POPULATION: 19,541,453 (July 1, 2009)
LABOR FORCE: 9,806,000 (July 2010)
RIGHT TO WORK: No
TRADITIONAL INDUSTRIES: Manufacturing, transportation,
agriculture, tourism
EXPANDING INDUSTRIES: Biomedical/biotech; green/clean
tech; communications and media
services; distribution; fashion,
apparel, and textiles; food processing;
industrial machinery and
systems; information hardware
and software; materials processing;
optics and imaging; wood
products
COLLEGE GRADUATES: (Age 25 and over) 31.9% (2009)
BASIC BUSINESS TAXES:
Corporate Income Tax: NYS's
maximum corporate franchise
(income) tax rate for most corporate
taxpayers is 7.1 percent; for
qualified NY manufacturers the
corporate franchise tax is 6.5 percent.
Corporations pay the highest
tax computed on the following
four alternative bases: (1) a tax
of 7.1 percent (6.5 percent for
qualified NYS manufacturers) on
allocated entire net income; (2) a
tax of 0.15 percent on allocated
business and investment capital
(maximum for qualified NYS manufacturers:
$350,000; maximum
for nonmanufacturers: $10 million
for tax years beginning on/after
Jan. 1, 2008 but before Jan. 1,
2011; $1 million for tax years
beginning on/after Jan. 1, 2011;
(3) a tax of 1.5 percent on allocated
minimum taxable income; and
(4) a separate minimum tax at
fixed dollar amounts, based on
NY receipts, ranging from $25 to
$5,000
Sales and Use Tax: NYS imposes
a sales/use tax at the rate of 4
percent. Counties and cities
may impose a sales tax up to a
combined maximum of 3 percent
within their respective territorial
limits. A number of localities
have been authorized to
impose tax at additional rates
(i.e., in excess of 3 percent),
ranging from 1/4 percent to 1
5/8 percent. An additional 0.375
percent sales tax rate is charged
in counties located within the
Metropolitan Commuter
Transportation District (12-county
area in the lower Hudson Valley,
New York City, and Long Island).
Manufacturing, aircraft, EZ, and
IDA exemptions exist.
Property Tax: New York State
does not levy real property taxes,
however property taxes are
levied by local governments. The
counties, which are the principal
taxing local units, operate under
the town system, so that much of
the actual administration and collection
of taxes is accomplished
at the municipal level. Counties,
cities, towns, villages, and school
and special districts all have independent
powers of taxation.
Rates vary according to location
BUSINESS INCENTIVES:
New York State Economic
Development Fund
Excelsior Jobs Program
Manufacturing Assistance
Program
Environmental Investment
Program
Linked Deposit Program
Minority- and women-owned
business development
Small Business Revolving Loan Fund
Emerging technology tax credits
Film and TV production tax credits
