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Form NYC-5UB - 2003 - Instructions

Page 2

Make remittance payable to NYC DEPARTMENT OF FINANCE. All remittances must

NOTE

If any due date falls on Saturday, Sunday or legal holiday, filing will be timely

be payable in U.S. dollars drawn on a U.S. bank. Checks drawn on foreign banks will

if made by the next day which is not a Saturday, Sunday or holiday.

be rejected and returned. A separate check for the declaration will expedite processing

of the payment.

PURPOSE OF DECLARATION

AMENDED DECLARATION

This declaration form provides a means of paying Unincorporated Business Tax on a

If, after a declaration is filed, the estimated tax increases or decreases because of a

current basis for partnerships, joint ventures and similar entities (other than

change in income, deductions, or allocation, you should file an amended declaration on

individuals, estates and trusts) engaged in carrying on an unincorporated business or

or before the next date for payment of an installment of estimated tax. This is done by

profession, as defined in Section 11-502 of the Administrative Code. Individuals, estates

completing the amended schedule of the Notice of Estimated Tax Payment Due (Form

and trusts use Form NYC-5UBTI for filing their declarations.

NYC-B100). This notice will be automatically mailed to you.

Every unincorporated business must file an income tax return after the close of its

taxable year and pay any balance of tax due. If the tax has been overpaid, adjustment

CHARGE FOR UNDERPAYMENT OF INSTALLMENTS OF ESTIMATED TAX

will be made only after the return has been filed.

A charge is imposed for underpayment of an installment of estimated tax for 2003. For

information as to the applicable rate of interest, call Taxpayer Assistance at: (718) 935-

WHO MUST MAKE A DECLARATION

6000. The Administrative Code follows provisions similar to the Internal Revenue Code

A 2003 declaration must be made by every partnership carrying on an unincorporated

with respect to underpayments of estimated tax. Form NYC-221 may be used to

business or profession in New York City if its estimated tax (line 6 of tax computation

determine if any charge for underpayment is due or if any exceptions apply. If it

schedule) can reasonably be expected to exceed $1,800 for the calendar year 2003 (or,

appears that there was an underpayment of any installment of estimated tax, a

in the case of a fiscal year taxpayer, for the partnership fiscal year beginning in 2003).

completed copy of Form NYC-221 may be attached to the return explaining why an

additional charge should not be made.

WHEN AND WHERE TO FILE DECLARATION

You must file the declaration for the calendar year 2003 on or before April 15, 2004, or

PENALTIES

on the applicable later dates specified in these instructions.

The law imposes penalties for failure to make a declaration or pay estimated tax due or

- Declarations with remittances -

- All other declarations -

for making a false or fraudulent declaration or certification.

NYC Department of Finance

FISCAL YEAR TAXPAYERS

P. O. Box 5070

P. O. Box 5080

In the case of a partnership which files its Unincorporated Business Tax Return on a

Kingston, NY 12402-5070

Kingston, NY 12402-5080

fiscal year basis, substitute the corresponding fiscal year months for the months

Fiscal year taxpayers, read instructions opposite regarding filing dates.

specified in the instructions. For example, if the fiscal year begins on April 1, 2003, the

Declaration of Estimated Unincorporated Business Tax will be due on July 15, 2003,

HOW TO ESTIMATE UNINCORPORATED BUSINESS TAX

together with payment of first quarter estimated tax. In this case, equal installments

The worksheet on the front of this form will help you in estimating the tax for 2003.

will be due on or before September 15, 2003, December 15, 2003, and April 15, 2004.

LINE 1 -

The term “net income from business expected in 2003” means the amount the

CHANGES IN INCOME

partnership estimates to be its income for 2003 computed before the specific

Even though on April 15, 2003, a partnership does not expect its unincorporated

exemption. Refer to Schedule A, line 14 of the 2002 Partnership Return (Form NYC-

business tax to exceed $1,800, a change in income, allocation or exemption may

204) and related instructions.

require that a declaration be filed later. In this event the requirements are as follows:

LINE 2 - EXEMPTION

The amount of the allowable exemption may be determined by referring to the

instructions for the 2002 Form NYC-204, Schedule A, line 15.

Installment

File

Amount of

If requirement for filing occurs:

payment

declaration by:

estimated

LINE 4 - UNINCORPORATED BUSINESS TAX

tax due

dates

If you expect to receive a refund or credit in 2003 of any sales or compensating use tax

after .........................but before

for which a credit was claimed in a prior year under Administrative Code Sections 11-

April 1, 2003 ................June 2, 2003

June 16, 2003

1/3

(1) June 16, 2003

503 (k) (sales and use tax credit), the amount of the estimated refund or credit must be

(2) Sept. 15, 2003

added to the tax shown on line 4 of the tax computation schedule.

(3) Jan. 15, 2004

LINE 5b - OTHER CREDITS

June 1, 2003 ..................Sept. 2, 2003

Sept. 15, 2003

1/2

(1) Sept. 15, 2003

Enter on line 5b the amount estimated to be the sum of any credits allowable for 2001

(2) Jan. 15, 2004

under Administrative Code Sections 11-503(k) (sales and use tax credit), 11-503(e)

Sept. 1, 2003 .................Jan. 1, 2004

Jan. 15, 2004

100%

None

(real estate tax escalation credit), 11-503(f) (employment opportunity relocation costs

credit), 11-503(i) (relocation and employment assistance program (REAP) credit and

11-503(j) (UBT paid credit.) (For additional details concerning these credits, refer to

If the partnership files its 2003 Unincorporated Business Tax Return by February 17,

instructions for Forms NYC-114.5, NYC-114.6 and NYC-114.7. )

2004, and pays the full balance of tax due, it need not: (a) file an amended declaration

or an original declaration otherwise due for the first time on January 15, 2004, or (b)

DECLARATION

pay the last installment of estimated tax otherwise due and payable on January 15,

On line 1a of the declaration (line 7a of the Estimated Tax Worksheet), enter the

2004.

amount the partnership reported on line 25 of its 2002 Form NYC-204. On line 1b (line

7b of the Estimated Tax Worksheet) enter the amount from line 6 of the tax

computation schedule. This is the amount the partnership estimates as its 2003

NOTE

Unincorporated Business Tax liability.

Filing a declaration or an amended declaration, or payment of the last installment on

January 15, 2004, or filing a tax return by February 17, 2004, will not satisfy the filing

PAYMENT OF ESTIMATED TAX

requirements if the partnership failed to file or pay an estimated tax which was due

Except as specified elsewhere in these instructions, the estimated tax on line 1b of the

earlier in the taxable year.

declaration is payable in equal installments on or before April 15, 2003, June 16, 2003,

September 15, 2003 and January 15, 2004

The first installment payment must

accompany the declaration. However, the estimated tax may be paid in full with the

declaration.

If there was an overpayment on the 2002 Partnership Tax Return and on line 32b of

that return you elected to have that overpayment applied as a credit toward your 2003

estimated tax, enter the amount from line 32b on line 3 of the declaration. (Line 9 of

the Estimated Tax Worksheet)

To receive proper credit, you must enter your correct Employer Identification Number on your declaration and remittance.

NYC-5UB 2003

Form Nyc- 5ub - Partnership Declaration Of Estimated Unincorporated Business Tax - 2003 Page 2

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