This report presents statistical information for tax year 2007 for the three New York City
business income taxes: the Banking Corporation Tax (BCT), the General Corporation Tax
(GCT), and the Unincorporated Business Tax (UBT).
New York City provides a variety of programs to further social and economic objectives by mean of targeted tax incentives or benefits which reduce tax liabilities, otherwise referred to as Tax Expenditures.
The City Charter requires that the Office of Management and Budget (OMB) publish documentation of forecasting methodologies used for projecting tax revenues for those taxes which account for five percent or more of total City tax revenues.