Gross investment income cannot exceed 8% of the taxpayer’s ENI, and any excess is characterized as business income. If a corporation owns or controls less than 20% of voting power of the stock of a corporation, the corporation is presumed to not be conducting a unitary business with the corporation.
Small businesses qualify depending on their level of income.įinancial corporations are corporations, or combined groups that meet the definition set forth in Administrative Code section 11-654(1)(e)(1)(i). Qualified manufacturing corporations must meet certain property and receipts tests. The tax applies to business income, however, business capital and gross receipts are alternative minimum tax bases