|
|
 |
| State Personal Income Tax |
Rate |
| Rate (range) |
4%-6.85% |
| Local Occupation
Tax Paid by Employee |
Rate |
| City Residents |
0 |
| Non-city Residents |
0 |
| Local Wage
Tax Paid by Employer |
Rate |
| City Residents |
0 |
| Non-city Residents |
0 |
| Gross
Receipts Tax Rate by type of Business |
| NOTE 1: The Article 9 corporate utility franchise tax on gross receipts no longer applies to companies providing energy services. Effective January 1, 2000, companies providing energy services, including gas and electric providers and pipelines, are taxed under Article 9-A, as are other businesses. The other Article 9 gross receipts taxes will be substantially reduced over a five-year period. The tax on energy as a commodity and the natural gas import tax will be eliminated by 2005. In addition, a refundable tax credit is provided for any of the gross receipts taxes and the gas import tax on manufacturing uses of energy paid on or after January 1, 2000.
|
| Workmans Compensation |
| Rate % |
Based on employee classification. Clerical Rate Code 8810, rate is $.036 per $100 |
| Maximum Weekly Benefit |
2/3 average weekly salary up to $400 |
| Unemployment
Insurance |
| Rate % |
4.1% for new employers, based on several factors including prior unemployment experience, the rate can vary from 1.5% to 9.9% |
| Maximum Weekly Benefit |
$ 405 |
| Corporate Income
Tax/Franchise Tax |
| |
State |
Local |
| Rate (range) |
MAX 7.1% |
0 |
| Formula (e.g. Sales, Property, Payroll) |
Single (100%) Sales Factor |
NA |
| Federal Taxes Deductible |
No |
NA |
| Accelerated Depreciation Permitted (Yes
or No) |
Yes |
NA |
Note: New York State's maximum corporate franchise (income) tax rate is 7.1% (6.5% for qualified NYS manufacturers).
Corporations pay the highest tax computed on the following four alternative bases:
1. a tax of 7.1% (6.5% for qualified NYS manufacturers) on allocated entire net income.
2. a tax of 0.178% on allocated business and investment capital (maximum for manufacturers: $350,000; maximum for non-manufacturers: $1 million);
3. a tax of 1.5% on allocated minimum taxable income; and
4. a separate minimum tax at fixed dollar amounts, ranging from $100 to $1,500.
An additional tax of 0.09% applies to a corporation's allocated subsidiary capital.
|
Property taxes in New York are
imposed on real property only. Personal property, whether tangible
or intangible, is exempt from as valorem taxation for both
State and local purposes.
|
| Sales/Use Tax Rate |
| State |
4.00% |
| Local |
4.00% |
| Total |
8.00%1 |
| Electric Power |
8.00%2 |
| Natural Gas |
8.00% |
| Sales
Tax Rate by Utility |
| Fuel Oil |
8.00%3 |
| Water |
None |
| Sewer |
None |
| Hazardous Waste Disposal |
8.00%4 |
NOTE 1: Machinery and equipment used primarily or exclusively in the production of tangilble goods is exempt from sales/use tax.
NOTE 2: Fuels and utilities used or consumed in the manufacturing process are exempt from sales/use tax.
NOTE 3: Fuel, gas, electricity, refrigeration, and steam used or consumed directly and exclusively in the production of tangible personal property, gas, electricity, refrigeration or steam, for sale is exempt.
NOTE 4: Article 27 of the Environmental Conservation Law imposes special assessments on hazardous waste disposal, which are co-administered by the Tax Department. The assessments range from $2 to $27 per ton.
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