Business Information & Rankings
- New York State is the world’s eleventh largest economy.
- It ranked 3rd in the nation in high technology employment; high-tech payroll, and 4th in number of high-tech establishments (Cyberstates: 2005 report).
- New York State is ranked 1st in the nation in number of Fortune 500 companies headquartered with 54 (Fortune Magazine, 2005).
- It is ranked 4th in the nation in attracting new and expanded corporate facilities, (Site Selection Magazine, March 2005).
Cost of living
|For Queens, NY (2005)||Index Score|
|Misc. Goods & Services:||130.1|
New York has the 6th lowest overall crime ranking in the U.S. (FBI, 2004)
Fees & Taxes
Business Inventory Tax
Business inventory is exempt.
Corporate Income Tax
New York’s corporate tax structure is composed of a flat rate of 7.5% on all corporate income.
Personal Income Tax
New York’s personal income tax system consists of five brackets with a top rate of 7.7% starting at an income level of $8,000. For the past thirty years, New York has consistently maintained one of the nation’s highest overall state/local tax burdens.
Personal Property Tax
New York does not assess tax on intangible personal property. Real property in New York is taxed based on its value. New York State law provides that every property in most municipalities be assessed at a uniform percentage of value. It doesn’t matter what percentage is determined, just that everyone pays the same percentage not to exceed 100%.
State Sales and Use Tax
Base Rate: 4%*
Machinery Rate: none
*Local rates vary. The combined sales tax rate in some areas could be more than 8%.
An exemption is given for machinery and equipment (not including parts with a useful life of one year or less, tools and supplies) used in manufacturing, processing or mining.
New York’s new employers’ rate is 4.1% for 15 months.