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
