New York has competitive tax rates, including a sales tax rate that is almost 2 percent less than the national median rate.
Another tax advantage is New York’s tax abatement policies, which do the following:
- Eliminates corporate tax surcharge
- There is no tax on personal property or the acquisition of manufacturing machinery and equipment.
- Makes investment tax credits available to manufacturing and research and development firms
- Provides real property tax savings for new and expanding business through “Payments In Lieu Of Tax” (P.I.L.O.T.) programs.
New York’s Individual Income Tax System
New York’s individual income taxes go up to 8.97%.
New York’s Corporate Income Tax System
New York’s corporate tax structure is composed of a flat rate of 7.1%.
New York Sales and Excise Taxes
New York has a 4 % general sales or use tax on consumers, which is less than the national median rate of 5.85 %.
County Sales Tax
The sales tax rate in Cortland County is 4 %. Overal state and county sales tax equals 8 %.