Taxes

ONE OF THE LOWEST CORPORATE INCOME TAX RATES

New York State now has one of the lowest corporate income tax rates in the Northeast. In addition to lower corporate taxes, New York offers a variety of incentives to companies expanding or relocating in the Empire State.

Drum Country Business helps growing businesses access several categories of economic development incentives

7.1%> Tax Rate


NY State Corporate Tax Rate

0$ Tax Bracket


NY State Corporate Tax Bracket

Incentives to companies expanding or relocating in the Empire State include:
  • Cash Incentives
  • Emerging Technologies
  • Investment Tax Credit
  • Lower Corporate Tax
  • No personal property tax
  • Real Property Tax Abatement
  • Research and Development (R&D) Tax Credit
  • Sales Tax Exemptions
  • Single Sales Factor Apportionment

Fact 1


New York State’s Corporate Tax Rate ranks 13th in the nation. (Tax Foundation www.taxfoundation.org)

Fact 2


New York State allows an Investment Tax Credit at 5% of the first $350 million of investment or 4% of amount in excess of $350 million or 4% of basis. (www.iowalifechanging.com)

New York State Tax Rates

Standard Deduction Personal Exemptions
State Federal Deductability Rates Brackets Single Double Single Double
NY No 4% $0 $7,500 $15,000 n.a. $1,000
4.5% $8K
5.25% $11K
5.9% $13K
6.85% $20K
7.85% $200K
Four pictures of scenes from a factory highlight business growth

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