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Tax & Financial
Incentives
New York's pro-business, pro-growth philosophy
offers companies job-creating tax cuts. We encourage
emerging technology growth with tax incentives
for research and development. Today, New York's
corporate tax rate is approaching the lowest level
since 1970. In four years, the cost of doing business
in New York dropped by 33%.
Among the many benefits for businesses that choose
New York State:
- Lower Business Costs
With workers' compensation costs down more than
one-third, New York businesses are saving over
$1 billion a year. Workplace safety has also
improved. In addition, unemployment insurance
costs are down by 33% per employee, saving employers
$600 million.
- Reduced Regulations
New York has eliminated or streamlined 1,300
regulations. We've also removed bureaucratic
red tape from the permitting process so that
businesses get faster service statewide.
- Tax Credits and Exemptions
We offer capital investment tax credits for
manufacturers that can yield up to 5%. Research
and development tax credits can yield up to
9%. And in distressed Empire Zones, your tax
credits can increase to 19%. Your investment
may also result in substantial reductions in
real property tax. In addition, New York has
no personal property tax and no sales tax on
production equipment, R&D property, and
fuels and utilities used in manufacturing or
R&D.
- Flexible Financing
Many types of financial assistance are available
through New York State to help ease the cost
of relocating or expanding.
For more information on New York State's tax
and financial incentives, contact Empire State
Development at 1-800-STATE-NY or 1-800 782-8369.
If your company is involved in one of New York
state's
major industries, please also contact our
industry specialists for further informaton.
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