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:

• 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’s Corporate Tax Rate ranks 22^nd 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)

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