State & Local Taxes
State Property Taxes
New York does not impose a state property tax.
Local Property Taxes
The following table outlines tax rates for Monroe County, the Village of Brockport, and the Towns of Sweden and Clarkson (rates assessed per $1,000 of 100% assessed value).
The following charts show real estate property taxes paid for Greater Brockport housing units in 2010 compared to the New York State average as well as median real estate property taxes in Greater Brockport.
NYS Corporation Tax
If your business is incorporated in New York State or does business or participates in certain other activities in New York State, you may have to file an annual New York State corporation tax return.
The way you compute the tax and the type of return you file will depend on the type(s) of business your corporation conducts.
Definitions for Corporations
A general business corporation that is subject to tax under Article 9-A is every corporation except:
▶ a banking corporation (Article 32);
▶ an insurance corporation (including certain for-profit HMOs) (Article 33);
▶ a transportation and transmission corporation [other than aviation corporations, corporations principally engaged in transportation, transmission or distribution of gas,
● electricity or steam (TTD corporations), and non-electing railroad and trucking corporations (Article 9)];
▶ a farmer's cooperative or an agricultural cooperative (Article 9);
▶ a nonstock or not-for-profit corporation, no part of whose net earnings inures to the benefit of any officer, director or member;
▶ a continuing section 186 taxpayer (Article 9).
The entire net income (ENI) base equals federal taxable income allocated to New York State with certain modifications for items of income and deduction that New York treats differently. The current tax rates for ENI are as follows:
The business and investment capital base is the total investment and business capital allocated to New York State after deducting short-term and long-term liabilities attributable to assets. The current tax rate is .15%. (A new small business corporation may claim an exemption from the tax on this base for its first two tax years if it meets certain requirements.) The tax on capital is limited to $350,000 for qualified New York manufacturers, and $1 million for all other taxpayers.
The minimum taxable income (MTI) base equals entire net income allocated to New York State plus certain federal items of tax preference and adjustments allocated to New York. Taxpayers are allowed to deduct an alternative net operating loss against this base. The current tax rate is 1.5%.
For tax years beginning on or after Jan. 1, 2012, and before Jan. 1, 2015, the MTI tax rate for eligible qualified New York manufacturers is .75%. The fixed dollar minimum (FDM) tax is determined by the corporation's New York State receipts. The current amounts of the FDM tax are as follows:
Sales & Use Tax
4.0 percent statewide with a local (Monroe County) rate of 4.0 percent. Sales tax applies to retail sales of certain tangible personal property and services. Use tax applies if you buy tangible personal property and services outside the state and use it within New York State.
You must file and pay the franchise tax on general business corporations if:
▶ you're a domestic corporation (incorporated in New York State); or
▶ you're a foreign corporation (incorporated outside New York State) or a foreign corporate partner (general or limited) that does business, employs capital, owns or
● leases property, or maintains an office in New York State.
Calculating the tax:
|Highest tax based on four bases||Subsidiary capital tax|
||Subsidiary capital tax (if you have subsidiaries)|
New York does not impose an inventory tax.
Unemployment Insurance Rate
For 2013, the range of New York State Unemployment Insurance total tax rates is as follows:
Fuel Use Tax/International Fuel Tax Agreement (IFTA)
If you're a motor carrier, you report to a single base jurisdiction all the fuel use taxes owed to New York and other jurisdictions. IFTA applies to most states and Canadian provinces. New York State participates in IFTA to administer and collect its fuel use tax.
Vehicles requiring IFTA licenses and decals:
A qualified motor vehicle operating in more than one IFTA jurisdiction must have an IFTA license and decals to operate on New York State public highways.
▶ A qualified motor vehicle includes those used, designed, or maintained for transportation of people or property, and that meet any of the following:
● Two axles and a gross vehicle weight (or registered gross weight) exceeding 26,000 pounds (11,197 kilograms).
● Three or more axles, regardless of weight.
● Used in combination, and the gross vehicle weight of the combination is more than 26,000 pounds (11,797 kilograms).