New York Tax FAQs

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New York Tax Forms

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New York Corporate Taxes

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• New York Tax Rates & Brackets:
  
  7.1%> $0
  
• Loss Carry-back/fwd: 2 Years Back ($10,000 max.) / 20 Years Forward (Unlimited)
• Throwback Sales?: N
• Foreign Tax Deductible?: N
• Alternative Minimum Tax (AMT): Y
• Gross Receipts Tax: N
• Capital Stock (Net Worth) Tax?: 0.150% ($10,000,000 max.)

New York Tax Incentives and Credits

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• Job Credits?: Y
• R&D Credits?: Y
• Investment Credits?: Y

New York Individual Income Taxes

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• New York tax rates and brackets:
  
  4%> $0
  4.5%> $8,000
  5.25%> $11,000
  5.9%> $13,000
  6.85%> $20,000
  7.85%> $200,000
  8.97%> $500,000
  
• Local Option IT Rate: 1.70%
• Federal Inc used as Base?: Y
• Standard Deductions: Single $7,500 / Joint $15,000
• Personal Exemptions/Credits (c): Single N/A / Joint N/A / Dependent $1,000
• Federal Tax Deductible?: N
• State Tax Deductible?: Y
• Alternative Minimum Tax (AMT)?: Y

New York Estate, Gift and Inheritance Taxes

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• Gift Tax?: N
• Estate Tax?: Decoupled
• Inheritance Tax?: N
• Generation-Skipping Tax?: N

New York Miscellaneous Taxes

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• Gas Tax: 33.2 cents/gallon
• Diesel Tax: 31.4 cents/gallon
• Cigarette Tax: 275.0 cents/20 pack

New York Pass-through Tax Treatment

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• LLC Pass-through Recognized?: Y
• S-Corp Pass-through Recognized?: Partial

New York Payroll Taxes

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• Unemployment Insurance Tax Index (TaxFoundation.org): #47

New York Property Taxes

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• Median Tax Paid on Homes (Rank): $3,622 (#4)
• Median Value of Homes: $318,900
• Tax as % of Home Value (Rank): 1.14% (#17)
• Median Income of Homeowner: $76,409
• Tax as % of Income (Rank): 4.74% (#6)

New York Sales and Use Taxes

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• State Rate: 4.00%
• County & City (Weighted Ave): 4.30%
• Combined State and Ave. Local Rates (Rank): 8.30% (#7)
• General Treatment of Services: Many Taxable
• Gasoline: Partial
• Groceries: Exempt