result, must file an NYC-1 report.  Ad. 
                                                                                                       those corporations.  
in Internal Revenue Code section 465(b)(3)(c),    Code section 11-640(d).                              
but substituting 50 percent for the 10 percent                                                        (6) If a captive REIT or RIC is not required to 
ownership threshold.                              Requirement to be Included in a Combined             be included in a combined report or report 
                                                  Report under the GCT                                 under the GCT (Ad. Code § 11-
FOR  TAXPAYERS CLAIMING  A NET                     
OPERATING LOSS DEDUCTION                          A captive REIT or RIC must be included in a          605(4)(a)(5)) or BCT (Ad. Code § 11-
                                                  combined report under the GCT under the fol-         646(f)), then the corporation will be 
Taxpayers claiming a deduction for a Net Oper-                                                         required to file a combined report if it either 
                                                  lowing conditions:  
ating Loss must complete Form NYC-NOLD-                                                                meets the substantial intercorporate trans-
GCT, Net Operating Loss Computation and           (1) A captive REIT or RIC must be included           actions requirement provided in Ad. Code 
include it with their GCT filing.  For more in-    in a combined report with the corporation           11-605(4)(a) or the inter-company transac-
formation see Form NYC-NOLD-GCT.                   that directly owns or controls over 50% of          tions or agreement, understanding, arrange-
                                                   the voting stock of the captive REIT or             ment or transaction requirement of Ad Code 
FIXED DOLLAR MINIMUM TAX BASED ON                  RIC if that corporation is subject to tax or        § 11-605(4)(a)(3) is satisfied and more than 
ALLOCATED RECEIPTS                                 required to be included in a combined re-           50% of the voting stock of the captive REIT 
For tax years beginning after 2008, there is a     port under the GCT.                                 or the captive RIC and substantially all of 
sliding scale fixed dollar minimum tax based                                                           the capital stock of that other corporation 
on receipts allocated to New York City.  The      (2) If over 50% of the voting stock of a captive     are owned and controlled, directly or indi-
amount of City receipts for this purpose is the    REIT or RIC is not directly owned or con-           rectly, by the same corporation. 
same as the amount used for determining the        trolled by a corporation that is subject to tax or  
taxpayer’s business allocation percentage.  See    required to be included in a combined report       Computation of Tax for Captive REITs and 
Ad Code § 11-604(1)(E)(a)(4) as amended by         under the GCT, then the captive REIT or RIC        RICs 
Ch. 201, § 17, of the Laws of 2009.                must be included in a combined report with          
                                                   the corporation that is the “closest controlling”  In the case of a combined report under the 
CAPTIVE REAL ESTATE INVESTMENT                     stockholder of the captive REIT or RIC.  If the    GCT, the tax is measured by the combined en-
TRUSTS (REITS) AND REGULATED IN-                   corporation that is the “closest controlling”      tire net income or combined capital of all the 
VESTMENT COMPANIES (RICS)                          stockholder is subject to tax or required to be    corporations included in the report, including 
                                                   included in a combined report under the GCT,       any captive REIT or RIC.   
                                                                                                       
Captive REITs and RICs                             then the captive REIT or RIC must be in-           In the case of a captive REIT or RIC that must 
                                                   cluded in a combined report under the GCT.         be included in a combined report, the entire 
For tax years beginning on or after January 1,     
2009, the law has been amended to provide that a  (3) If the corporation that directly owns or con-   net income of the captive REIT must be com-
captive REIT or RIC must generally be included in  trols the voting stock of the captive REIT         puted under Ad. Code § 11-603(7) and the en-
a combined report under the General Corporation    or captive RIC is described as a corporation       tire net income of a captive RIC must be 
                                                   that is not permitted to make a combined re-       computed under Ad. Code § 11-603(8).

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Instructions for Form NYC-3L - 2022                                                                                                    Page 3 

In computing entire net income, the deduction         nership in which it is a partner as pro-         4 of Subchapter 3 of Chapter 6, Title 11 
under the IRC for dividends paid by the cap-          vided in Section 11-604.18 of the NYC            (Banking Corporations) or under Chapter 
tive REIT or RIC to any member of the affili-         Admin. Code;                                     11, Title 11 (Utility Corporations) of the 
ated group that includes the corporation that     12) it will be included in a combined report         NYC Admin. Code are not required to file 
                                                                                                       General Corporation Tax returns. However, 
directly or indirectly owns over 50% of the           (Form NYC-3A);                                   corporations that are subject to tax under 
voting stock of the captive REIT or RIC must 
be added back to the federal taxable income of    13) it is required by NYC Admin. Code section        Chapter 11 as vendors of utility services are 
the captive REIT or RIC for tax years begin-          1-602.8(n) to add back payments for the use      subject to the General Corporation Tax in 
ning on or after January 1, 2009.  The term af-       of intangibles made to related members;          accordance with section 11-603.4 of the 
filiated group is defined in IRC section 1504     14)  it claims the Beer Production Credit avail-     NYC Admin. Code and must file a return; 
without regard to the exceptions of 1504(b).          able under NYC  Admin. Code section           d) A limited profit housing corporation or-
                                                      11-604.22.                                       ganized and operating pursuant to the 
S CORPORATIONS REQUIRED                                                                                provisions of Article Two of the Private 
TO FILE FORM NYC-3L                               15) for  federal purposes, it has income under 
                                                                                                       Housing Finance Law; 
An S corporation doing business, employing            IRC Sections 951A or 965.                      
capital, or owning or leasing property in a cor-  16) it would have been eligible for a deduc-       e)Insurance corporations; 
porate or organized capacity, or maintaining          tion pursuant to IRC section 250(a)(1)(A),    f) A Housing Development Fund Company 
an office in New York City must file Form             i.e., FDII, if it had not made an election       (HDFC) organized and operating pur-
NYC-3L and cannot use Form NYC-4S if:                 under Subchapter S of the IRC.                   suant to the provisions of Article 11 of the 
                                                  17) any portion of its business interest expense 
1) it carries on business both inside and out-                                                         Private Housing Finance Law; 
   side New York City;                                deduction would have been disallowed          g) Organizations organized exclusively for 
 2)it has subsidiary and/or investment capital;       under IRC section 163(j) if it had not made      the purpose of holding title to property as 
3) it claims an optional deduction for ex-            an election under Subchapter S of the IRC.       described in Sections 501(c)(2) or (25) of 
   penditures relating to air pollution control   18) it claims a modification with respect to         the Internal Revenue Code; 
   facilities, as provided in Section 11-             amounts excluded from the definition of       h) An entity treated as a Real Estate Mort-
   602.8(g) of the NYC Admin. Code;                   “contribution to the capital of the tax-         gage Investment Conduit (REMIC) for 
4) it claims a modification with respect to           payer” under IRC 118(b)(2), as provided          federal income tax purposes.  (Holders of 
   gain arising from the sale of certain prop-        in section 11-602.8(a)(14) of the NYC Ad-        interests in a REMIC remain taxable on 
   erty, as provided in Section 11-602.8(h)           ministrative Code.                               such interests or on the income thereon); 
   of the NYC Admin. Code;                        19) For New York City purposes, it is required    i) Corporations principally engaged in the 
5) it entered into a “safe harbor” lease transac-     to modify federal taxable income with re-        conduct of a ferry business and operating 
   tion under provisions of the Internal Rev-         spect to amounts invested in Qualified Op-       between any of the boroughs of the City 
   enue Code as it was in effect for agreements       portunity Funds under IRC section                under a lease granted by the City; 
                                                      1400Z-2. See  Ad. Code sections 11- 
                                                                                                    j) A corporation principally engaged in the 
   entered into prior to January 1, 1994;             602(8)(a)(15) and 11-602(8)(b)(22).              conduct of an aviation, steamboat, ferry 
6) it claims a credit for increased real estate 
   tax payments made to a landlord in con-        20) it excludes from entire net income the           or navigation business, or two or more 
   nection with the relocation of employ-             amount of any grant received through ei-         such businesses, provided that all of the 
   ment opportunities to New York City, as            ther the COVID-19 Pandemic Small Busi-           capital stock of the corporation is owned 
   provided in Section 11-604.13 of the               ness Recovery Grant program or the New           by a municipal corporation of New York; 
                                                      York City Small Business Resilience Grant 
   NYC Admin. Code;                                   program to the extent the amount of either    k) Bank holding corporations filing on a 
7) it claims a credit for certain costs or ex-        such grant is included in federal taxable in-    combined basis in accordance with Sec-
                                                                                                       tion 11-646(f) of the NYC Admin. Code; 
   penses incurred in relocating employment           come.                                          
   opportunities to New York City, as pro-                                                          l) Corporations principally engaged in the op-
   vided in Sections 11-604.14, 11-604.17,        21) it is required to add back any pass through 
   11-604.17-b or 11-604.19 of the NYC                entity taxes when calculating entire net in-     eration of marine vessels whose activities in 
   Admin. Code.  See Instr. to Forms NYC-             come.  See the instructions to lines 5c and      the City are limited exclusively to the use of 
                                                      5d of Schedule B.                                property in interstate or foreign commerce; 
   9.5, NYC-9.6 and NYC-9.8;                                                                        m) Foreign corporations that are exempt 
8) it claims a modification with respect to       The following S corporations are NOT re-             under the provisions of Public Law 86-
   wages and salaries disallowed as a de-         quired to file a General Corporation Tax             272. See 19 RCNY Section 11-04 (b)(11). 
   duction for federal income tax purposes        Return:                                            
   (work incentive/jobs credit provisions), as                                                      NOTE:An S corporation that has an officer, 
   provided in Section 11-602.8(a)(7) of the      a)  A dormant corporation that did not at any     employee, agent or representative in the City 
                                                      time during its taxable year engage in any    and that is not subject to the General Corpora-
   NYC Admin. Code;                                   activity or hold title to real property lo-   tion Tax is not required to file a Form NYC-
9) either separately or as a member of a part-        cated in New York City;                       3L, NYC-3A, NYC-4S or NYC-4S-EZ but 
   nership, it is engaged in an insurance 
   business as a member of the New York           b)  A nonstock corporation, organized and         must file a Form NYC-245 (Section 11-605 of 
                                                      operated exclusively for nonprofit pur-       the NYC Admin. Code). 
   Insurance Exchange;                                poses and not engaged in substantial com-      
10) it is a Domestic International Sales Corpora-     mercial activities, that has been granted an  WHEN AND WHERE TO FILE 
                                                                                                    The due date for filing is on or before March 
   tion (DISC) or a Foreign Sales Corporation;        exemption by the Department of Finance;       15, 2023 or, for fiscal year taxpayers, on or be-
11) it claims a credit for New York City Un-      c)  Corporations subject to taxation under Part   fore the 15th day of the 3rd month following 
   incorporated Business Tax paid by a part-

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Instructions for Form NYC-3L - 2022                                                                                                            Page 4 
the close of the fiscal year.                        Taxation and Finance (“DTF”) will no longer be       ing from outside of the five NYC boroughs, 
                                                     reported on form NYC-3360.  Instead, taxpay-         please call 212-NEW-YORK (212-639-9675). 
Special short-period returns:  If this is NOT a      ers must report these federal or state changes to     
final return and your federal return covered a pe-   taxable income or other tax base by filing an        OTHER FORMS YOU MAY BE 
riod of less than 12 months as a result of your      amended return.  This amended return must in-        REQUIRED   TO FILE          
joining or leaving a federal consolidated group or   clude a tax worksheet that identifies each change    FORM NYC-EXT         - Application For Auto-
as a result of a federal IRC §338 election, this re- to the tax base (“Tax Base Change”) and shows        matic 6-Month Extension of  Time to File 
turn generally will be due on the due date for the   how each such Tax Base Change affects the tax-       Business Income Tax Return.  File it on or be-
federal return and not on the date noted above.      payer’s calculation of its New York City tax.  The   fore the due date of the return. 
Check the box on the front of the return.            DOF tax worksheet is available on the DOF             
 
All returns, except refund returns:                  website at nyc.gov/finance.  This amended re-        FORM NYC-EXT.1         - Application for Addi-
NYC Department of Finance                            turn must also include a copy of the IRS and/or      tional Extension is a request for an additional 
P.O. Box 5564                                        DTF final determination, waiver, or notice of        three months of time to file a return.  A corpo-
Binghamton, NY 13902-5564                            carryback allowance.  Taxpayers that have fed-       ration with a valid six-month extension is lim-
                                                     eral and state Tax Base Changes for the same tax     ited to two additional extensions. 
                                                                                                           
Remittances -     Pay online with Form NYC-          period may report these changes on the same          FORM NYC-222        - Underpayment of Esti-
200V at nyc.gov/eservices, or Mail pay-              amended return that includes separate tax work-      mated Tax by Corporations will help a corpo-
ment and Form NYC-200V only to:                      sheets for the IRS Tax Base Changes and the          ration determine if it has underpaid an 
NYC Department of Finance                            DTF Tax Base Changes.  Note that for taxable         estimated tax installment and, if necessary, 
P.O. Box 3933                                        years beginning on or after January 1, 2015, DTF     compute the penalty due. 
New York, NY  10008-3933                             Tax Base Changes may include changes that af-         
                                                     fect income or capital allocation.                   FORM NYC-245 - Activities Report of Busi-
                                                      
Returns claiming refunds:                                                                                 ness and General Corporations must be filed by 
                                                     The Amended Return checkbox on the return is 
NYC Department of Finance                                                                                 a corporation that has an officer, employee, 
                                                     to be used for reporting an IRS or DTF Tax Base 
P.O. Box 5563                                                                                             agent or representative in the City but disclaims 
                                                     Changes, with the appropriate box for the agency 
Binghamton, NY 13902-5563                                                                                 liability for the General Corporation Tax. 
                                                     making the Tax Base Changes also checked.             
                                                                                                          FORM NYC-399 -  Schedule of New York City 
                                                     Taxpayers must file an amended return for Tax 
AUTOMATIC EXTENSIONS                                                                                      Depreciation Adjustments is used to compute 
                                                     Base Changes within 90 days (120 days for tax-
An automatic extension of six months for filing                                                           the allowable New York City depreciation de-
                                                     payers filing a combined report) after (i) a final 
this return will be allowed if, by the original due                                                       duction if a federal ACRS or MACRS depreci-
                                                     determination on the part of the IRS or DTF, (ii) 
date, the taxpayer files with the Department of                                                           ation deduction is claimed for certain property 
                                                     the signing of a waiver under IRC §6312(d) or 
Finance an application for automatic extension                                                            placed in service after December 31, 1980. 
                                                     NY Tax Law §1081(f), or (iii) the IRS’ allowance 
on Form NYC-EXT and pays the amount prop-                                                                  
                                                     of a tentative adjustment based on a an NOL car-
erly estimated as its tax.  See the instructions                                                          FORM NYC-399Z - Depreciation Adjustments 
                                                     ryback or a net capital loss carryback.              for Certain Post 9/10/01 Property may have to 
for Form NYC-EXT for information regarding            
                                                                                                          be filed by taxpayers claiming depreciation de-
what constitutes a proper estimated tax for this     If the taxpayer believes that any  Tax Base 
                                                                                                          ductions for certain sport utility vehicles or 
purpose.  Failure to pay a proper estimated          Change is erroneous or should not apply to its 
                                                                                                          "qualified property," other than "qualified New 
amount will result in a denial of the extension.     City tax calculation, it should not incorporate that 
                                                                                                          York Liberty Zone property," "qualified New 
A taxpayer with a valid six-month automatic          Tax Base Change into its City tax calculation on 
                                                                                                          York Liberty Zone leasehold improvements" 
extension filed on Form NYC-EXT may re-              its amended return.  However, the taxpayer must 
                                                                                                          and “qualified resurgence zone property” placed 
quest up to two additional three-month exten-        attach: (i) a statement to its report that explains 
                                                                                                          in service after September 10, 2001, for federal 
sions by filing Form NYC-EXT.1.  A separate          why it believes the adjustment is erroneous or in-
                                                                                                          or New York State tax purposes. See Finance 
Form NYC-EXT.1 must be filed for each addi-          applicable; (ii) the tax worksheet that identifies 
                                                                                                          Memorandum 22-1, “Application of IRC §280F 
tional three-month extension.                        each Tax Base Change and shows how each 
                                                                                                          Limits to Sports Utility Vehicles.” 
                                                     would affect its City tax calculation; and (iii) a    
Mail Forms NYC-EXT and EXT.1 to the ad-              copy of the IRS and/or DTF final determination,      FORM NYC-400 - Declaration of Estimated 
dress indicated on those forms.                      waiver, or notice of carryback allowance.            Tax by General Corporations must be filed by 
 
FINAL RETURNS                                                                                             any corporation whose New York City tax lia-
                                                     For more information on federal or state Tax 
If an S corporation ceases to do business in                                                              bility can reasonably be expected to exceed 
                                                     Base Changes, including a more expansive ex-
New York City, the due date for filing a final                                                            $1,000 for any calendar or fiscal tax year. 
                                                     planation of how taxpayers must report these          
General Corporation Tax Return is the 15th                                                                FORM NYC-3360 - General Corporation Tax 
                                                     changes as well as samples of the tax worksheets 
day after the date of the cessation (Section 11-                                                Fi-       Report of Change in Tax Base Made by Inter-
                                                     to be included within the amended return, see 
605 of the NYC Admin. Code).  Corporations           nance Memorandum 17-5, revised and dated             nal Revenue Service and/or New York State 
may apply for an automatic six-month exten-          10/10/2018.                                          Department of Taxation and Finance is used 
sion for filing a final return by filing Form                                                             for reporting adjustments in taxable income or 
NYC-EXT, Application  for Automatic  6-              To report changes in taxable income or other         other basis of tax resulting from an audit of 
Month Extension of Time to File Business In-         tax base made by the Internal Revenue Service        your federal corporate tax return and/or State 
come Tax Return on or before that date.  Any         and /or New York State Department of Taxa-           audit of your State corporate tax return for tax-
tax due must be paid with the final return or        tion and Finance for taxable years beginning         able years prior to January 1, 2015 only. 
the extension, whichever is filed earlier.           prior to January 1, 2015, the Form NYC-3360           
                                                     should still be used.                                FORM NYC-CR-A - Commercial Rent Tax 
AMENDED RETURNS                                                                                           Annual Return must be filed by every tenant 
For taxable years beginning on or after January      ACCESSING NYC TAX FORMS                              that rents premises for business purposes in 
1, 2015, changes in taxable income or other tax      By Computer - Download forms from the Fi-            Manhattan south of the center line of 96th 
base made by the Internal Revenue Service            nance website at nyc.gov/finance                     Street and whose annual or annualized gross 
(“IRS”) and /or New York State Department of         By Phone - Order forms by calling 311.  If call-     rent for any premises is at least $200,000.  (Ef-

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Instructions for Form NYC-3L - 2022                                                                                                         Page 5 
fective June 1, 2001.)                             there is or was substantial authority for the way  • give the Department any information miss-
                                                   in which the item was treated on the return, or      ing from your return, 
                                                                                                       
FORM NYC-RPT - Real Property Transfer              (2) there is adequate disclosure of the relevant 
                                                                                                      • call the Department for information about 
Tax Return must be filed when the corporation      facts affecting the item’s tax treatment on the re-
                                                                                                        the processing of your return or the status 
acquires or disposes of an interest in real prop-  turn or in a statement attached to the return. 
erty, including a leasehold interest; when there                                                        of your refund or payment(s), and 
                                                                                                       
is a partial or complete liquidation of the cor-   CHANGE OF BUSINESS                                 • respond to certain notices that you have 
poration that owns or leases real property; or     INFORMATION                                          shared with the preparer about math er-
when there is a transfer of a controlling eco-     If there have been any changes in your busi-         rors, offsets, and return preparation.  The 
nomic interest in a corporation, partnership or    ness name, identification number, billing or         notices will not be sent to the preparer. 
trust that owns or leases real property.           mailing address or telephone number, complete       
                                                                                                      You are not authorizing the preparer to receive 
FORM NYC-ATT-S-CORP - Calculation of               Form DOF-1, Change of Business Informa-
federal Taxable Income for S Corporations          tion.  You can obtain this form by calling 311.    any refund check, bind you to anything (includ-
must be included in the GCT filing of every        If calling from outside of the five NYC bor-       ing any additional tax liability), or otherwise rep-
                                                   oughs, please call 212-NEW-YORK (212-639-          resent you before the Department.   The 
federal S corporation.                             9675).  You can also logon tonyc.gov/finance.      authorization cannot be revoked;  however, the au-
FORM NYC-NOLD-GCT - Net Operating                                                                     thorization will automatically expire no later than 
Loss Computation must be included in the           WIRELESS TELECOMMUNICATIONS                        the due date (without regard to any extensions) for 
GCT filing of every GCT taxpayer claiming a        SERVICE PROVIDERS                                  filing next year's return.  Failure to check the box 
net operating loss deduction.                      Effective for tax periods beginning on and after   will be deemed a denial of authority. 
 
If you have delinquent taxes and you are in-       August 1, 2002, entities who receive eighty per-    
terested in the Voluntary Disclosure and Com-      cent or more of their gross receipts from charges  SPECIFIC INSTRUCTIONS 
pliance Program, please go to our website at       for the provision of mobile telecommunications      
www.nyc.gov/finance.                               services to customers will be taxed as if they     Period Covered 
                                                   were regulated utilities for purposes of the New   File the 2022 return for calendar year 2022 and 
ESTIMATED TAX                                      York City Utility Tax and General Corporation      fiscal years that  begin in 2022 and end in 2023. 
If the tax for the period following that covered   Tax.  Thus, such entities will be subject to only  For a fiscal or short tax year return, fill in the 
by this return is expected to exceed $1,000, a     the New York City Utility Tax.  The amount of      tax year space at the top of the form. The 2022 
declaration of estimated tax and installment       gross income subject to tax has been amended       Form NYC-3L also can be used if: 
payments are required. Form NYC-400 is to          to conform to the Federal Mobile Telecommu-         
be used for this purpose.  If the tax on this re-  nications Sourcing Act of 2000.  In addition, for  • You have a tax year of less than 12 months 
turn exceeds $1,000, submit Form NYC-400           tax years beginning on and after August 1, 2002,     that begins and ends in 2023, and 
which is available on the Department of Fi-        partners in any such entity will not be subject to  
nance’s website.                                   General Corporation Tax on their distributive      • The 2023 Form NYC-3L is not available at 
                                                   share of the income of any such entity.              the time you are required to file the return. 
If, after filing a declaration, your estimated tax                                                     
substantially increases or decreases as a result   SIGNATURE                                          You must show the 2023 tax year on the 2022 
of a change in income, deduction or allocation,    This report must be signed by an officer au-       Form NYC-3L and take into account any tax 
you must amend your declaration on or before       thorized to certify that the statements con-       law changes that are effective for tax years be-
the next date for an installment payment.  Mail    tained herein are true.  If the taxpayer is a      ginning after December 31, 2022. 
the amended declaration, using Form NYC-           publicly-traded partnership or another unin-        
400, along with your check to:                     corporated entity taxed as a corporation, this     September 11, 2001 Related Tax Benefits 
                                                   return must be signed by a person duly au-         Check the appropriate box on page 1 of this 
 NYC Department of Finance                         thorized to act on behalf of the taxpayer.         form if, on your federal return: (i) you reported 
 P.O. Box 3922                                                                                        bonus depreciation and/or a first year expense 
 New York, NY 10008-3922                           TAX PREPARERS                                      deduction under IRC §179 for "qualified New 
                                                   Anyone who prepares a return for a fee must        York Liberty Zone property," "qualified New 
If the amendment is made after the 15th day of     sign the return as a paid preparer and enter his   York Liberty Zone leasehold improvements," 
the 9th month of the taxable year, any increase    or her Social Security Number or PTIN.  (See       or "qualified Resurgence Zone property," re-
in tax must be paid with the amendment.            Finance Memorandum 00-1.)  Include the             gardless of whether you are required to file 
                                                   company or corporation name and Employer           form NYC-399Z, or (ii) you replaced property 
These payments can also be made online at          Identification Number, if applicable.              involuntarily converted as a result of the at-
nyc.gov/eservices.                                  
                                                   Preparer Authorization:  If you want to allow      tacks on the World Trade Center during the five 
For more information regarding estimated tax       the Department of Finance to discuss your re-      (5) year extended replacement period.  You 
payments and due dates, see Form NYC-400.          turn with the paid preparer who signed it, you     must attach federal forms 4562, 4684 and 4797 
                                                   must check the "Yes" box in the signature area     to this return.  See instructions for Schedule B, 
PENALTY FOR UNDERSTATING TAX                       of the return. This authorization applies only to  lines 6c and 15 for more information. 
                                                                                                       
If there is a substantial understatement of tax    the individual whose signature appears in the      Special Condition Codes 
(i.e., if the amount of the understatement ex-     "Preparer's Use Only" section of your return.      Check the Finance website for applicable special 
ceeds the greater of 10% of the tax required to    It does not apply to the firm, if any, shown in    condition codes. If applicable, enter the two char-
be shown on the return or $5,000) for any tax-     that section.  By checking the "Yes" box, you      acter code in the box provided on the form. 
able year, a penalty will be imposed equal to      are authorizing the Department of Finance to        
10% of the amount of the understated tax.          call the preparer to answer any questions that     SCHEDULE A 
                                                                                                       
The amount on which you pay the penalty can        may arise during the processing of your return. 
be reduced by subtracting any item for which (1)   Also, you are authorizing the preparer to:         NOTE - ELIGIBLE SMALL FIRMS 
                                                                                                      For tax years beginning after 2006, taxpayers

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Instructions for Form NYC-3L - 2022 Page 6
are exempt from having to determine the alter- ADDITIONAL INFORMATION FOR riods (tax periods of less than 12 months) by di-
native tax on capital and the alternative tax on COMPUTING THE ALTERNATIVE TAX viding the amount of New York City receipts by
the entire net income plus compensation if they ALTERNATIVE TAX SCHEDULE the number of months in the short period and mul-
have: (1) gross income, as defined under § 61 of a) Line 1- Net Income. Enter the amount from tiplying the result by 12. Once this annualized
the Internal Revenue Code, of less than Schedule B, line 18 or 19. If the amount amount is calculated (do not replace your NYC re-
$250,000, (2) a 100% business allocation per- entered on Schedule B, line 18 is 0 because ceipts on Line 4 with this annualized amount) use
centage, and (3) no investment capital or in- the amount that would have been entered the table above to determine the fixed dollar min-
come or subsidiary capital or income. See on that line would have been a loss (i.e., the imum tax based on the annualized amount. The
section 11-604(1)(I) of Administrative Code, as amount on Schedule B, line 17 was greater resulting fixed dollar minimum tax may be re-
added by L. 2007, ch. 491. Those taxpayers are than the amount on Schedule B, line 8), duced for short periods as indicated below. Enter
the reduced amount on line 4 (If applicable).
subject to tax on the larger of the tax on entire enter the amount of this loss on line 1.
net income and fixed-dollar minimum tax.
Therefore, taxpayers meeting these criteria may b) Line 2 - Salaries. No portion of officers Period Reduction
skip lines 2a, 2b, 2c and line 3 of Schedule A. salaries and other compensation is included Not more than 6 months. . . . . . . . . . . . . 50%
The amount entered on line 6 of Schedule A in the alternative tax base. Notwithstanding More than 6 months
should be the larger of line 1 or line 4. These the foregoing, include in the alternative but not more than 9 months . . . . . . . . . . 25%
taxpayers are not required to complete Schedule tax computation 100% of all salaries and More than 9 months . . . . . . . . . . . . . . . None
F. Because these taxpayers have a 100% busi- compensation of stockholders owning
ness allocation percentage and are not subject more than 5% of the corporation’s stock, LINE 5 - ALLOCATED SUBSIDIARY
to the tax on capital, these taxpayers also will as deducted for federal tax purposes and CAPITAL
not be required to complete Schedules E or G of reported on Schedule F, regardless of Enter the amount from Schedule C, line 2, Col-
this form. whether such stockholders are also offi- umn G. If that amount is less than zero, enter "0".
cers. In determining whether a stockholder
Computation of Tax owns more than 5% of the issued capital LINE 7 - UBT PAID CREDIT
stock, include all classes of voting and non- Enter on line 7 the credit against the General
LINES 2a AND 2b - TAX ON voting stock, issued and outstanding. Corporation Tax for Unincorporated Business
ALLOCATED CAPITAL
For cooperative housing corporations as de- c) Line 3 - Enter on line 3 the sum of line 1 Tax paid by partnerships from which you re-
ceive a distributive share or guaranteed pay-
fined in the Internal Revenue Code, the rate of and line 2.
ment that you include in calculating General
tax on capital is 4/10 mill (.04%) instead of 1 d) Line 4 - Enter $40,000. If the return does not
Corporation Tax liability on either the entire net
1/2 mills (.15%). For all other corporations cover an entire year, the exclusion must be pro-
income or income plus compensation base. (At-
subject to tax, including housing companies rated based on period covered by the return.
organized and operating pursuant to Article tach Form NYC-9.7). Taxpayers liable for the
Four of the Private Housing Finance Law e) Line 6 - The alternative tax measured by en- General Corporation Tax on the capital base or
(other than cooperative housing corporations), tire net income plus compensation is deter- for the minimum tax should enter zero on line
the rate of tax on capital is 1 1/2 mills (.15%). mined by multiplying line 5 by 15 percent. 7. (See the instructions to Form NYC-9.7.)

Enter the amount from Schedule E, line 14 in LINE 4 – MINIMUM TAX LINE 9a - CREDITS FROM
the left-hand column of line 2a or line 2b. Enter the amount of New York City Receipts FORM NYC-9.5
Multiply by the applicable percentage and from Schedule H, Column A, line 6 and the Enter on this line the following credits against
enter the tax in the right-hand column. If the Minimum Tax amount from the following the General Corporation Tax:
tax amount exceeds $1,000,000, enter table. If 100% of your business income is to be
$1,000,000. See instructions for Schedule E, allocated to the City, enter the total amount of 1) Relocation and Employment Assistance
lines 7-11 for information on how to calculate your business receipts, which should be the Program (REAP) credit (Attach Form
capital for short tax years. same as the amount that you would have had to NYC-9.5).

enter on line 6 of Schedule H if you had been
2) Sales and compensating use taxes (Refer to in-
For information on the application of the alter- required to complete that line.
native tax on capital to captive REITs and structions on Form NYC-9.5 and attach form).

RICs, see the instructions under the heading TABLE - FIXED DOLLAR MINIMUM TAX NOTE: This credit may only be taken
“Computation of Tax for Captive REITs and
RICs” on page 2 of these instructions. For a corporation with New York City for sales tax paid in the current year for
receipts of: certain purchases in certain prior periods.

LINE 3 - ALTERNATIVE TAX Not more than $100,000. . . . . . . . . . . . . $ 25 LINE 9b – CREDITS FROM
Every taxpayer, other than a captive REIT or More than $100,000 FORM NYC-9.8
RIC, or taxpayers exempt under section 11- but not over $250,000. . . . . . . . . . . . . . . $ 75 Enter on this line the credit against the Gen-
604(1)(I) of the Administrative Code as de- More than $250,000 eral Corporation Tax for the Lower Manhattan
scribed above, must calculate its alternative but not over $500,000. . . . . . . . . . . . . . $ 175 Relocation and Employment Assistance Pro-
tax and enter its computation on line 3. To
More than $500,000 gram. (Attach Form NYC-9.8).
compute the alternative tax, measured by en- but not over $1,000,000 . . . . . . . . . . . . $ 500
tire net income plus compensation, you must LINE 10a - CREDITS FROM
use the schedule on page 2 of Form NYC-3L. More than $1,000,000
Professional corporations other than those FORM NYC-9.6
but not over $5,000,000 . . . . . . . . . . . $1,500
meeting the criteria of Ad. Code section 11- More than $5,000,000 Real estate tax escalation credit and employ-
ment opportunity relocation costs credit and
but not over $25,000,000 . . . . . . . . . . $3,500
industrial business zone credit (Refer to in-
604(1)(I) must calculate the alternative tax. Over $25,000,000. . . . . . . . . . . . . . . . $5,000
For special treatment of “Eligible Small structions on Form NYC-9.6 and attach form).

Firms,” see instructions above. Short Periods - Fixed Dollar Minimum Tax

Compute the New York City receipts for short pe-

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Instructions for Form NYC-3L - 2022                                                                                                            Page 7 
LINE 10b – CREDITS FROM                                If you claim not to be liable for these additional S-CORP, Calculation of Federal Taxable 
FORM NYC-9.10                                          charges, attach a statement to your return ex-     Income for S corporations and include it 
Enter on this line the NYC biotechnology               plaining the delay in filing, payment or both.     with their GCT Form 3L, 4S or 4S-EZ. 
credit.  (Attach Form NYC-9.10).                                                                           
                                                       LINE 17c - PENALTY FOR UNDERPAY-                   NOTE:  The charitable contribution deduc-
LINE 10c - CREDITS FROM                                MENT OF ESTIMATED TAX                              tion from federal Form 1120S, Schedule K, 
FORM NYC-9.12                                          A penalty is imposed for failure to file a dec-    line 12a may not exceed 10% of the sum of 
Enter on this line the Beer Production Credit          laration of estimated tax or for failure to pay    lines 1 through 12d (other than line 12a) of 
(Attach Form NYC-9.12).                                each installment payment of estimated tax due.     Schedule K, subject to any exception provided 
                                                       (For complete details, refer to Form NYC-222,      in the IRC with respect to C corporations. 
LINE 12b - FIRST INSTALLMENT                           Underpayment of Estimated Tax by Corpora-           
PAYMENT                                                tions.)  If you underpaid your estimated tax,      LINE 2 - NONTAXABLE INTEREST 
Do not use this line if an application for auto-       use Form NYC-222 to compute the penalty.   Include all interest received or accrued which was 
matic extension, Form NYC-EXT, has been                Attach Form NYC-222.  If no penalty is due,        not taxable on  your federal income tax return. 
filed.  The payment of the amount shown at             enter “0” on line 17c.                              
line 12b is required as payment on account of                                                             LINES 3 AND 4 - SUBSIDIARY CAPITAL 
estimated tax for the 2023 calendar year, if a         LINE 21 - TOTAL REMITTANCE DUE                     A subsidiary is a corporation which is con-
calendar year taxpayer, or for the taxable year        If the amount on line 15 is greater than zero or   trolled by the taxpayer by reason of the tax-
beginning in 2023, if a fiscal year taxpayer.          the amount on line 19 is less than zero, enter     payer’s ownership of more than 50% of the 
                                                       on line 21 the sum of line 15 and the amount,      total number of shares of the corporation’s vot-
LINE 14 - PREPAYMENTS                                  if any, by which line 18 exceeds the amount        ing capital stock, issued and outstanding.  The 
Enter the sum of all estimated tax payments   on line 16.  If filing and paying electronically,           term “subsidiary capital” means all invest-
made for this tax period, the payment made with        enter the amount of your remittance on Line        ments in the stock of subsidiary corporations, 
the extension request, if any, and both the carry-     A. If not paying electronically, leave Line A      plus all indebtedness from subsidiary corpora-
over credit and the first installment reported on      blank.  All remittances must be payable in U.S.    tions (other than accounts receivable acquired 
the prior tax period’s return. This figure should      dollars drawn on a U.S. bank.  Checks drawn        in the ordinary course of business for services 
be obtained from the Composition of Prepay-            on foreign banks will be rejected and returned.    rendered or from sales of property held pri-
ments Schedule on page 2 of Form NYC-3L.               Remittances must be made payable to the            marily for sale to customers), whether or not 
                                                       order of  NYC Department of Finance.               evidenced by bonds or other written instru-
LINE 17a - LATE PAYMENT - INTEREST                                                                        ments, on which interest is not claimed and de-
If the tax is not paid on or before the due date       LINE 23 - NEW YORK CITY RENT                       ducted by the subsidiary for purposes of 
(determined without regard to any extension of         Complete Schedule G and enter on line 23 of        taxation under Title 11, Chapter 6, Subchap-
time), interest must be paid on the amount of the      Schedule A total rent from Schedule G, part        ters 2 and 3 of the Admin. Code. 
underpayment from the due date to the date paid.   1.  Rent includes consideration paid for the            
For information as to the applicable rate of in-       use or occupancy of premises as well as pay-       If you have a subsidiary, complete lines 3 and 4, 
terest, call 311.  If calling from outside of the five ments made to or on behalf of a landlord for       and attach a list of all items included.  You will 
NYC boroughs, please call 212-NEW-YORK                 taxes, charges, insurance or other expenses        also have to complete Schedule C.  If you do not 
(212-639-9675) or log on to nyc.gov/finance.           normally payable by the landlord other than        have a subsidiary, enter “0” on lines 3 and 4. 
                                                       for the improvement, repair or maintenance          
LINE 17b - LATE PAYMENT OR LATE                        of the tenant’s premises.                          On line 3, enter total of amounts, including in-
FILING/ADDITIONAL CHARGES                                                                                 terest expense, deducted in computing federal 
a) A late filing penalty is assessed if you            LINE 24 - GROSS RECEIPTS OR SALES                  taxable income that are directly attributable to 
   fail to file this form when due, unless the         The amount entered on line 24 should be the        subsidiary capital or to income, gains or losses 
   failure is due to reasonable cause.  For            same amount entered on line 1c of the tax-         from subsidiary capital.  Include capital losses 
   every month or partial month that this              payer's federal Form 1120S (Gross receipts or      from sales or exchanges of subsidiary capital, 
   form is late, add to the tax (less any pay-         sales less returns and allowances).                all other losses, bad debts and any carrying 
   ments made on or before the due date)                                                                  charges attributable to subsidiary capital. 
   5%, up to a total of 25%.                           PREPAYMENTS SCHEDULE                                
b) If this form is filed more than 60 days             Enter the payment date and the amount of all       On line 4, enter all amounts, including interest, 
   late, the above late filing penalty cannot          prepayments made for this tax period.              that are indirectly attributable to subsidiary 
   be less than the lesser of (1) $100 or (2)                                                             capital or to income, gains or losses from sub-
   100% of the amount required to be                   For interest calculations and account informa-     sidiary capital.  
   shown on the form (less any payments                tion, call 311.  If calling from outside of the    For more information, see also Statement of 
   made by the due date or credits claimed             five NYC boroughs, please call 212-NEW-            Audit Procedure GCT-2008-04, Noninterest 
                                                       YORK (212-639-9675).   
   on the return).                                                                                        Expense Attribution, April 9, 2008, available 
c) A late payment penalty is assessed if you           You can also visit the Finance website at          on the Department's website (nyc.gov/finance). 
   fail to pay the tax shown on this form by                        nyc.gov/finance                        
   the prescribed filing date, unless the fail-                                                           LINE 5 - STATE AND LOCAL 
   ure is due to reasonable cause.  For every          SCHEDULE B                                         BUSINESS TAXES 
   month or partial month that your payment            Computation and Allocation of Entire Net Income    On line 5a enter the amount deducted on your 
   is late, add to the tax (less any payments                                                             federal return for business taxes paid or ac-
                                                       LINE 1 - FEDERAL TAXABLE INCOME                    crued to any state, any political subdivision of 
   made) 1/2%, up to a total of 25%.                   S corporations and qualified subchapter S          a state or to the District of Columbia if they 
d) The total of the additional charges in a)           subsidiaries (QSSS) must file returns as or-       are on or measured by profits or income or in-
   and  c)may not exceed 5% for any one                dinary corporations.  Federal S corporation        clude profits or income as a measure of tax, 
   month except as provided for in b).                 taxpayers must complete form NYC-ATT-              including taxes expressly in lieu of any of the

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Instructions for Form NYC-3L - 2022                                                                              Page 8 
foregoing taxes.  Include the New York State      "qualified New York liberty zone prop-           September 28, 2018, the first year additional 
Metropolitan Transportation Business Tax sur-     erty", "qualified New York liberty zone          depreciation is phased down to $6,400 in the 
charge and the MTA Payroll Tax (New York          leasehold improvements" and "qualified           case of an automobile placed in service dur-
State Tax Law, Art. 23). Do not include Pass      property" placed in service in the Resur-        ing 2018 and to $4,800 in the case of auto-
Through Entity  Taxes, including the NYS          gence Zone (generally the area in the bor-       mobile placed in service during 2019. 
PTET and NYC PTET on this line.                   ough of Manhattan south of Houston               
Attach a schedule listing each locality and the   Street and north of Canal Street).   For         The Administrative Code limits the depre-
amount of all those taxes deducted on your        City tax purposes, depreciation deductions       ciation for “qualified property” other than 
federal return.                                   for all other "qualified property" must be       “Qualified Resurgence Zone property” and 
                                                  calculated as if the property was placed in      “New York Liberty Zone property” to the 
On line 5b, enter the amount of New York City     service prior to September 11, 2001.             deduction that would have been allowed 
General Corporation Tax and Banking Corpo-                                                         for such property had the property been ac-
ration Tax deducted on your federal return.       Recent Federal Legislation Effecting De-         quired by the taxpayer on September 10, 
                                                  preciation.                                      2001, and therefore, except for Qualified 
LINE 5c - NYS PASS THROUGH                                                                         Resurgence Zone property, as defined in 
ENTITY TAX  AND  SIMILAR TAXES                    Section 13201(b) of the Tax Cuts and Jobs        the.Administrative Code and “New York 
FROM OTHER JURISDICTIONS                          Act of 2017 (“TCJA”) extended the bonus          Liberty Zone property,” the City has de-
For tax years beginning on or after January 1,    depreciation deduction to cover property         coupled from the federal bonus deprecia-
2021, eligible pass through entities may opt      placed in service before January 1, 2027         tion provision. Qualified Resurgence Zone 
into the NYS PTET Tax imposed under New           (except for aircraft and long-production         property is qualified property described in 
York Tax Law Article 24-A. Pursuant to Ad-        period property have to be placed into           section 168(k)(2) of the internal revenue 
ministrative Code Section 11-602(8)(b)(3),        service before January 1, 2028.) Previ-          code substantially all of the use of which is 
General Corporation  Tax taxpayers are re-        ously, Section 143 of the Protecting Amer-       in the Resurgence Zone (which is gener-
quired to add back NYS PTET deducted from         icans from Tax Hikes Act of 2015, Pub. L.        ally in the borough of Manhattan south of 
federal taxable income. Taxpayers are also re-    No.114-113, Div Q (December 18, 2015)            Houston Street and north of Canal Street), 
quired to add back to federal taxable income      (“2015 PATH Act”) had extended bonus             is in the active conduct of a trade or busi-
similar pass through entity taxes from other ju-  depreciation so that it was available for        ness by the taxpayer in such zone, and the 
risdictions. Enter on line 5c the amount of       property acquired and placed in service          original use of which in the Resurgence 
NYS PTET and similar taxes from other juris-      during 2015-2019; bonus depreciation was         Zone commences with the taxpayer after 
dictions (other than New York City) deducted      extended through 2020 for certain property       September 10, 2001. The Administrative 
when calculating federal taxable income.          with a longer production period. Under the       Code also requires appropriate adjustments 
                                                  2015 PATH Act, the bonus depreciation is         to the amount of any gain or loss included 
(Attach a schedule listing each locality and the  50% for property placed in service during        in entire net income or unincorporated 
amount of all those taxes deducted on your        2015-2017, 40% for property placed in            business entire net income upon the dispo-
federal return).                                  service during 2018, and 30% for property        sition of any property for which the federal 
                                                  placed in service during 2019.                   and New York City depreciation deduc-
LINE 5d - NEW YORK CITY                                                                            tions differ. For further information, see 
PASS THROUGH ENTITY TAX                           Pursuant to section 13201(a) of the TCJA,        the instructions to Form NYC-399Z and 
For tax years beginning on or after January 1,    for property placed in service after Septem-     use that form for this calculation.  For tax 
2022, eligible New York City pass through en-     ber 27, 2017, the bonus depreciation rate was    years beginning on or after January 1, 
tities may opt into the NYC PTET imposed          raised to 100% with the phase-down to begin      2004, other than for eligible farmers (for 
under New York Tax Law Article 24-B. Pur-         in 2023. The taxpayer can elect to apply a       purposes of the New York State farmers' 
suant to  Administrative Code Section 11-         50% depreciation rate for property placed in     school tax credit), the amount allowed as a 
602(8)(b)(3), taxpayers subject to the General    service in the taxpayer’s first tax year ending  deduction with respect to a sport utility ve-
Corporation Tax are required to add back NYC      after September 27, 2017. The phase-down         hicle that is not a passenger automobile for 
PTET deducted in calculating federal taxable      of the bonus depreciation enacted under the      purposes of section 280F(d)(5) of the In-
income. Enter on line 5d the amount of NYC        2015 PATH Act is still applicable to property    ternal Revenue Code is limited to the 
PTET deducted when calculating federal tax-       acquired before September 28, 2017. Thus,        amount allowed under section 280F of the 
able income.                                      for property acquired before September 28,       Internal Revenue Code as if the vehicle 
                                                  2017 and placed in service in 2018, the bonus    were a passenger automobile as defined in 
LINES 6a, 6b AND 6c - NEW YORK CITY               depreciation is 40% and 30% for property         that section. For SUVs that are qualified 
ADJUSTMENTS                                       placed in service in 2019 with no bonus de-      property other than qualified Resurgence 
a & b) Taxpayers claiming the real estate         preciation for property placed in service after  Zone property and other than New York 
   tax escalation credit and/or the employ-       2019. Under the TCJA the first year depreci-     Liberty Zone property, the amount allowed 
   ment opportunity relocation costs credit       ation limit increase of $8,000 for passenger     as a deduction is calculated as of the date 
   or the industrial business zone credit must    automobiles under §280(F)(a)(1)(A) is ex-        the SUV was actually placed in service and 
   enter on lines 6(b) and 6(a), respectively,    tended to include automobiles placed in serv-    not as of September 10, 2001.  Note that 
   the amounts shown on lines 4 and 5, re-        ice on or before December 31, 2026. Prior to     for General Corporation Tax purposes:  
   spectively, of Part II of Form NYC-9.6.        that, in order to qualify for the $8,000 in-     
                                                  crease in bonus depreciation, the passenger      - An SUV cannot qualify as either Quali-
c) The federal bonus depreciation allowed         automobile would had to have been placed           fied Resurgence Zone Property or as 
   for "qualified property", as defined in the    into service on or before December 31, 2019.       New York Liberty Zone property. See 
   Job Creation and Worker Assistance Act         This extension of the placed in service dead-      Administrative Code section 11-
   of 2002 is not allowed for General Corpo-      line only applies to automobiles acquired on       602(8)(o).  
   ration Tax purposes except for such de-        or after September 28, 2017. However, if the      
   ductions allowed with respect to               passenger automobile was acquired before         - An SUV cannot qualify for the addi-

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Instructions for Form NYC-3L - 2022                                                                                                 Page 9 
      tional first year depreciation available       Any amount included in the computation          See Ad. Code section 11-602(8)(b)(22). 
      under the recent federal legislation de-       of federal taxable income solely as a result    
      scribed above.                                 of an election made under IRC Section          LINES 9a, 9b AND 9c - INCOME FROM 
                                                     168(f)(8) must be removed when comput-         SUBSIDIARY CAPITAL 
   On the disposition of an SUV subject to the       ing New York City taxable income.  Any         Enter on line 9a dividends from subsidiary 
   limitation, the amount of any gain or loss in-    amount excluded in the computation of          capital that was included as part of federal tax-
   cluded in income must be adjusted to reflect      federal taxable income solely as a result of   able income.  Complete Schedule C. 
                                                                                                     
   the limited deductions allowed for City pur-      an election made under IRC Section             Enter on line 9b interest from subsidiary capi-
   poses under this provision. Enter on Schedule     168(f)(8) must be included when comput-        tal that was included in federal taxable income.   
   B, lines 6(c) and 15 the appropriate adjust-      ing New York City taxable income.               
   ments from form NYC-399Z. See Finance           
                                                                                                    Enter on line 9c capital gains and other income 
   Memorandum 22-1, “Application of IRC              Exempt from these adjustments are leases 
                                                                                                    and gain from subsidiary capital that was in-
   §280F Limits to Sports Utility Vehicles.”         for qualified mass commuting vehicles and 
                                                                                                    cluded as part of federal taxable income.  
                                                     property of a taxpayer, subject to the Gen-
                                                                                                    Complete Schedule C. 
    The federal depreciation deduction com-          eral Corporation Tax, principally engaged       
    puted under the Accelerated Cost Recov-          in the conduct of an aviation, steamboat,      Do not enter on line 9b interest for which the 
    ery System or Modified Accelerated Cost          ferry or navigation business, or two or more   payor subsidiary claimed a deduction.  (See in-
    Recovery System (IRC Section 168) is not         such businesses, which is placed in service    structions for Schedule B, lines 3 and 4, above 
    allowed for the following types of property:     before taxable years beginning in 1989.        for the definition of subsidiary capital.) 
                                                                                                     
    • property placed in service in New              Enter the appropriate additions and deductions 
      York State in taxable years beginning          on lines 7 and 16, respectively, and attach a  LINE 10 - NONSUBSIDIARY  
      before January 1, 1985 (except re-             rider to show the “safe harbor” adjustments to DIVIDENDS 
                                                                                                    Enter 50% of dividends received from nonsub-
      covery property subject to the provi-          New York City taxable income.                  sidiary corporations.  Do not include the fol-
      sions of Internal Revenue Code              b) Foreign taxes paid or accrued that are de-     lowing: (1) “gross-up” dividends pursuant to 
      Section 280-F)                                 ducted from gross income to determine          IRS Section 78, and (2) dividends from stocks 
 
                                                     federal taxable income must be added to 
    • property of a taxpayer principally en-                                                        not meeting the holding period requirement set 
                                                     entire net income. A foreign tax credit 
      gaged in the conduct of an aviation,                                                          forth in IRC Section 246(c).   
                                                     may not be used as a deduction when             
      steamboat, ferry, or navigation busi-          computing NYC entire net income.               LINE 11 - NET OPERATING LOSS 
      ness, or two or more such businesses                                                          Note that pursuant to the federal Tax Cuts and 
      which is placed in service in taxable       c) Any “windfall profit” tax deducted in com-     Jobs Act of 2017, net operating losses generated 
      years beginning after December 31,             puting federal income must be added back       during or after 2018 generally may no longer 
      1988, and before January 1, 1994               when computing NYC entire net income.          be carried back. These losses may be carried 
                                                   
   In place of the federal depreciation deduc-    d) If the taxpayer deducted on its federal re-    forward indefinitely; however each year’s de-
   tion, a depreciation deduction using pre-         turn interest paid to a corporate stock-       duction will be limited to 80% of federal tax-
   ACRS or MACRS rules (IRC Section 167)             holder owning more than 50% of its issued      able income (without regard to the deduction). 
   is allowed.  Enter on line 6c the ACRS ad-        and outstanding stock, that corporate           
   justment from Form NYC-399, Schedule              shareholder may not exclude that interest      Enter New York City net operating loss carry-
   C, line 8, Column A.  Enter on line 15 the        from its NYC entire net income as income       forward from prior years.  The following rules 
   ACRS adjustment from Form NYC-399,                from subsidiary capital.  (See instructions    apply to net operating losses.  
                                                                                                     
   Schedule C, line 8, Column B.  ACRS and           for lines 3, 4 and 9.)  To enable a more than  1) A deduction may only be claimed for net op-
   MACRS may be available for property               50% corporate shareholder to treat any          erating losses sustained in taxable years during 
   placed in service outside New York in years       such interest as excludible income from         all or part of which the corporation was subject 
   beginning after 1984 and before 1994.  See        subsidiary capital, such interest should be     to the General Corporation Tax.  New York 
   Finance Memorandum 99-4 “Depreciation             added back on line 7 of this return in com-     City allows net operating losses to be used in 
   for Property Placed in Service Outside New        puting NYC entire net income.                   the same manner as provided by IRC Section 
                                                   
   York After 1984 and Before 1994.”                                                                 172.  However, the amount of any federal loss 
                                                  e) In the case of a taxpayer organized outside 
LINE 7a - PAYMENT FOR USE                            the United States, all income from sources      must be adjusted in accordance with Section 
OF INTANGIBLES                                       outside the United States, less all allowable   11-602.8(f) of the Admin. Code. Regulated in-
Add back payments for the use of intangibles         deductions attributable thereto, that was       vestment companies and real estate investment 
made to related members as required by Ad.           not taken into account in computing fed-        trusts do not qualify for this deduction. 
Code section 11-602.8(n).   See Royalty Pay-         eral taxable income must be added back in       
ments to Related Members, page 1.                    computing NYC entire net income.               2) The deduction of a net operating loss car-
                                                                                                     ryforward from prior years may not exceed, 
                                                  f) Add back the amount of any federal de-          and is limited to, the amount of the current 
LINE 7c - OTHER ADDITIONS                            duction allowed pursuant to IRC                 year’s federal taxable income.  A net oper-
a)  Effective for taxable years beginning on         §250(a)(1)(A) to the extent such amount         ating loss may not be claimed as a deduc-
    or after January 1, 1982, the New York           was deducted in computing your federal          tion if Schedule B, line 1 reflects a loss. 
    City Admin. Code was amended to nullify          taxable income reported on line 1.              
    the effects of federal “safe harbor leases”                                                     3) The deduction shall not exceed the deduc-
    upon New York City taxable income (Sec-       g) For taxable years beginning on or after         tion that would have been allowed if the 
                                                     January 1, 2021, the amount of any gain         taxpayer had not made an election to be an 
    tion 11-602.8(a)(8) and (9) of the Admin. 
                                                     excluded from federal gross income for the      S corporation under the rules of the Internal 
    Code).  This applies to agreements entered       taxable year pursuant to IRC §1400Z-            Revenue Code or had not elected to be in-
    into prior to January 1, 1984.                   2(a)(1)(A) because it is invested in a qual-    cluded in a group reporting on a consoli-
 
                                                     ified opportunity zone must be added back.      dated basis for federal income tax purposes.

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Instructions for Form NYC-3L - 2022                                                                                               Page 10
4) The New York City net operating loss deduc-      8) Corporations reporting both business and        Code.  Attach federal Form 5884 or any other 
 tion taken for City purposes for each year may        investment income must complete line 21         applicable federal form. 
 not exceed the deduction allowable for that           of this schedule to apportion any net oper-      
 year for federal income tax purposes calcu-           ating loss between business income and in-      LINE 15 - DEPRECIATION  
 lated as if the taxpayer had elected to relin-        vestment income.                                ADJUSTMENT 
 quish the carryback period except with             Attach a copy of Form NYC-NOLD-GCT,                Enter on line 15 the adjustments from Form 
 respect to the first $10,000 of each year’s loss.  Net Operating Loss Computation.                    NYC-399 and/or Form NYC-399Z, Schedule 
 The carryback period for General Corpora-                                                             C, line 8, Column B.  See instructions for 
 tion Tax purposes corresponds to the federal       LINE 12 - PROPERTY ACQUIRED                        Schedule B, line 6(c). 
 carryback period.  If the taxpayer elects to use   PRIOR TO 1966                                       
 a 2-year carryback period for federal pur-         A deduction is allowed with respect to gain        LINE 16a – CONTRIBUTIONS OF CAPI-
 poses, the same carryback period applies for       from the sale or other disposition of any prop-    TAL BY GOVERNMENTAL ENTITIES 
 City purposes.  If the taxpayer elects to relin-   erty acquired prior to January 1, 1966 (except     OR CIVIC GROUPS 
 quish the entire carryback period for federal      stock in trade, inventory, property held prima-    Enter on line 16a the amount, if any, of con-
 purposes, then the taxpayer may not carry          rily for sale to customers in the ordinary course  tributions to capital received from a govern-
 back any amount for City purposes.  Losses         of trade or business, or accounts or notes re-     mental entity or civic group, within the 
 incurred during taxable years beginning after      ceivable acquired in the ordinary course of        meaning of IRC §118(b)(2). 
 December 31, 2017, may not be carried back.        trade or business). The amount of the deduc-        
                                                                                                       LINE 16b - OTHER DEDUCTIONS 
5) Losses which are not permitted to be carried     tion with respect to each such property is equal 
 back may generally be carried forward and          to the difference between:                         a) Refer to instructions to Schedule B, line 7 for 
                                                                                                          adjustments relating to safe harbor leases. 
 used to offset income for the period permitted     a) the amount of the taxpayer’s federal tax-       b) Taxpayers entitled to a special deduction 
 for federal tax purposes, generally, 20 years         able income; and                                   for construction, reconstruction, erection or 
 subsequent to the loss year for losses incurred                                                          improvement of air pollution control facil-
 in taxable years beginning after August 5,         b) the amount of the taxpayer’s federal tax-
 1997.  Losses incurred during taxable years be-       able income (if smaller than the amount            ities initiated on or after January 1, 1966, 
 ginning after December 31, 2017, can be car-          described in (a)), computed as if the fed-         and having a situs in NYC in accordance 
 ried forward indefinitely for federal purposes.       eral adjusted basis of each such property          with Section 11-602.8(g) should submit a 
                                                       (on the sale or other disposition of which         rider showing the complete computation. 
                                                                                                        
6) The deduction for losses incurred during tax-       gain was realized) on the date of the sale or      Enclose certification of compliance is-
 able years beginning after December 31,               other disposition had been equal to either:        sued pursuant to Section 17-0707 or Sec-
 2017, is limited to 80% of federal taxable in-      
 come calculated as if the corporation had not         1) its fair market value on January 1,             tion 19-0309 of the Environmental 
 made the election pursuant to subchapter S               1966, or the date of its sale or other          Conservation Law.  Entire net income for 
 of the IRC (without regard to the deduction).            disposition prior to January 1, 1966,           the current year and all succeeding years 
                                                          plus or minus all adjustments to basis          must be computed without any deduction 
7) Corporations principally engaged in the conduct        made with respect to such property for          for such expenditures or for depreciation 
 of an aviation, steamboat, ferry or navigation           federal income tax purposes for peri-           of such property. 
                                                                                                        
 business or two or more of such businesses are           ods on or after January 1, 1966; or          c) Deduct foreign dividend gross-up pur-
 permitted to claim a net operating loss deduc-                                                           suant to Section 78 of the IRC to the ex-
                                                       2) the amount realized from its sale or 
 tion in the same manner as other corporations.           other disposition, whichever is lower.          tent not deducted at line 9a.  Entire net 
                                                     
 These corporations are allowed to carry for-                                                             income does not include any amount 
                                                    In no event, however, shall the total amount 
 ward any net operating losses or a proportion-                                                           treated as dividends pursuant to Section 
                                                    computed above exceed the taxpayer’s net gain 
 ate part of a net operating loss sustained during                                                        78 of the IRC. 
                                                    for the year from the sale or other disposition 
 the federal taxable period(s) covering the years                                                      d) Regulated investment companies must 
                                                    of property (other than stock in trade, inventory, 
 1985 through 1988, provided the corporation                                                              deduct dividends paid to stockholders on 
                                                    property held primarily for sale to customers in 
 was taxable under Title 11, Chapter 6, Sub-                                                              this line. 
                                                    the ordinary course of trade or business, or ac-
 chapter 4 of the Admin. Code (Transportation                                                           
                                                    counts or notes receivable acquired in the ordi-
 Corporation Tax) for the calendar years 1985                                                          e) The amount of any gain included in en-
                                                    nary course of trade or business). 
 through and including 1988.  The net operat-                                                             tire net income pursuant to Ad. Code sec-
 ing loss must be computed as if:                   Attach a rider showing computation and a              tion 11-602(8)(b)(22) in a previous tax 
 a) the corporation had been subject to             copy of federal Form 1120-S, Schedule D.              year that is included in federal gross in-
                                                     
 taxation under Subchapter 2 (General               LINE 13 - CITY AND STATE REFUNDS                      come in the current tax year should be 
 Corporation Tax) during the period(s)              Enter on line 13 refunds or credits of the New        subtracted. See  Ad. Code section 11-
 the loss was sustained,                            York City General Corporation Tax, New York           602(8)(a)(15). 
 b) the loss was sustained in 1988, and             State Franchise Tax or New York City or State       
 c) the taxpayer had elected to relinquish          Banking Corporation Tax for which no tax ex-       f) The amount of any grant received 
 the entire carryback period under IRC              clusion or deduction was allowed in deter-            through either the COVID-19 Pandemic 
 Section 172.                                       mining the taxpayer’s taxable (entire) net            Small Business Recovery Grant Program, 
                                                    income in a prior year.                               pursuant to section-ff of the New York 
 For special rules relating to acquisitions,                                                              State Urban Development Corporation 
 mergers or consolidations involving cor-           LINE 14 - FEDERAL JOBS CREDIT                         Act, or the Small Business Resilience 
 porations principally engaged in the con-          Enter the portion of wages and salaries paid or       Grant Program administered by the De-
 duct of aviation, steamboat, ferry or              incurred for the taxable year for which a de-         partment of Small Business Services, to 
 navigation business, refer to Section 77b of       duction is not allowed pursuant to the provi-         the extent the amount of either grant is in-
 Chapter 241 of the Laws of 1989.                   sions of Section 280C of the Internal Revenue         cluded in federal taxable income.

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Instructions for Form NYC-3L - 2022                                                                                                               Page 11 
LINE 18 – ENTIRE NET INCOME                             dividends from nonsubsidiary corporations for        SCHEDULE C 
If line 17 is greater than line 8 so that the           which an exclusion was allowed on line 10 of         Subsidiary Capital and Allocation 
amount on this line would be a loss, enter zero         this schedule and 100% of dividends from              - and - 
(“0”) on this line, skip lines 21 through 25b,          stock not meeting the holding period require-        SCHEDULE D 
B and on line 1 of Schedule A.  That loss may            
and enter zero (“0”) on line 26 of this Schedule        ment set forth in Section 246(c) of the IRC.         Investment Capital and Allocation     
be available as a carryover.  See instructions to       LINE 20d - INCOME FROM CASH                          Complete Schedule C if you have any sub-
Schedule B, line 11 for more information.               Enter income from cash on Schedule B, line           sidiaries.  (Refer to the instructions for Sched-
                                                        20d, only if you have elected to treat cash as       ule B, lines 3 and 4 for the definition of a 
LINE 19 - SPECIAL ADJUSTMENTS                           investment capital and have entered the              subsidiary and subsidiary capital.) 
If the amount on line 18 is not correct, enter the      amount thereof on Schedule D, line 3.                 
correct amount on line 19 and explain in a rider.                                                            If the tax period reported on this return is less than 
If, as a result of the adjustments on this line, entire LINE 20f - DEDUCTIONS ATTRIBUTA-                     12 months multiply the amount on Schedule C, 
net income is a loss, enter zero (“0”) on this line,    BLE TO INVESTMENT INCOME                             line 2, Column G by a fraction, the numerator of 
skip lines 21 through 25b, and enter zero on line       For more information, see Statement of Audit         which is the number of months or major parts 
26 of this Schedule B and line 1 of Schedule A.         Procedure GCT-2008-04, Noninterest Expense           thereof included in such period and the denomi-
                                                        Attribution, April 9, 2008, and Statement of         nator of which is twelve. 
a)  If you are, either separately or as a member        Audit Procedure PP-2008-12, GCT & UBT                 
    of a partnership, doing insurance business          Treatment of Repurchase Agreements and Se-           Complete Schedule D if you have investment cap-
    as a member of the New York Insurance               curities Lending and Borrowing Transactions          ital. Investment capital is the average value of your 
    Exchange described in Section 6201 of the           for Financial Services Firms Regularly En-           investments in stocks, bonds, and other corporate 
    Insurance Law, make the adjustment re-              gaged in Such Activities, March 31, 2008,            or government securities, less liabilities, both long 
    quired under Section 11-602.8(a)(6) and             available on the Department’s website at             term and short term, directly or indirectly attribut-
    Section 11-602.8(b)(8) of the Admin. Code.          nyc.gov/finance.  Attach a list of the deduc-        able to investment capital. Investment capital does 
b)  For tax years beginning on or after August          tions directly attributable to investment in-        not include those stocks, bonds or other securities 
    1, 2002, corporations that are partners in          come and the deductions indirectly                   that are held for sale to customers in the regular 
    partnerships that receive at least eighty per-      attributable to investment income.                   course of business or that constitute subsidiary 
    cent of their gross receipts from providing                                                              capital. Investment capital does not include inter-
    mobile telecommunications services must             LINE 21 - APPORTIONED NEW                            ests in, or obligations of, partnerships or other un-
    exclude their distributive share of income,         YORK CITY NET OPERATING                              incorporated entities.  (Refer to Title 19 Rules of 
    gains, losses and deductions from any such          LOSS DEDUCTION                                       the City of New York Section 11-37 for the defini-
    partnership, including their share of sepa-         Corporations that report both business and in-       tion of investment capital.) 
    rately reported items, from their federal           vestment income must apportion any net oper-         To determine the value of your assets for busi-
    taxable income reported on line 1.                  ating loss deduction on line 11 between              ness, investment and subsidiary capital pur-
                                                        business income and investment income.  This         poses, you must include real property and 
LINE 20 - INVESTMENT INCOME                             is computed by multiplying the net operating         marketable securities at fair market value. 
Investment income includes: 50% of dividends            loss deduction by a ratio.  The ratio is a frac-      
from non-subsidiary stocks held for invest-             tion, the numerator of which consists of invest-     The fair market value of any asset is the price 
ment, interest from investment capital, net cap-        ment income before deducting any net                 (without any encumbrance, whether or not the 
ital gain or loss from sales or exchanges of            operating loss and the denominator of which is       taxpayer is liable) at which a willing seller, not 
nonsubsidiary securities held for investment,           entire net income before deducting any net op-       compelled to sell, will sell and a willing pur-
and income from cash if an election is made to          erating loss.  The ratio may be expressed as a       chaser, not compelled to buy, will buy.  The 
treat cash as investment capital on line 3 of           percentage.  Multiply the net operating loss de-     fair market value, on any date, of stocks, 
Schedule D.  Do not include any “gross-up”              duction by the result. Enter this amount on line     bonds and other securities regularly dealt in on 
dividends pursuant to Section 78 of the IRC             21.  Attach a rider detailing the calculation of     an exchange, or in the over-the-counter mar-
that have been deducted in computing entire             the apportionment of the taxpayer’s New York         ket, is the mean between the highest and low-
                                                        City NOL deduction between business income           est selling prices on that date. 
net income.                                                                                                   
                                                        and investment income. 
Investment income includes interest received                                                                 The value of all other property must be in-
on a loan to a subsidiary if the subsidiary              
                                                                                                             cluded at the value shown on the taxpayer’s 
                                                        LINE 22b – INVESTMENT INCOME 
claims such interest as an NYC General or                                                                    books and records in accordance with gener-
                                                        TO BE ALLOCATED
Banking Corporation Tax deduction on any re-                                      
                                                                                                             ally accepted accounting principles (GAAP).  
turn for any period, and if such loan is evi-           Enter the amount from line 22a.  If the amount 
                                                                                                             (Refer to the instructions for Schedule E, lines 
denced by a bond or other corporate security.           on line 22a is greater than the amount on line 
                                                                                                             1 through 5 for more information on comput-
Do not include any capital loss which was not           18 or 19, enter the amount from line 18 or 19.  
                                                                                                             ing average value.) 
                                                        If the entry on line 22a is a loss, enter zero (“0”)  
used in computing federal taxable income.               on line 22b.                                         In completing Schedules C and D, you may 
In computing investment income, subtract the                                                                 use the worksheet which appears below to de-
amount of deductions allowable in computing             LINE 24 - ALLOCATED                                  termine the amount of liabilities indirectly at-
entire net income which are directly or indi-           INVESTMENT INCOME                                    tributable to a particular asset. 
rectly attributable to investment capital or in-        If the investment allocation percentage is zero,      
vestment income.                                        interest on bank accounts must be multiplied         In column D of Schedules C and D on the line for 
                                                        by the business allocation percentage.               the asset in question, include the sum of the amount 
                                                                                                             from line 15 of this worksheet and the amount of 
LINE 20a - DIVIDENDS                                    LINE 25b                                             liabilities directly attributable to that asset. 
Enter dividends not excluded on line 10 ex-             If the amount on line 25a is not correct, enter the   
cept for “gross-up” dividends pursuant to Sec-          correct amount on line 25b and explain in a rider.    
tion 78 of the IRC.  This includes 50% of

- 12 -

Instructions for Form NYC-3L - 2022 Page 12
WORKSHEET note at the beginning of the instructions to ference on line 9 of this Schedule E. If the

Total liabilities from Sch. E, line 6, Col. C .. 1. __________ Schedule A do not need to complete this amount on line 8 is less than zero because li-
Liabilities directly attributable to: schedule. abilities attributable to subsidiary capital ex-
Subsidiary capital ....................... 2. __________ ceed the value of the assets reported in
LINES 1 THROUGH 5 - AVERAGE Schedule C, add the absolute amount of the

Investment capital ...................... 3. __________ VALUE OF TOTAL ASSETS amount on line 8 to the amount on line 7 and
Business capital .......................... 4. __________ To determine the value of your assets for busi- enter the total on line 9. For example, if the

Add: lines 2, 3, and 4 ............................... 5. __________ ness, investment and subsidiary capital pur- amount on Schedule E, line 8 is ($100) and
poses, you must include real property and the amount on Schedule E, line 7 is $200, the
Subtract: line 5 from line 1 ....................... 6. __________ marketable securities at fair market value. amount on Schedule E, line 9 should be $300.

Enter amount from either:
Sch. C, line 1, col. C less The value of all other property must be in- If the amount on Schedule D, line 4 is less than
amount from line 2 of worksheet 7a.__________ cluded at the value shown on the taxpayer's zero, enter zero (“0”) on line 10 of this Sched-
OR books and records in accordance with gener- ule E, enter the amount from line 9 on line 11,
Sch. D, line 1, col. C less ally accepted accounting principles (GAAP). and enter zero (“0”) on line 12.
amount from line 3 of worksheet 7b.__________

Enter amount from Sch. E, line 5, col. C On Schedule E, line 1, enter the value of total
LINE 15 - ISSUER’S
less amount from line 5 of worksheet ...... 8. __________ assets at the beginning of the year in column
ALLOCATION PERCENTAGE
Divide: line 7a or 7b by line 8 .................. 9. ________% A and at the end of the year in column B.
The percentage is determined by adding to-
Enter the average value in column C. Attach a
gether allocated New York City business, in-
Multiply: line 6 by line 9 .......................... 10.__________ schedule showing the computation of the av-
vestment and subsidiary capital, dividing the
Average value of a particular asset ........... 11.__________ erage value.
sum by total capital, and rounding to the near-
Enter amount from either: On line 2, enter the value of real property and est one hundredth of a percentage point.
Sch. C, line 1, col. C ................... 12a._________ marketable securities included in line 1.
OR Enter on line 4 the fair market value of real The issuer's allocation percentage cannot
Sch. D, line 1, col. C ................... 12b._________ property and marketable securities. be less than zero. Do not calculate your is-

Divide: line 11 by line 12a or 12b ............ 13.________% suer's allocation percentage by adding the
Average value is generally computed on a business, investment and subsidiary capital
Enter amount from line 10 ....................... 14.__________ quarterly basis. A more frequent basis allocation percentages and dividing that

Multiply: line 14 by line 13 ...................... 15.__________ (monthly, weekly or daily) may be used. total by the number of percentages.
Where the taxpayer’s usual accounting prac-
To determine the portion of subsidiary or in- tice does not permit computation of average The issuer’s allocation percentage represents
vestment capital to be allocated within the value on a quarterly or more frequent basis, a the amount of capital employed within New
City, multiply the amount of subsidiary or in- semiannual or annual basis may be used if no York City as compared to total capital em-
vestment capital during the period covered by distortion of average value results. ployed everywhere. Every taxpayer using
the return (column E) by the issuer’s alloca- Form NYC-3L is required to compute its is-
tion percentage (as defined in the instructions With respect to real property owned by the suer’s allocation percentage.
for Schedule E, line 15). taxpayer and located within New York City,
the fair market value is presumed to be not SCHEDULE G
This percentage may be obtained (1) from tax less than the estimated market value of the All taxpayers must complete Schedule G, Part
service publications, (2) from the Department’s property on the Final Assessment Roll of 1 and Part 2, regardless of allocation. Enter the
website under “Forms & Publications” at the City for the period covered by the re- amount of total Rent from Part 1 on Schedule
nyc.gov/finance, or (3) by calling 311. If call- turn or the most recent sales price, A, line 23.
ing from outside of the five NYC boroughs, whichever is greater.
please call 212-NEW-YORK (212-639-9675). Rent includes consideration paid for the use or
If the subsidiary or other issuer was not doing LINE 6 - TOTAL LIABILITIES occupancy of premises as well as payments
business in New York City during the preceding The liabilities deductible in computing each made to or on behalf of a landlord for taxes,
year, the percentage is zero. The investment al- type of capital are those liabilities (both long charges, insurance or other expenses normally
location percentage should be rounded to the and short term) that are directly or indirectly payable by the landlord other than for the im-
nearest one hundredth of a percentage point. attributable to each type of capital. Use the provement, repair or maintenance of the ten-
same method of averaging as is used in deter- ant’s premises.

SCHEDULE D, LINE 3 - CASH mining average value of assets. For special treatment of “Eligible Small
If you have both business and investment cap-
ital, you may elect to treat cash on hand or on LINES 7 THROUGH 11 Firms,” see instructions on Page 5.

deposit as either business or investment capital. If the period covered by this report is other SCHEDULE H
If you wish to elect to treat cash as investment than a period of twelve calendar months, first Business Allocation
capital, you must include it on this line. Oth- follow the instructions on Schedule E to cal-
erwise, you will be deemed to have elected to culate preliminary amounts for lines 7 through NOTE: Zip codes beginning with the follow-
treat cash as business capital. You may not 11. Before entering these amounts on Sched- ing three-digits are within the five boroughs of
elect to treat part of such cash as business cap- ule E, multiply each amount by a fraction, the New York City:
ital and part as investment capital. You may numerator of which is the number of months Manhattan - 100, 101, 102
not revoke your election after it has been made. or major parts thereof included in such period Bronx - 104
and the denominator of which is twelve. Brooklyn - 112
SCHEDULE E
Computation and Allocation of Capital Enter on line 8 the amount from Schedule C, Queens - 111, 113, 114, 116
Column E, line 1. Subtract the amount on line Staten Island - 103

“Eligible Small Firms” as described in the 8 from the amount on line 7 and enter the dif-

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Instructions for Form NYC-3L - 2022                                                                                                       Page 13 
In addition, the five-digit zip codes 11004, 11005 by subcontractors, or by any other persons.  It is dealer is a broker or dealer who is registered by 
and some addresses with a zip code of 11001,       immaterial where such amounts were payable         the Securities and Exchange Commission (SEC) 
11040 and 11096 are in the borough of Queens.   or  where they actually were received.                or the Commodities Futures Trading Commission 
If the zip code is 11001, 11040 or 11096, consult  Commissions received by the taxpayer are al-       and includes over-the-counter (OTC) derivatives 
the address translator located on the City’s web-  located to New York City if the services for       dealers as defined under regulations of the SEC 
site at    http://a030-goat.nyc.gov/goat/De-       which the commissions were paid were per-          (17 CFR 240.3b-12). The terms    securities and 
fault.aspx to determine if the corporation's       formed  in New York City.   If the taxpayer’s      commodities have the same meanings as the 
address is within New York City.                   services for which commissions were paid           meanings in IRC sections 475(c)(2) and 475(e)(2).  
                                                                                                       
A corporation is entitled to allocate part of its  were performed for the taxpayer by salesmen        • Brokerage commissions - Brokerage com-
business income and capital outside New York       attached to or working out of a New York City        missions earned from the execution of se-
City if it carries on business both inside and     office of the taxpayer, the taxpayer’s services      curities or commodities purchase or sales 
outside New York City  and, for taxable years      will be deemed to have been performed in             orders for the accounts of customers are 
beginning before July 1, 1996, only if it has a    New York City.                                       deemed to arise from a service performed 
                                                    
“regular place of business” outside the City.      Corporations engaged in publishing newspapers        in New York City if the customer who is re-
Otherwise, 100% of its business income and         or periodicals must allocate receipts from ad-       sponsible for paying the commissions is lo-
capital must be allocated to New York City.  If    vertising in such publications based on the cir-     cated in New York City.  See Ad. Code § 
you did not carry on business both inside and      culation of the publication in the City compared     11-604(3)(a)(10)(A)(i) as added by section 
outside New York City, you must enter 100%         to the total circulation.  Corporations engaged      34 of Chapter 201 of the Laws of 2009. 
                                                                                                       
at Schedule H, line 7.  If you carried on busi-    in radio or television broadcasting, whether by    • Margin interest - Margin interest earned on 
ness both inside and outside New York City,        cable or other means, must allocate receipts         brokerage accounts is deemed to arise from a 
you must complete Schedule H, business allo-       from broadcasting programs or commercial             service performed in New York City if the cus-
cation percentage.                                 messages based upon the location of the audi-        tomer who is responsible for paying the margin 
 
                                                   ence for the broadcasts in the City compared to 
For taxable years beginning in or after 2018, the                                                       interest is located in New York City.   See Ad. 
                                                   the total audience.  For taxable years beginning 
business allocation percentage is generally com-                                                        Code § 11-604(3)(a)(10)(A)(ii) as added by sec-
                                                   on or after January 1, 2002, corporations en-
puted using a single business receipts factor.                                                          tion 34 of Chapter 201 of the Laws of 2009. 
                                                   gaged in publishing newspapers or periodicals       
ALTERNATIVE ALLOCATION                             or in radio or television broadcasting must allo-  • Account maintenance fees - Account mainte-
METHOD                                             cate receipts from subscriptions to such news-       nance fees are deemed to arise from a service 
You cannot use an allocation method other          papers, periodicals and broadcast programs           performed in New York City if the customer 
than the formula basis set out in Schedule H       based on the location of the subscriber.             who is responsible for paying the account main-
without the consent of the Department of Fi-                                                            tenance fees is located in New York City. See 
nance.  In order to request consent to use a dif-  Taxpayers principally engaged in the activity        Ad. Code § 11-604(3)(a)(10)(A)(vi) as added by 
ferent method of allocation, a written request,    of air freight forwarding acting as principal        section 34 of Chapter 201 of the Laws of 2009. 
                                                                                                       
separate and apart from filing this return, must   and like indirect air carriers are required to de- • Income from principal transactions - Gross 
be submitted.  For details on how to make such     termine receipts for purposes of the receipts        income from principal transactions (that is, 
a request, go to www.nyc.gov/finance.  If the      factor arising from the activity from services       transactions in which the registered broker or 
consent to use a different allocation method       performed within New York City as follows:           dealer is acting as principal for its own account, 
has not been obtained at the time of the filing    100% of the receipts if both the pick up and         rather than as an agent for the customer) is 
of the return, you must use the formula basis      delivery associated with the receipts are made       deemed to arise from a service performed in 
set out in Schedule H and pay the tax in ac-       in New York City and 50% of the receipts if          New York City if the production credits for 
cordance therewith.  If the Department con-        either the pickup or delivery associated with        these transactions are awarded to a New York 
sents to your proposed alternative allocation      the receipts is made in the City but not both.       City branch, office, or employee of the taxpayer.  
                                                                                                       
method and it results in a lower tax liability     Receipts from management, administration or          Registered broker dealers may elect to source 
than the formula basis set out in Schedule H,      distribution services provided to a regulated        the gross income from principal transactions 
you may be entitled to claim a refund of the       investment company (RIC) must be allocated           based on the location of the customer to the 
excess amount you have paid.                       based upon the percentage of the RIC’s share-        principal transaction. If the election is made, 
                                                   holders domiciled in New York City.  (Attach         gross income from principal transactions is 
Receipts Factor                                    rider showing computation.)                          deemed to arise from a service performed in 
LINE 1 - SALES OF                                                                                       New York City to the extent that the gross 
TANGIBLE PERSONAL PROPERTY                         SOURCING OF RECEIPTS OF REGIS-                       proceeds from the transactions are generated 
Enter on line 1, column A, receipts in the reg-    TERED SECURITIES OR COMMODI-                         from sales of securities or commodities to 
ular course of business from the sale of tangi-    TIES BROKERS OR DEALERS                              customers within the city based upon the 
ble personal property where shipments are          For taxable years beginning after 2008, new rules    mailing addresses of those customers in the 
made to points within New York City.  Enter        are applicable in determining the sourcing of the    records of the taxpayer. See Ad. Code § 11-
on line 1, column B, receipts from all sales of    receipts of taxpayers which are registered secu-     604(3)(a)(10)(A)(iii) as added by section 34 
tangible personal property.                        rities or commodities brokers or dealers.  The       of Chapter 201 of the Laws of 2009. 
                                                   rules below apply for determining whether a re-     
LINE 2 - SERVICES PERFORMED                        ceipt is deemed to arise from services performed   • Fees from advisory services for the under-
Receipts from services performed within New        in New York City by a registered securities or       writing of securities - Fees earned from ad-
York City are allocable to New York City.  All     commodities broker or dealer, for purposes of        visory services for a customer in connection 
amounts received by the taxpayer in payment        computing the receipts factor of the BAP.  See       with the underwriting of securities (where the 
for such services are allocable to New York City   Ad. Code §11-604(3)(a)(10) as added by section       customer is the entity contemplating the is-
                                                                                                        suance of the securities or is issuing securi-
regardless of whether the services were per-       34 of Chapter 201 of the Laws of 2009.               ties) or for the management of an 
formed by  employees or agents of the taxpayer,    A registered securities or commodities broker or     underwriting of securities are deemed to arise

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Instructions for Form NYC-3L - 2022                                                                                                     Page 14 

  from a service performed in New York City if    LINE 3 - RENTALS OF PROPERTY                      of the entire net income to be allocated within 
  the customer responsible for paying the fee is  Receipts from rentals of real and personal        the City by multiplying its business income by 
  located in New York City.  See Ad. Code §       property situated in New York City are alloca-    a business allocation percentage which is 
  11-604(3)(a)(10)(A)(iv)(I) as added by sec-     ble to New  York City.   These include all        equal to the arithmetic average of the three 
  tion 34 of Chapter 201 of the Laws of 2009.     amounts received by the taxpayer for the use      percentages from part 1, lines 2, 4 and 6.  
 
• Receipts from the primary spread for the        or occupation of property, whether or not such    Line 1 
                                                  property is owned by the taxpayer. 
  underwriting of securities - Receipts from                                                         “Aircraft arrivals and departures” means the 
  the primary spread or selling concession        LINE 4 - ROYALTIES                                 number of landings and takeoffs of the air-
  from underwritten securities are deemed to      Royalties from the use in New York City of         craft of an aviation corporation and the 
  arise from a service performed in New York      patents or copyrights are allocable to New York    number of air pickups and deliveries by 
  City if production credits are awarded to a     City.  These include all amounts  received by      such aircraft. Arrivals and departures solely 
  branch, office, or employee of the taxpayer     the taxpayer for the use of patents or copy-       for maintenance or repair, refueling (where 
  in New York City as a result of the sale of     rights, whether or not the patents or copyrights   no debarking or embarking of traffic oc-
  underwritten securities.  See Ad. Code § 11-    were originally issued to or are owned by the      curs), or arrivals and departures in the event 
  604(3)(a)(10)(A)(iv)(II) as added by section    taxpayer.  A patent or copyright is used in New    of emergency situations should not be in-
  34 of Chapter 201 of the Laws of 2009.          York City to the extent that activities thereun-   cluded in computing this percentage. 
• Interest earned on loans to affiliates - In-    der are carried on in New York City.              Line 3 
  terest earned on loans and advances made by                                                        “Revenue tons handled” by an aviation cor-
  a taxpayer to an affiliate with whom they are   LINE 5 - OTHER BUSINESS                            poration at an airport means the weight, in 
  not required or permitted to file a combined    RECEIPTS                                           tons, of revenue passengers (at two hundred 
  return are deemed to arise from a service per-  All other business receipts earned by the tax-     pounds per passenger) and revenue cargo 
  formed in New York City if the principal        payer within New York City are allocable to        first received either as originating or con-
  place of business of the affiliate who is re-   New York City.  Business receipts are not con-     necting traffic, or finally discharged  by 
  sponsible for the payment of interest is lo-    sidered to have been earned by the taxpayer in     such corporation at such airport. 
  cated in New York City.  See Ad. Code §         New York City solely by reason of the fact that 
  11-604(3)(a)(10)(A)(v) as added by section      they were payable in New York City or actually    Line 5 
                                                  were received in New York City.  Receipts from     “Originating revenue” means revenue to an 
  34 of Chapter 201 of the Laws of 2009.          sales of capital assets (property not held by the  aviation corporation from the transportation of 
• Fees for management or advisory services        taxpayer for sale to customers in the regular      revenue passengers and revenue property first 
  - Fees earned from management or advisory       course of business) are not business receipts.     received by such corporation at an  airport as 
  services, including fees from advisory serv-    The following are also business receipts and       either originating or connecting traffic. 
  ices for activities relating to mergers or ac-  are allocable to New York City:                   Line 8 
  quisition activities, are deemed to arise        
  from a service performed in New York City       ● receipts from the sale of real property          Transfer the percentage from part 1, line 8 
                                                                                                     to Schedule H, line 7. 
  if the customer responsible for paying these      held by the taxpayer as a dealer for sale        
  fees is located in New York City.  See Ad.        to customers in the regular course of busi-     Part 2 - Corporations Operating Vessels 
  Code § 11-604(3)(a)(10)(A)(vii) as added          ness, provided the real property was situ-      A taxpayer principally engaged in the opera-
  by section 34 of Chapter 201 of the Laws of       ated in New York City                           tion of vessels is required to determine the por-
  2009.                                           ● receipts from sales of intangible personal      tion of entire net income to be allocated within 
 
A customer is located in New York City if the       property included in business capital held      the City by multiplying its business income by 
mailing address of the customer, as it appears in   by the taxpayer as a dealer for sale to cus-    a business allocation percentage determined 
the broker’s or dealer's records, is in New York    tomers in the regular course of business,       by dividing the aggregate number of working 
City.  See Ad. Code § 11-604(3)(a)(2)(B)(v) as      provided the sales were made in New             days of the vessels it owns or leases in territo-
added by section 33 of Chapter 201 of the Laws      York City or through a regular  place of        rial waters of the City during the period cov-
of 2009.                                            business in New York City                       ered by its report by the aggregate number of 
                                                                                                    working days of all the vessels it owns or 
If the taxpayer is unable from its records to     LINE 7 - BUSINESS ALLOCATION                      leases during the period.  Complete part 2. 
determine the mailing address of the cus-         PERCENTAGE                                         
tomer, the receipts enumerated in any of such     Divide line 6, column A by line 6, column B,      Line 1 
items shall be deemed to arise from services      round the result to the nearest hundredth of a     “Working days” means days during which 
performed at the branch or office of the tax-     percent.  Aviation corporations and corpora-       a vessel is sufficiently manned for the car-
payer that generates the transaction for the      tions operating vessels should complete            riage of persons or cargo or during which it 
customer that generated such receipts.  See Ad    Schedule I (Business Allocation for Aviation       has cargo aboard.  The working time in New 
Code § 11-604(3)(a)(10)(D) as added by sec-       Corporations and Corporations Operating Ves-       York City territorial waters and the working 
tion 34 of Chapter 201 of the Laws of 2009.       sels) and enter the percentage from Part 1 and     time everywhere shall be computed for each 
                                                                                                     vessel in hours and minutes.  At the end of 
Note that the rules for the receipts under Ad.    2 on Schedule H, line 7. 
                                                                                                     the year, such time shall be totalled for all 
Code § 11-604(3)(a)(10)(A) described above        SCHEDULE I                                         vessels and the sum converted into days.    
shall also apply to receipts described herein     Business Allocation for Aviation Corpora-         Line 2 
arising from a correspondent securities rela-     tions and Corporations Operating Vessels           Transfer the percentage from part 2, line 2 
tionship.  See Ad. Code § 11-604(3)(a)(10)(C)      
as added by section 34 of Chapter 201 of the      Part 1 -  Aviation Corporations                    to Schedule H, line 7. 
Laws of 2009.                                     A taxpayer principally engaged in the conduct       
                                                  of aviation is required to determine the portion

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Instructions for Form NYC-3L - 2022                                                                   Page 15 

SCHEDULE J                                            how the information will be used. The disclo-
Additional Required Information                       sure of Social Security Numbers for taxpayers 
                                                      is mandatory and is required by section 11-
All questions must be answered.                       102.1 of the Administrative Code of the City 
 
Question 1                                            of New York. Such numbers disclosed on any 
In reporting the "NYC principal business ac-          report or return are requested for tax adminis-
tivity," give the one activity that accounts for      tration purposes and will be used to facilitate 
the largest percentage of total receipts.  Total      the processing of tax returns and to establish 
receipts means gross receipts plus all other in-      and maintain a uniform system for identifying 
come.  State the broad field of business activ-       taxpayers who are or may be subject to taxes 
ity as well as the specific product or service        administered and collected by the Department 
(e.g., mining copper, manufacturing cotton            of Finance, and, as may be required by law, or 
broad woven fabric, wholesale meat, retail            when the taxpayer gives written authorization 
men’s apparel, export or import chemicals,            to the Department of Finance for another de-
real estate rental, or real estate operation of       partment, person, agency or entity to have ac-
motel).                                               cess (limited or otherwise) to the information 
                                                      contained in his or her return.
Question 3 
If the corporation is included in a consolidated 
federal return, give the name of the common 
parent corporation filing the consolidated return. 
 
Question 10 
If you answer “yes” to  question    attacha,  a 
separate sheet providing street address, bor-
ough, block and lot number of such property.  
If you answer “yes” to  question    b, c       or   d,
complete questions 11 and 12. 
 
A controlling interest in the case of a corpora-
tion means: 
 
●  50% or more of the total combined vot-
   ing power of all classes of stock of such 
   corporation, or 
 
●  50% or more of the total fair market value 
   of all classes of stock of such corporation. 
 
Question 13 
If you answer “yes” to question 13, no por-
tion of the income, gain, loss, deduction or 
capital of a QSSS is permitted to be in-
cluded in a separate report filed by the S 
corporation parent.  The QSSS must either: 
1) be included in the Combined Group as a 
separate member corporation or 2) file a 
separate General Corporation Tax return.  
See Finance Memorandum 99-3.  Note that 
to be included in the Combined Group, the 
QSSS would have to be required to be in-
cluded or to be permitted to be included and 
to have elected such inclusion.  
 
SCHEDULE K 
Federal Return Information 
Attach Form 1120S. 
 
PRIVACY ACT NOTIFICATION 
The Federal Privacy Act of 1974, as amended, 
requires agencies requesting Social Security 
Numbers to inform individuals from whom 
they seek this information as to whether com-
pliance with the request is voluntary or 
mandatory, why the request is being made and 
                                                                                                      NYC-3L Instructions - 2022

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