Form IT-6-SNY Metropolitan Commuter Transportation Mobility Tax (MCTMT) for START-UP NY Tax Year 202: Fill out & sign online

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How is Mctmt tax calculated for self-employed?

The initial estimated MCTMT payment is 10/12 of the estimated net earnings from self-employment multiplied by 75 percent multiplied by the tax rate, 0.34 percent.

What is the Mctmt exemption in NY?

The metropolitan commuter transportation mobility tax (MCTMT) exemption eliminates the MCTMT on your net earnings from self-employment attributable to your approved business location within the metropolitan commuter transportation district (MCTD) for a tax benefit period of 10 consecutive years.

What is the Mctmt tax liability?

Who has to pay MCTMT? Employers, not employees, are required to pay MCTMT. Employers pay MCTMT only when their payroll expense per quarter is in excess of $312,500. Please refer to the New York State Department of Taxation and Finance for more information.

What are the changes to Mctmt in 2023?

Effective July 1, 2023, the highest MCTMT rate will surge from 0.34% to 0.60% for employers operating within the geographic boundaries of New York City. This peak rate is applicable to employers with payroll expenses over $437,500.

What is NY Mctmt tax rate?

Kathy Hochul in early May, the MCTMT highest tier rate will increase from 0.34% to 0.60% for employers conducting business in the five New York City counties, i.e., New York (Manhattan), Bronx, Kings (Brooklyn), Queens and Richmond (Staten Island), effective July 1, 2023.

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