State Tax Laws - New York

Personal tax rates range from 4% to 8.82%. Standard deduction is $7,500, double if a married couple, and dependents contribute another $4,000 each. New York City also has an income tax. New York has an estate tax over $1 million if the decedent is a US citizen, or if a non-citizen only if they need to file an estate tax. Talk about trying to give people a reason to surrender citizenship!

However, for lower income taxpayers there are a number of valuable credits. This includes refundable child and dependent care credits, the empire state credit and even a NY earned income credit! There are additional credits for New York City residents as well.

Corporate tax in the big apple is a flat rate 7.1%. Sales taxes state-wide are only 4% but cities and counties can add up to 5% more. There are a range of business credits available as well- ranging from film credits to solar installation and more. For more information on NY taxes you may view: http://www.tax.ny.gov/


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