Tax Laws in New York.

Graduated rates from 4% to 10.9% on NY taxable income over $25 million. New York partially conforms to the federal IRC.

NYC imposes its own progressive income tax on residents (3.078% to 3.876% top rate on income over $50,000 married / $25,000 single).

Yonkers imposes income tax: 16.75% surcharge on state liability for residents; 0.5% on NY source earnings for non-residents working in Yonkers.

4% state sales tax. Local taxes bring combined rates to 7.0%-8.875% (New York City rate: 8.875%). Many services taxable in NY that are exempt elsewhere.

7.25% on entire net income (ENI) for most corporations. 6.5% for small business corporations under $290K income. 0.05% capital base tax also applies.

Applies to estates over NY basic exclusion ($6.94M in 2024). Cliff effect (no exemption if >105% of threshold). Rates up to 16%.

Property tax administered locally. New York has STAR (School Tax Relief) program and various exemptions. Among highest effective rates nationally (especially Westchester, Nassau, Long Island).