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U.S. Legislative, Incentives, & Economic Development Policies Update

Jason Hickey, President, Hickey & Associates, LLC (Q1 2016)
Growing companies need to be aware of the many changes states are making to their incentives policies. More

Regional Report: Mid-Atlantic Region Retaining & Growing Jobs Through Diversification

Dale D. Buss, Staff Editor, Area Development (Directory 2016)
The Mid-Atlantic States are putting measures in place to retain their traditional manufacturing jobs, while also securing investments in pharma, wellness-based food, and other emerging sectors. More

Why Location Matters to Manufacturers in Lessening the Tax Bite

Hartley Powell, Tax Managing Director and National Practice Leader , GLES , KPMG (Directory 2016)
A manufacturing company must carefully assess the type of taxes imposed and the methodology in computing these taxes in each location under consideration. More

Data Center Demand Emerges Throughout New Locations in North America

Area Development Research Desk (Directory 2016)
Data centers are key economic drivers in markets within which they operate, and operators have looked to be more efficient with their locations, expanding into regions with more flexible utility costs, incentives packages or lower taxes. More

North American Seaport Outlook: Potential Shift in Ports of Call

Area Development Research Desk (Q3 2015)
JLL’s research reveals that, although the ports of Long Beach and Los Angeles will remain the primary U.S. gateways, Gulf and Eastern Seaboard ports are anticipated to capture even more West Coast discretionary cargo when the new Panama Canal opens next year. More

Frontline: NIH Expands Its REACH

Karen Thuermer (Q2 2015)
Bioresearch got a shot in the arm when the National Institutes of Health announced that three proof-of-concept hubs would join three already existing Research Evaluation and Commercialization Hubs: The Long Island Bioscience Hub, The University of Louisville and The University of Minnesota. More

2015 Gold & Silver Shovel Awards Recognizing Excellence in State Job Creation and Economic Development Efforts

Area Development Special Presentation (Q2 2015)
Area Development’s annual awards recognize individual states for their overall economic development effectiveness. This year, we honor 21 states for their achievements in 2014 in garnering investment and job creation with Texas, Georgia, Tennessee, South Carolina and Nevada awarded the Gold Shovel. More

Welcoming Others Remains an American Tradition

Nancy McLernon, President & CEO, Organization for International Investment (OFII) (Location USA 2015)
Global investors looking to expand in the U.S. will find an unrivaled consumer market; excellent education system; skilled, productive workforce; and transparent regulatory environment among other advantages. More

NEW YORK at a glance

POPULATION: 19,570,261

LABOR FORCE: 9,615,300

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) 32.4%

BASIC BUSINESS TAXES:
Corporate Income Tax: Qualified New York State manufacturers now pay a 0 percent corporate income tax rate.
New York State’s maximum corporate franchise (business income) tax rate for most corporate taxpayers is 7.1 percent (6.5 percent for tax years beginning Jan. 1, 2016). In 2015, corporations pay the highest tax computed on the following three alternative bases:
(1) a tax of 7.1 percent (6.5 percent for tax years beginning Jan. 1, 2016) on allocated business income (0 percent for qualified New York State manufacturers);
(2) a tax of 0.15 percent (0.136 percent for qualified New York State manufacturers) on allocated business capital (the maximum for qualified New York State manufacturers is $350,000, and the maximum for nonmanufacturers is $5 million [NOTE: the capital base is being phased out through 2021]); and
(3) a separate minimum tax at fixed dollar amounts, based on New York State receipts, ranging from $25 to $200,000 (the maximum fixed dollar minimum tax for qualified New York State manufacturers is $4,385 and is being reduced to $3,750 by tax year 2018).

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:

START-UP NY

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

  • Computer & Electronic Products
    13.2%
  • Fabricated Metal products
    12.1%
  • Food
    11.6%
  • Machinery
    9.3%
  • Chemicals
    8.6%
  • Plastics & Rubber Products
    4.7%
  • Printing & Related Support Activities
    4.7%
  • Apparel
    4.4%
  • Transportation Equipment
    4.3%
  • Other Manufacturing Industries
    27.1%