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.