If there is one state that loves business, it is New York. The low operation costs not to mention the many business exemptions in New York state taxes has drawn a great number of well known companies for years. Whether starting from the ground up or running a worldwide corporation, keeping any enterprise running can often be made difficult with various legal requirements and tax obligations. In an attempt to bring business to the state and give business owners a break, low New York state taxes and exemptions are offered to companies specializing in everything from manufacturing to research and development.
When it comes to New York state taxes, companies find they face no tax obligation on such things as production equipment, fuels or utilities used for manufacturing purposes. The same goes for equipment used in research and development ventures. Plus, there are deep cuts in property taxes and easy financing for companies looking to expand their operations. In most states, companies have their hands tied by paperwork and formalities that waste both time and money. In New York, significant effort has been put forth to resolve this issue. The ease of doing business is as big a factor in attracting companies as the benefit of low New York state taxes.
New companies that create jobs can see a 10% credit in their New York state taxes. Companies that specialize in technology and venture into the world of developing new advancements can expect to see even further tax incentives. Aside from a 9% corporate tax credit, they will receive an additional $1000 dollar tax credit per employee. Any time a company can receive assistance in the areas of regulation and taxes, it is of great benefit as developing any kind of business is risky. Many great companies go under simply trying to handle the burden of taxation on both state and federal levels.
Whether it’s the many credits of New York state taxes or the offer of less bureaucracy, a large number of companies are finding good reason to do business in the Empire State. It is no secret that the all the tax cuts now allow New York to boast having one of the lowest corporate income tax rates in the entire Northeastern United States.
Even more incentives are given to minority and women owned businesses as well as those who establish businesses in what are called Empire Zones. Those in Empire Zones can not only help develop communities but revive commercial property rates. There are many large well known corporations who now base themselves in Empire Zones.