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If you are an individual who is exempt from Medicare taxes, you still may be subject to the Net Investment Income Tax if you have Net Investment Income and also have modified adjusted gross income over the applicable thresholds.
Business and Investment Capital is the total investment and business capital allocated to New York State after deducting short-term and long-term liabilities attributable to assets. It is taxed at a rate of 0.15%. The tax is capped at $350,000 for qualified New York manufacturers, and $1 million for all other taxpayers. Minimum Taxable Income (MTI) is a businessâs entire net income allocated to New York State plus certain federal tax preferences and adjustments that are allocated to New York.