Tax

Higher MCTMT Rate to Increase Budget Costs to Film in New York

As of July 1, 2023, New York Senate Bill 4008 takes effect, increasing the Metropolitan Commuter Transportation Mobility Tax (MCTMT) from 0.34% to 0.60% for employers and individuals in certain New York counties.

For employers and individuals operating in New York (Manhattan), Bronx, Kings (Brooklyn), Queens, and Richmond (Staten Island) counties, and for individuals with net earnings from self-employment exceeding $50,000: The top rate applies.
For employers and individuals operating in Dutchess, Nassau, Orange, Putnam, Rockland, Suffolk, or Westchester counties: The previous 0.34% top MCTMT rate will remain.

Bill 4008 also clarifies the application of the tax for limited partners.

It is important for film producers and those budgeting film productions in New York to factor in the updated MCTMT rates when planning and budgeting for productions post-July 1, 2023.

New top MCTMT employer rate: 0.60%
Top MCTMT employer rate counties: New York (Manhattan), Bronx, Kings (Brooklyn), Queens, Richmond (Staten Island)
Tax rate for Dutchess, Nassau, Orange, Putnam, Rockland, Suffolk, or Westchester counties: 0.34%

Learn more here.

Last updated June 13, 2023. This information in this communication is general in nature, and is not intended, nor should it be construed, as legal, accounting, tax or other professional advice rendered by GreenSlate, LLC. The reader should contact his or her attorney, CPA, or tax professional prior to taking any action based upon this information.

Topics: Tax Budgeting