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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 (FY08)
- General Revenue, Own-Source (GROS): $184.1 billion
- General Revenue as a Share of Income: 19.8%
- Tax Revenue: $138.3 billion
- Tax Revenue as Share of income: 14.8%
- Personal Income Tax (Share of Tax Revenue): 33.6% (4 out of 51)
- Corporate Income Tax (Share of Tax Revenue): 8.2% (5 out of 51)
- Sales & Excise Tax (Share of Tax Revenue): 24.5% (44 out of 51)
- Property Tax (Share of Tax Revenue): 28.3% (31 out of 51)
- Other Taxes (Share of Tax Revenue): 2.8% (32 out of 51)
Personal Income Tax Features (2011)
- Range of Tax Rates: 4.0% - 8.97%
- Standard Deduction: $7,500 ($15,000 for Married Couples)
- Personal Exemption: None
- Dependent Exemption: $1,000
- Earned Income Tax Credit (EITC): 30% Refundable
- Top rate falls to 6.85% in 2012 when top two brackets expire
Corporate Income Tax Features (2011)
- 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 (2011)
- 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 (2011)
- 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 (2011)
- Gasoline Tax Rate (per gallon): $0.507
- Diesel Tax Rate (per gallon): $0.491
- Cigarette Tax Rate (per pack): $4.35
- Estate or Inheritance Tax: Yes
- Net Lottery Sales Per Capita: $326
Tax Policy Oversight
- Tax Expenditure Report: Yes
- Tax Incidence Analysis Capability: Personal income tax only
Last Updated August 25, 2011
Sources & Glossary
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