Corporate Tax Policy for Operations in New York and Miami

Last Update:

Metaggio is committed to full compliance with all tax laws and regulations in the jurisdictions where we operate. This policy outlines the tax obligations for our corporate activities within New York and Miami, recognizing the unique requirements of each location

  • New York Corporate Tax Obligations

    • Corporate Income Tax: Corporations operating in New York are subject to a state corporate franchise tax on income. The tax rate varies based on the corporation's income level, with rates ranging from 6.5% to 7.25% for general business corporations.
    • Metropolitan Commuter Transportation Mobility Tax (MCTMT): Corporations conducting business in the Metropolitan Commuter Transportation District (MCTD) are subject to an additional MCTMT.
    • Sales and Use Tax: The sale of tangible personal property and certain services are subject to sales and use tax in New York State, with the state rate at 4%, plus any local jurisdiction rates.
    • Property Tax: Property taxes are levied by local governments and vary depending on the location of the corporation's property within New York.
  • Miami (Florida) Corporate Tax Obligations

    • Corporate Income Tax: Florida imposes a corporate income tax on all corporations for business conducted within the state. The tax rate is 5.5% of the corporation's Florida net income.
    • Sales and Use Tax: Florida has a state sales tax rate of 6%, with the possibility of additional county surtaxes. This tax applies to the sale, rental, or lease of most goods and some services.
    • Property Tax: Property taxes are assessed at the local level in Florida and apply to real estate and tangible personal property owned by the corporation.
    • No Local Corporate Income Taxes: Unlike New York, Florida, and consequently Miami, do not impose a local corporate income tax.
  • Compliance and Reporting

    • Filing Requirements: Metaggiois responsible for timely filing all required tax returns and payments to the appropriate tax authorities in both New York and Florida.
    • Documentation: Adequate records will be maintained to support all tax filings, including income, sales, and property taxes.
    • Tax Planning: Strategies will be developed in compliance with all applicable laws to manage the corporation's tax liabilities efficiently in both jurisdictions.
  • Policy Review and Updates

    • This tax policy is subject to review and updates to reflect changes in tax laws and regulations in New York and Miami. Metaggiois committed to ensuring compliance and will communicate any policy changes to relevant stakeholders promptly.