Taxes

New York State now has one of the lowest corporate income tax rates in the Northeast. In addition to lower corporate taxes, New York offers a variety of incentives to companies expanding or relocating in the Empire State. These include:

  • Cash Incentives
  • Emerging Technologies
  • Investment Tax Credit
  • Lower Corporate Tax
  • No personal property tax
  • Real Property Tax Abatement
  • Research and Development (R&D) Tax Credit
  • Sales Tax Exemptions
  • Single Sales Factor Apportionment

New York State Corporate Tax Rate: 7.1%>

New York State Corporate Tax Bracket: 0

New York State levies a 4% general sales or use tax on consumers, below the national median of 5.85%.

New York State Tax Rates

Standard Deduction

Personal Exemptions

State

Federal Deductability

Rates

Brackets

Single

Double

Single

Dependents

NY No 4% $0 $7,500 $15,000 n.a. $1,000
4.5% $8K
5.25% $11K
5.9% $13K
6.85% $20K
7.85% $200K

Source: State Individual Income Tax Rates, As of February 1, 2010

New York State’s Corporate Tax Rate ranks 22nd in the nation based on overall burden, complexity, compliance costs and other factors.

Source: Tax Foundation (www.taxfoundation.org)

New York State allows an Investment Tax Credit at 5% of the first $350 million of investment or 4% of amount in excess of $350 million or 4% of basis.

Source: (www.iowalifechanging.com)