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Inward Investment Guides

Revolutionary Advances in Life Sciences amid Industry Disruption and Uncertainty

Mark Crawford (Q4 2014)
Major economic, social, and regulatory factors are having big impacts on the life sciences and medical device industries, representing an opportunity for innovative companies to become new leaders and gain market share. More

Electronics, Photonics, and Digital Media Sectors: Key to Future U.S. Competitiveness

Mark Crawford (Q3 2014)
These interconnected industries will be drivers in stimulating economic growth, creating jobs, and improving global competitiveness. Collaboration among private-sector companies, universities, and government on research and commercialization will be vital. More

Automotive Lightweighting Leads to Industry Investment

Joshua Cregger, Project Manager, Center for Automotive Research (Advanced Industries 2014)
New fuel economy and greenhouse gas regulations are leading to the demand for new materials as well as new manufacturing and design methods to lightweight vehicles. More

Advanced Manufacturers Utilize Incentives to Improve Financial Performance

Gregory Burkart, Managing Director and Practice Leader, Site Selection & Business Incentive Advisory Services, Duff & Phelps, LLC (Advanced Industries 2014)
Incentives have moved from the fringes of a project to being a part of the competitiveness equation in bringing manufacturers back to the U.S. More

2014 Gold Shovel Awards: Excellence in State Job Creation and Economic Development Efforts

Area Development Magazine Special Presentation (Q2 2014)
Area Development’s annual Gold and Silver Shovel Awards recognize individual states for their economic development prowess. We honor 20 states for their achievements in 2013 in garnering company investment and job creation. More

Leading Locations for 2014: The MSAs with Strongest Prime Work Force Growth

Dale D. Buss, Staff Editor,  (Q2 2014)
A yawning gap has developed between millions of potentially available workers and the increasingly sophisticated skills they would require to qualify for today’s generally tech-oriented jobs. More

The Regional Impact of Quality of Life on Entrepreneurial Decisions

Dan White, Moody's Analytics (Q2 2014)
One of the most often cited reasons for the location of a new business is quality of life, yet it is one of the areas policymakers most often overlook. More

Energy Innovation Boosts Foreign Direct Investment

Christopher Steele, Global COO and North American President, Ivestment Consulting Associates (Location USA 2014)
International investors can avail themselves of incentives to develop conventional as well as non-conventional sources of energy and other innovative technologies. More

NEW YORK at a glance

POPULATION: 19,465,197 (2011 estimate)

LABOR FORCE: 9,545,400 (August 2012)

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) 32.9% (2011)

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 on entire net income is 6.5 percent (for eligible qualified NYS manufacturers the rate is reduced to 3.25 percent for tax years beginning on/after Jan. 1, 2012 and before Jan. 1, 2015). Corporations pay the highest tax computed on the following four alternative bases: (1) a tax of 7.1 percent (3.25 percent for eligible qualified NYS manufacturers until 2015, when the rate will be 6.5 percent) 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: $1 million; (3) a tax of 1.5 percent on allocated minimum taxable income (0.75 percent for eligible qualified NYS manufactures until 2015, when the rate will be 1.5 percent); and (4) a separate minimum tax at fixed dollar amounts, based on NYS receipts, ranging from $25 to $5,000 (except for eligible qualified NYS manufacturers, for which the rates will be onehalf of the amounts until 2015). An additional tax of 0.09 percent applies to a corporation's allocated subsidiary capital.

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, 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

Investment Tax Credit

Economic Transformation Program

Innovate NY

Principal Manufacturing industries

  • Machinery
    17.2%
  • Computer & Electronic Products
    13.7%
  • Food
    10.7%
  • Fabricated Metal products
    10.6%
  • Transportation Equipment
    4.5%
  • Plastics & Rubber Products
    4.5%
  • Printing & Related Support Activities
    4.4%
  • Other Manufacturing Industries
    34.4%