Tax policy of New York State, USA

1995, the corporate tax in New York State was reduced from 9.675% in 1990 to 9%, and the major investment of manufacturing industry in New York State can get investment tax credit, which can greatly reduce the effective tax rate as low as 3.5%.

New York State Corporate Income Tax:

The tax rate for small businesses with annual net income less than $200,000 is 8%. If the net income is above $200,000 and not more than $290,000, it will be taxed at16,000, with 9% added to $200,000 to $250,000, and 5% added to the part exceeding $250,000. Large and medium-sized enterprises are taxed at 9%.

Sales tax:

The sales tax in New York State is 4%, and the local sales tax will be increased by 4% in most areas, and the sales tax will be increased by 0.25% in the areas covered by the new york Metropolitan Rapid Transit System (the sales tax in new york City is 8.25%). From March 2000 1, if the unit price of clothes and shoes purchased in new york is less than $65,438 +0 10, the state and city sales tax can be exempted, and only 4% of the state sales tax can be exempted outside new york, but local sales tax is still required.