State Tax in New York

“The Empire State” levies State taxes in five progressive brackets. The Online Tax Center has enabled all New York Tax Payers to view their State Tax filings online and even check the status of their refunds. The five tax brackets in the great State of New York:

  1. Four per cent on the first $ 8,000 of taxable income
  2. 4.5 per cent for a taxable income between $ 8,001 and $ 11,000
  3. 5.25 per cent for a taxable income between $ 11,001 and $ 13,000
  4. 5.9 per cent for a taxable income between $ 13,001 and $ 20,000
  5. 6.85 per cent for a taxable income of $ 20,001 and over

 

It is important to note that for joint filings the rates remain the same but, the tax brackets are doubled. Also, New York City has its own tax rates and tax brackets. The State of New York’s ‘earned’ income credit has increased to 30 per cent. This is good news as this allows tax payers to offset the increases in Social Security and living expenses. It also helps in reducing taxes owed.

Sales Tax in New York

New York has lowered sales tax to four per cent as of June 1st 2005. Local tax rates vary a lot. Gasoline is taxed at 40.9 cents per gallon while, diesel is taxed 38.9 cents per gallon. A pack of 20 cigarettes is taxed at $ 2.75.

Property And Inheritance Tax Laws in New York

New York’s school districts, special districts, municipalities, counties, towns, villages, and cities levy Property Tax on the assessed value of the property. School Tax Relief Program (STAR) provides relief to owner occupied schools. New York has no inheritance tax.

New York Department of Taxation And Finance

Robert L. Magna was appointed by Governor Eliot Spitzer as the commissioner of New York Department of Taxation and Finance in the first quarter of 2008. He graduated from Fordham University in New York and he holds double Masters degrees; one in Public Policy from Fordham University and the other in Economics from London School of Economics. 

Stats For State Tax in New York

In 2004 The State of New York collected $ 42,327,000,000 in revenue. This equated to a average revenue per capita of $ 2,201.43 for the State of New York which is roughly 6.02 per cent. This places New York at number 19 for the highest percentage of revenue collected per capita for 2004.

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