New York Tax Rates, Collections, and Burdens
How does New York’s tax code compare? New York has a graduated individual income tax, with rates ranging from 4.00 percent to 10.90 percent. There are also jurisdictions that collect local income taxes. New York has a 6.50 percent to 7.25 percent corporate income tax rate. New York has a 4.00 percent state sales tax rate, a max local sales tax rate of 4.875 percent, and an average combined state and local sales tax rate of 8.52 percent. New York’s tax system ranks 49th overall on our 2023 State Business Tax Climate Index.
Each state’s tax code is a multifaceted system with many moving parts, and New York is no exception. The first step towards understanding New York’s tax code is knowing the basics. How does New York collect tax revenue? Click the tabs below to learn more! You can also explore our state tax maps, which are compiled from our annual publication, Facts & Figures: How Does Your State Compare?
State Tax Data
Individual Taxes
Business Taxes
Sales Taxes
All Related Articles
2024 State Business Tax Climate Index
In recognition of the fact that there are better and worse ways to raise revenue, our Index focuses on how state tax revenue is raised, not how much. The rankings, therefore, reflect how well states structure their tax systems.
111 min readDoes Your State Have an Estate or Inheritance Tax?
In addition to the federal estate tax, with a top rate of 40 percent, some states levy an additional estate or inheritance tax.
4 min readWhat Is the Real Value of $100 in Metropolitan Areas?
The differences in purchasing power can be large and they have significant implications for the relative impact of economic and tax policies across the United States.
3 min readHow Are Electric Vehicles Taxed in Your State?
The state EV taxation landscape reflects the evolving transportation sector and the pressing need to address both fiscal gaps in road funding and environmental concerns.
4 min readCounty Data Shows Repealing SALT Cap Would Benefit High-Income Earners
Any move to repeal the cap or enhance the deduction would disproportionately benefit higher earners, making the tax code more regressive.
5 min readWhere Do People Pay the Most in Property Taxes?
Property taxes are the primary tool for financing local governments and generate a significant share of state and local revenues.
6 min readStates Enact Semiconductor Subsidies in the Wake of CHIPS
Policymakers at all levels of government should avoid the pitfalls of incentives. Instead, they should focus on creating a more efficient, neutral, and structurally sound tax code to the benefit of all types of business investment.
6 min readHow High are Vaping Taxes in Your State?
If the policy goal of taxing cigarettes is to encourage cessation, vapor taxation must be considered a part of that policy design.
3 min readStates Move Away from Throwback and Throwout Rules
As more and more states move away from throwback or throwout rules, those states that still impose these rules are becoming less attractive for businesses, which are incentivized to relocate their sales activities to non-throwback states.
6 min read