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Below is a snapshot of key features of New York's tax system. (Scroll Down)
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State & Local Revenue (FY10)
- General Revenue, Own-Source (GROS): $181.7 billion
- General Revenue as a Share of Income: 19.9%
- Tax Revenue: $136.2 billion
- Tax Revenue as Share of income: 14.9%
- Personal Income Tax (Share of Tax Revenue): 31.2% (3 out of 51)
- Corporate Income Tax (Share of Tax Revenue): 6.7 % ( 3 out of 51)
- Sales & Excise Tax (Share of Tax Revenue): 25.3 % ( 42 out of 51)
- Property Tax (Share of Tax Revenue): 32.4 % ( 28 out of 51)
- Other Taxes (Share of Tax Revenue): 3.6 % (36 out of 51)
Personal Income Tax Features (2012)
- Range of Tax Rates: 4.0% - 8.82%
- Standard Deduction: $7,500 ($15,000 for Married Couples)
- Personal Exemption: None
- Dependent Exemption: $1,000
- Earned Income Tax Credit (EITC): 30% Refundable
- Temporary brackets and rates in place through 2014.
Corporate Income Tax Features (2012)
- Range of Tax Rates: 7.10%
- Income Level at Which Top Rate Applies: All
- Combined Reporting: Yes
- Apportionment Factor (Payroll): 0%
- Apportionment Factor (Property): 0%
- Apportionment Factor (Sales): 100%
Sales Tax Features (2012)
- State Sales Tax Rate: 4.00%
- Average Local Sales Tax Rate: 4.45%
- Average Combined State & Local Sales Tax Rate: 8.45%
- State Sales Tax Treatment of Groceries: Exempt
- Local Sales Tax Treatment of Groceries: Exempt
- Number of Services Taxed: 158 out of 168 surveyed
- Streamlined Sales Tax Membership: No
- "Amazon law" in effect
Property Tax Features (2012)
- STAR program exempts $30,000 of property value from school taxes.
- Provides a small circuit breaker to non-elderly taxpayers.
- Property taxes capped at the lesser of 2% or the rate of inflation
Other Tax & Revenue Features (2012)
- Gasoline Tax Rate (per gallon): $0.493
- Diesel Tax Rate (per gallon): $0.491
- Cigarette Tax Rate (per pack): $4.35
- Estate or Inheritance Tax: Yes
- Net Lottery Sales Per Capita: $358
Tax Policy Oversight
- Tax Expenditure Report: Yes
- Tax Incidence Analysis Capability: Personal income tax only
Last Updated October 4, 2012
Sources & Glossary
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