Tax competitiveness in New York reflects the state and city’s ability to attract and retain residents and businesses relative to other jurisdictions, largely influenced by the nation’s highest combined tax burdens and high per-capita spending. This page covers CBC’s work on corporate and personal income tax rates, the migration of high-income earners, economic development tax incentives, property tax reform, and comparisons of state and local tax and spending levels.
This page was created with AICBC Insights uses AI to group, analyze and present data and recommendations from CBC's publications. Always reference the cited sources to verify important details..
The State and City should hold the line on taxes and not include State or City tax increases in one-house or enacted budgets.
The State and New York City should double down on getting the most out of their budgets by efficiently delivering high-quality services rather than raising taxes.
The State should hold the line on taxes to maintain economic competitiveness.
Policymakers should review and reduce burdensome regulations that do not serve New Yorkers' interests.
The State should curb the $5 billion in economic development tax breaks, capital spending, and programs that fail to deliver results.
Policymakers should shift funding from lower-impact programs to affordability and other priority needs.
The State should drive service quality and efficiency improvements with performance data, accountability, and targeted programs.
Key Data
New York City businesses face the nation's highest top combined corporate tax rate of 17.44 percent, which includes State, City, and MTA-region taxes, as of February 2026.
In 2023, New York State and its localities spent 40% more than the national per-capita average, ranking higher than all other states except Alaska and California.
New York State’s share of the nation’s millionaires fell from 12.7 percent in 2010 to 8.7 percent in 2022, representing a significant shift in the tax base.
New York's tax burden is significantly higher than the national average, with the state collecting 78% more per person than the rest of the country. This high tax environment is contributing to the loss of high-income earners and businesses, as evidenced by a decline in the state's share of millionaires and a net loss of 140,000 residents in 2024.
Recommendations related to Tax Competitiveness
The State and City should hold the line on taxes and not include State or City tax increases in one-house or enacted budgets.
The State and New York City should double down on getting the most out of their budgets by efficiently delivering high-quality services rather than raising taxes.
Key Data
78%
— Amount more in taxes collected per person in New York compared to the national average.
$11 billion
— Amount of additional personal income tax receipts the State would have this year if it had maintained its 2010 share of the nation's millionaires.
140,000
— Number of more people who moved from New York State to other parts of the country than moved in during 2024.
41
— Number of publicly traded company headquarters lost in New York between 2020 and 2025.
43%
— Share of New York State's personal income taxes paid by filers with income over $1 million in 2023.
$76 billion
— Potential savings if New York State and its localities spent at the same level as New Jersey.
New York City businesses currently face the highest combined corporate tax rate in the nation at 17.44 percent, and further tax increases would threaten the state's economic competitiveness. Instead of raising taxes, the state should focus on reducing burdensome regulations, curbing ineffective economic development tax breaks, and shifting funding toward higher-impact programs.
Recommendations related to Tax Competitiveness
The State should hold the line on taxes to maintain economic competitiveness.
Policymakers should review and reduce burdensome regulations that do not serve New Yorkers' interests.
The State should curb the $5 billion in economic development tax breaks, capital spending, and programs that fail to deliver results.
Policymakers should shift funding from lower-impact programs to affordability and other priority needs.
The State should drive service quality and efficiency improvements with performance data, accountability, and targeted programs.
Key Data
17.44 percent
— The top combined corporate tax rate faced by New York City businesses, which is the highest in the nation.
22.48 percent
— The projected top combined marginal corporate tax rate in New York City if the State raises its top rate to match New Jersey.
$19.7 billion
— Total statewide business tax collections in fiscal year 2025.
$4.7 billion
— Total Payroll Mobility Tax collections in 2026, which more than doubled from $1.8 billion in 2022.
15 percent
— The amount by which insurance premiums in New York are higher than the national average.
47 percent
— The amount by which commercial per kilowatt hour electricity costs in New York are higher than the national average.
New York State and its localities lead the nation in tax collections, with $12,495 collected per capita, and rank third in spending at $15,894 per capita. These figures represent a significant outlier compared to the national average, with corporate income tax collections per $1,000 of State GDP reaching $18.4, the highest in the country.
Key Data
$12,495
— New York State and its localities collected this amount in taxes per capita, ranking as the highest of all states.
$15,894
— New York State and its localities spent this amount per capita, which is 40% more than the national average.
112%
— New York State and its localities collected this much more in personal income tax per $1,000 of income than the national average.
$18.4
— New York State and its localities collected this amount in corporate income tax per $1,000 of State GDP, the highest of all states.
40%
— New York State and its localities spent this much more than the national per-capita average in 2023.
New York faces a significant structural budget gap and the nation's highest tax burden, which threatens the state's economic competitiveness and fiscal stability. To avoid a future crisis, state leaders must prioritize fiscal discipline by holding the line on taxes, curbing ineffective spending, and reallocating funds from wealthy school districts and underperforming economic development programs.
Recommendations related to Tax Competitiveness
State leaders should hold the line on taxes, as higher taxes risk dislocation and are unnecessary.
The state should shift dollars from lower-impact programs to affordability and other priority programs to avoid raising taxes.
Albany should end aid increases to school districts with declining enrollment to save $500 million annually.
The state should redirect $2.5 billion in state aid provided to wealthy districts that already self-fund a sound basic education.
The state should curb the $5 billion in economic development tax breaks and programs that fail to deliver results.
Key Data
$20 billion
— The size of the state's current structural budget gap.
17.44%
— The combined corporate tax rate in New York City, which significantly exceeds New Jersey's 11.5% rate.
$10 billion
— The amount of additional annual revenue the state would be collecting if its share of the nation's millionaires had held steady since 2010.
$80 billion
— The amount New York State and its localities would save annually by spending at the same per-person level as New Jersey.
$5 billion
— The amount of economic development tax breaks and programs that fail to deliver results and should be curbed.
$2.5 billion
— The amount of state aid provided to wealthy districts that already self-fund a sound basic education, which should be redirected.
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New York City's reliance on high-income earners to fund essential services is threatened by a declining share of millionaires and a shrinking tax base, as residents across all income levels increasingly relocate to other states. To reverse this trend and maintain fiscal stability, the city must prioritize improving its value proposition through housing affordability, public safety, and efficient service delivery rather than relying on further tax increases.
Recommendations related to Tax Competitiveness
Expanding housing production to improve affordability is paramount to ensuring that living in New York remains feasible and attractive for a broad range of residents.
Clean and safe streets are equally vital, providing the order and quality of life that residents, businesses and visitors deserve.
High-quality and efficient public services — from transit to education — support a prosperous city.
Stable public finances preserve services for all New Yorkers.
Focusing on the fundamentals strengthens New York City’s value proposition.
Key Data
40%
— Share of New York’s personal income taxes paid by filers with adjusted gross income over $1 million in 2022.
35%
— Decline in the share of U.S. millionaires living in New York City between 2010 and 2022.
$2.5 billion
— Additional personal income tax revenue the City would have collected in 2022 if it had maintained its 2010 share of millionaires.
$10.7 billion
— Additional personal income tax revenue the State would have collected in 2022 if it had maintained its 2010 share of millionaires.
14.776%
— New York State’s and City’s combined top marginal tax rate for the highest earners, which currently tops the nation.
91,000
— Number of more residents who moved out of the city to other parts of the U.S. than moved in during 2024.
New York's share of the nation's millionaires has fallen significantly since 2010, resulting in billions of dollars of lost personal income tax revenue. To maintain fiscal and economic viability, the state must prioritize strategies to retain and attract high-earning residents who currently face some of the nation's highest tax rates.
Recommendations related to Tax Competitiveness
New York must prioritize strategies to retain and grow its millionaire population to ensure the fiscal and economic viability of the state.
Policymakers should address the factors that challenge New York’s ability to attract and retain residents and businesses, including high tax rates, quality of life, and affordability concerns.
Key Data
$34 billion
— Personal income tax revenue contributed by millionaires in 2022.
31 percent
— The decline in New York's share of the nation's millionaires between 2010 and 2022.
$10.7 billion
— Additional personal income tax revenue New York State would have collected in 2022 if it had maintained its 2010 share of the nation's millionaires.
$2.5 billion
— Additional personal income tax revenue New York City would have collected in 2022 if it had maintained its 2010 share of the nation's millionaires.
14.776 percent
— Top marginal personal income tax rate for New York City residents earning over $25 million annually.
44 percent
— Share of New York State's personal income taxes paid by millionaires in 2022.
New York City faces a critical juncture as high taxes, affordability issues, and safety concerns drive residents to leave, with over 100,000 people and $13.7 billion in personal income lost to Florida between 2018 and 2022. To restore competitiveness, the city must prioritize fiscal discipline, hold the line on taxes, and implement evidence-based management to ensure public services deliver value for the $115 billion annual budget.
Recommendations related to Tax Competitiveness
We must choose to hold the line on taxes to improve affordability and livability.
Leaders should use only the tax incentives proven to grow our economy to ensure resources are used effectively.
The city should trim spending to sustainable levels to avoid telegraphing damaging future cuts to essential services.
The city should build up rainy day funds during good times to maintain long-term fiscal stability.
Key Data
$13.7 billion
— Amount of personal income lost to Florida due to net resident migration between 2018 and 2022.
100,000
— Number of net residents lost to Florida between 2018 and 2022.
$115 billion
— Total annual budget of New York City, which only 11% of residents believe is being spent wisely.
New York's fiscal plan reflects unsustainable spending growth of over 12 percent, leading to future annual budget gaps of $14 billion and a long-run imbalance exceeding $20 billion. To maintain economic competitiveness, the state must prioritize core programs, protect reserves, and avoid tax increases while addressing the $49 billion spent without public transparency.
Recommendations related to Tax Competitiveness
State leaders should preserve core programs that have the greatest impact to maintain the fiscal health necessary for New York’s competitiveness.
State leaders should shrink other programs despite their likely popularity to maintain the fiscal health necessary for New York’s competitiveness.
State leaders should protect recession-mitigating reserves to maintain the fiscal health necessary for New York’s competitiveness.
State leaders should hold the line on taxes to ensure New York’s competitiveness.
Key Data
12 percent
— The rate by which adjusted State Operating Funds spending increased, which is approximately four times the rate of inflation.
$14 billion
— The projected future annual budget gap resulting from ballooning spending and lower projected receipts.
$20 billion
— The long-run imbalance between receipts and disbursements once reliance on non-recurring resources is removed.
$49 billion
— The amount the State spent before providing transparency to New Yorkers regarding how their money is being used.
New York State and its localities lead the nation in tax collections, with per-capita tax burdens 79% higher than the national average and spending 45% above the national average. These figures, based on 2022 data, highlight that the state maintains the highest tax collections per $1,000 of personal income in the country at $169.
Key Data
$12,751
— Total state and local taxes collected per capita in New York, which is the highest of all states.
$15,368
— Total state and local expenditures per capita in New York, which is 45% higher than the national average.
$169
— Total state and local taxes collected per $1,000 of personal income in New York, the highest in the nation.
$59
— Personal income tax collected per $1,000 of personal income in New York, exceeding all other states.
$19
— Corporate income tax collected per $1,000 of state GDP in New York, the highest in the nation.
$3,319
— Local property tax collections per capita in New York, which were 70% higher than the national average.
New York State and its localities maintain a high tax and spending burden, with per capita expenditures reaching $15,350 and tax collections hitting $10,331 in 2021. These figures place the state at the top of national rankings, with tax collections per $1,000 of personal income reaching $135, significantly outpacing the national average.
Key Data
$15,350
— Total state and local expenditure per capita in New York in 2021, which was 50% more than the national average.
$10,331
— Total state and local taxes collected per capita in New York in 2021, the highest of all states.
$135
— Total state and local taxes collected per $1,000 in personal income in New York in 2021.
$46
— Total state and local personal income tax collected per $1,000 of personal income in New York in 2021.
$6
— Total state and local corporate income tax revenue per $1,000 of state gross domestic product in New York in 2021.
$3,343
— Total state and local property tax revenue per capita in New York in 2021.
New York faces significant future budget gaps approaching $6 billion by fiscal year 2027, exacerbated by high spending levels and the potential for economic recession. To maintain fiscal stability and economic viability, the state must restrain spending growth, prioritize data-driven investments, and avoid further tax increases that threaten the state's competitive standing.
Recommendations related to Tax Competitiveness
The state must mind New York’s tax competitiveness, as the risk of chipping away at the revenue and economic foundation is real.
State leaders should restrain spending growth to 2% annually through 2028, which would be enough to close that year’s $12 billion projected gap.
The state should implement comprehensive performance management to deliver high-quality, efficient services, which would help keep and attract residents and businesses.
New York should maximize job creation by basing economic development and climate investments on data, evaluation and tradeoffs.
The state should reevaluate assistance to wealthy districts, especially those that receive over $3 billion annually despite already self-funding a sound basic education.
Key Data
$12.7 billion
— Projected budget gap in the year following fiscal year 2027, which will not benefit from one-time money.
$3 billion
— Annual aid provided to wealthy school districts that already self-fund a sound basic education.
50%
— Portion of the state budget comprised of Medicaid and education spending.
$6 billion
— Projected budget gap by fiscal year 2027.
12%
— Increase in state spending from last April’s budget agreement.
32%
— Education aid increase that the state started to phase in during 2021.
New York City's property tax system requires comprehensive reform to address structural inequities, particularly regarding the high tax burdens on commercial and rental properties that hinder economic competitiveness. Policymakers should evaluate the proposed residential tax changes holistically and conduct further analysis on assessment procedures to ensure fairness across all property classes.
Recommendations related to Tax Competitiveness
The City should release a detailed analysis that assesses how tax burdens would be redistributed within the proposed new residential class.
The Commission should make additional recommendations if current assessment procedures do not lead to equitable treatment for rental and commercial property.
The City should analyze the extent to which there may be intra-class inequities resulting from the Department of Finance’s valuation methods.
Policymakers must resist pulling apart the recommendations and instead ensure they are considered holistically as a package.
The City should narrow the differences in tax burdens among property classes to encourage the development of rental housing.
Key Data
$1.5 trillion
— Estimated total market value of the new residential class, representing a 40 percent increase from current valuation.
0.81 percent
— The nominal tax rate for the new residential class before the application of a homestead exemption and circuit breaker.
20.309 percent
— The current tax rate for Class 1 properties.
12.267 percent
— The current tax rate for Class 2 properties.
$0.83 per $100
— The median effective tax rate for one- to three-family homes.
$1.53
— The median effective tax rate for large rental buildings.
New York's current tax structure, which includes the highest combined top personal income and corporate tax rates in the nation, threatens the state's economic competitiveness and ability to retain residents and businesses. To stabilize the fiscal foundation and improve long-term competitiveness, the state should allow recent business and personal income tax increases to expire as scheduled or sooner.
Recommendations related to Tax Competitiveness
The enacted State budget should allow the business tax increase to sunset.
The enacted State budget should restrain spending to allow the personal income tax increase to sunset sooner or at least as scheduled.
Key Data
22 percent
— New York’s share of the nation’s millionaires declined 22 percent from 2010 to 2019.
NY1 “We have, with the tax increase of last year, the highest top marginal personal income tax in the country, and the highest corporate franchise tax in the country. And we were losing millionaires before the SALT cap. How big a threat are high taxes?” said Andrew Rein of the…
New York State currently imposes the highest top personal income and corporate tax rates in the nation, creating significant fiscal risks by incentivizing high-income earners and businesses to relocate. To foster economic competitiveness and reduce revenue volatility, the state should lower, reverse, or allow the most recent tax increases to sunset.
Recommendations related to Tax Competitiveness
Given the State’s stronger-than-expected receipts throughout the pandemic, the latest tax increases should be lowered, reversed, or at least allowed to sunset.
New York's proposed legislative budget includes tax increases that threaten the state's economic competitiveness by potentially driving away high earners and businesses already facing the nation's highest tax rates. Instead of raising taxes, the state should leverage stronger-than-expected revenues and federal aid to stabilize finances and support essential services.
Recommendations related to Tax Competitiveness
New York’s future would be best strengthened by enacting a budget that does not raise income and business taxes.
The State should avoid tax increases because the proposed personal income tax increase would vault New York’s combined State and City tax from second to the nation’s highest.
The State should avoid increasing the corporate franchise tax, as it will be levied on firms, many of which are more highly taxed than they would be in other states.
Key Data
$7 billion
— Annual new revenue generated by proposed tax increases on high income earners and businesses.
94 percent
— Portion of the original projected four-year revenue loss offset by tax revenue strength and federal aid.
$3.7 billion
— Amount by which revenues for the current and next two fiscal years are projected to be higher than before the pandemic.
$9.6 billion
— Projected State surplus over the next 2 years if the Executive Budget is adopted as is.
$1.2 million
— Average amount paid to both the State and City by New Yorkers who earn over $10 million annually.
16.49 percent
— Current combined State, City and MTA tax rate for New York City businesses, which is the highest in the nation.
New York should avoid increasing personal income tax rates or delaying middle-class tax cuts to maintain economic competitiveness, especially given the high reliance on top earners and the rise of remote work. Instead of raising taxes, the state should leverage federal aid and implement structural spending reforms to close budget gaps and ensure long-term fiscal stability.
Recommendations related to Tax Competitiveness
The State should reject the proposed personal income tax surcharge to avoid harming economic competitiveness.
The State should reject the delay in the middle class tax cut to provide relief to those who need it.
The State should focus on making New York an attractive place for residents and businesses by avoiding tax increases.
Key Data
40 percent
— The share of personal income tax receipts provided by the top 1 percent of filers.
40 percent
— The estimated portion of jobs within New York City that could be fully remote.
$500 million
— The amount of the local government sales tax intercept that should be reversed.
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New York State can balance its budget without raising personal income taxes, as updated tax receipt projections have increased by $1.6 billion annually and federal aid is expected to exceed the $6 billion "worst case" scenario. Increasing taxes risks driving away high-income earners, who currently finance approximately 20% of the State Operating Funds budget, and would result in the highest top marginal personal income tax rate in the nation.
Recommendations related to Tax Competitiveness
The State should eliminate unproductive economic development spending to balance the budget without raising taxes.
The State should appropriately finance capital investment as an alternative to increasing income taxes.
The State should target education aid to low wealth school districts to improve fiscal management.
Key Data
20%
— The top 1 percent of earners finance approximately 20% of the State Operating Funds budget through income taxes.
$1.6 billion
— The State updated its tax receipt estimates, increasing projections $1.6 billion annually.
$6 billion
— The State can balance its budget even if it receives $6 billion in additional federal aid, which was characterized as the 'worst case' scenario.
New York's proposed tax increases on high-income earners threaten to drive away wealthy residents, potentially damaging the state's economic competitiveness and long-term fiscal health. Instead of raising taxes, the state should prioritize reducing capital spending and reallocating aid to high-need districts to balance the budget.
Recommendations related to Tax Competitiveness
The State should focus its capital investments on the most critical projects during this period.
If the State reduces its planned capital disbursements by 10 percent and finances up to 50 percent of the remaining paygo capital spending with debt, it would save $1.6 billion in fiscal year 2022.
A 50 percent reduction in proposed economic development capital spending plus financing 50 percent of the remaining paygo spending with debt would yield another $713 million in fiscal year 2022.
The State should smooth the year-to-year fluctuations in aid to avoid a sudden drop-off.
The overall distribution approach should focus on directing aid to high need districts and reducing aid to wealthier districts.
Key Data
14.7 percent
— New York's combined top marginal tax rate, which is the highest in the nation.
20 percent
— The portion of the State Operating Funds budget financed by the top 1 percent of income taxpayers.
$1.2 million
— The average personal income tax liability for taxpayers with taxable income over $10 million.
$1.6 billion
— The savings in fiscal year 2022 from reducing planned capital disbursements by 10 percent and financing 50 percent of the remaining paygo capital spending with debt.
$713 million
— The yield in fiscal year 2022 from a 50 percent reduction in proposed economic development capital spending plus financing 50 percent of the remaining paygo spending with debt.
$1.5 billion
— The estimated tax revenue generated in fiscal year 2022 from the proposed personal income tax high-income surcharge.
Reinstating New York's dormant stock transfer tax would likely drive securities firms to relocate, harming the state's economy and tax base while failing to generate the projected revenue. Instead of reviving this tax, policymakers should pursue alternative strategies to address the state's multi-billion dollar budget gaps.
Recommendations related to Tax Competitiveness
Policymakers should leave the STT dormant and find alternative ways to fill the budget gap.
New York’s leaders should reject proposals to revive the STT.
Key Data
$8 billion
— The budget gap faced by New York State this year.
$17 billion
— The expected budget gap for New York State next year.
$4 billion
— The amount the stock transfer tax would have yielded in fiscal year 2020, which is only a third of advocates' estimates.
18 percent
— The portion of State tax collections accounted for by the securities industry in fiscal year 2020.
6 percent
— The portion of City tax collections accounted for by the securities industry in fiscal year 2020.
$27.3 billion
— The pre-tax profits of the securities industry in New York City in 2018.
New York faces significant fiscal challenges, yet its high combined corporate franchise and personal income tax rates threaten economic competitiveness by potentially driving away high-income earners. The state's reliance on millionaire tax revenue is increasingly precarious as its share of the nation's millionaires and their capital gains continues to decline relative to other states.
Recommendations related to Tax Competitiveness
Any consideration of tax increases should include the impact on State and local economic competitiveness.
As New York’s leaders look to close budget gaps, they must be cognizant that combined State and City PIT rates are the second highest in the nation, while combined CFT rates are the highest.
Policymakers should recognize that New York’s competitive stature is not guaranteed and fewer millionaires will mean less State and City revenues.
Key Data
16.49 percent
— The effective corporate franchise tax rate on businesses operating in New York City, which is the highest in the country.
12.696 percent
— The top personal income tax rate imposed in New York City, which is the second highest in the country.
$1.4 billion
— The amount of additional tax revenue New York could have generated if its share of national millionaire capital gains had remained at 2010 levels.
40 percent
— The share of personal income tax revenues coming from millionaires in New York State and New York City.
8.82 percent
— The top personal income tax rate imposed by New York State on married couples filing jointly with incomes greater than $2.2 million annually.
New York's fiscal strategy should prioritize spending restraint and avoid tax increases to maintain economic competitiveness, especially given the state's reliance on high earners and the burden of existing health insurance surcharges. The state should also reduce tax subsidies, such as the film tax credit, to ensure fiscal responsibility and better align spending with actual needs.
Recommendations related to Tax Competitiveness
The State should prioritize maintaining competitiveness by not increasing taxes.
Legislators should avoid tax increases, including health care taxes, to prevent making health insurance less affordable.
The State should further reduce the film tax credit by decreasing the share of eligible expenses in 5 percentage point increments until it is completely phased-out.
Key Data
37 percent
— The top 1 percent of personal income tax filers pay this portion of personal income tax revenues, which equals 1 out of every 5 dollars of State operating spending.
$1,000
— Various surcharges on health insurance increase costs for family coverage by more than this amount annually.
$7.3 billion
— Since the enactment of the State film tax credit in 2004, the State has authorized this amount in subsidies to the film and television industry.
$420 million
— The Executive Budget proposes increasing the total allocation for the film tax credit by this amount.
$1.0 billion
— Revenue collections are projected to yield this amount more to help close the fiscal year 2020 deficit.
$2.1 billion
— Revenue collections are projected to yield this amount more in fiscal year 2021.
New York's state and local tax burden is the highest in the nation, creating a significant risk that high-income earners will relocate to lower-tax states. To maintain competitiveness and fiscal stability, the state must prioritize spending restraint and avoid further tax increases that would exacerbate the existing economic disadvantage.
Recommendations related to Tax Competitiveness
The State should hold the line on the State’s already high tax burden to avoid making New York even more expensive for residents and businesses.
New York should reduce unproductive economic development program spending, as there is little evidence that many of these investments produce results.
The State should reconstitute the Medicaid Redesign Team to identify savings and reform supplemental payments.
The State should focus education aid on needy districts to fund a sound basic education rather than sending funds to wealthy districts.
The State should consider reforms to retiree health benefits to significantly reduce post-employment benefit costs and future liabilities.
Key Data
48 percent
— The amount by which New York's State and local tax burden is higher than the national average.
8.82 percent
— New York State’s top marginal personal income tax rate, which is the sixth highest in the nation.
12.7 percent
— The top personal income tax rate for New York City residents.
8.49 percent
— New York’s average combined State and local sales tax rate, which is the nation’s 10th highest.
$19.3 billion
— The personal income tax liability of taxpayers with incomes greater than $1 million.
one of every 5 dollars
— The portion of state operating funds spending that comes from taxpayers earning more than $1 million annually.
This scorecard tracks 69 legislative bills introduced in 2019 that propose various economic development incentives, tax credits, and grants across New York State. These proposals aim to stimulate specific industries and regions through fiscal measures, ranging from small business tax relief to large-scale manufacturing incentives.
Key Data
$140 Million
— Fiscal impact of extending the zero-percent Corporate Franchise Tax rate to qualified pass-through manufacturers.
$65 Million
— Increase in funding for the Excelsior Linked Deposit Program.
$440 Million
— Total funding increase for the Excelsior Linked Deposit Program, including $200 million for business startups.
$30 Million
— Fiscal impact of the Farm Workforce Retention Credit.
$275 Million
— Fiscal impact of making real property owned by small businesses eligible for the STAR property tax exemption.
$8.25 Million
— Fiscal impact of the Capital Investment Jobs Retention Program.
New York City's property tax system is widely considered opaque and inequitable, necessitating a comprehensive redesign that moves toward market-value-based assessments and eliminates distortive class-share systems. Implementing these reforms, including a circuit-breaker rebate for lower-income homeowners and a transition to a more transparent valuation method, would create a fairer tax structure while maintaining fiscal stability.
Recommendations related to Tax Competitiveness
Move cooperatives and residential condominiums to Class 1 with one-, two-, and three-family homes.
The existing class share system should be eliminated to remove distortions in tax burdens.
Stability of the property tax should be achieved by phasing-in market value changes over three years for all parcels.
To ease burdensome tax bills, rebates should be provided of owner-occupied residential property taxes based on household income.
Transition to the new system should occur over a five-year period to temper market adjustments.
Key Data
4 to 5
— The ratio of effective tax rates for commercial and rental properties compared to owner-occupied homes.
2.25
— The maximum ratio of effective tax rates on commercial properties compared to owner-occupied homes in 46 of 53 cities studied.
10%
— The constitutional debt limit for New York City based on the five-year average of market value.
2.5%
— The maximum property tax revenue that can be raised and used for operating expenses, excluding long-term debt.
5%
— The example threshold for a circuit breaker program for households with income below $100,000.
20%
— The current cap on assessed value growth over five years on Class 1 homes.
New York should implement an Unincorporated Business Tax to help residents and businesses mitigate the federal $10,000 cap on state and local tax deductions. By allowing this tax to be optional and aligning it with other states, the state can protect its economic competitiveness while ensuring the tax does not unfairly burden smaller entities or those with insufficient income.
Recommendations related to Tax Competitiveness
Expanding the proposed UBT to include S-corporations and sole proprietors would provide New Yorkers greater relief from the SALT cap.
Making the UBT optional by an election at the entity level would reduce risk to the taxpayer by providing choice.
If the State decides to proceed with a mandatory UBT, it should exempt lower net income unincorporated businesses to address circumstances when the burden and costs of filing and administration would outweigh the UBT’s benefits.
Preserving the proposed 5 percent rate would provide significant benefit—substantially more than half of the SALT cap impact for the applicable income.
Preserving the proposed 93 percent personal income tax credit combined with the 5 percent rate will provide significant benefit.
Expressly reflecting in law that the UBT is not added back for taxable State income purposes would clarify that the UBT is not added back.
Making the UBT credit non-refundable would reduce the risk of a legal challenge to the tax.
Modifying statutory language to strengthen the case for deductibility by expressly stating that the UBT is a tax imposed on the net business operations of the unincorporated business itself may add substantive strength to the tax’s underlying logic.
New York should work with other states to align credits and apportionment rules in order to maximize the UBT’s benefits and minimize cases in which multiple states tax the same income.
Key Data
$10,000
— The federal cap on a taxpayer’s deduction of state and local taxes (SALT cap).
$500,000
— The suggested threshold for State taxable net income at which to impose the tax for unincorporated businesses.
5 percent
— The proposed rate for the Unincorporated Business Tax.
93 percent
— The proposed personal income tax credit rate to be combined with the UBT.
New York City's tax burden is significantly higher than other large U.S. cities, with personal income and commercial property taxes acting as major outliers. Policymakers should exercise caution regarding further tax increases, as the city's existing high rates and the potential for outmigration create significant uncertainty about the economic impact of additional tax hikes.
Recommendations related to Tax Competitiveness
Policymakers should consider the city's high commercial property tax burden in any initiatives to raise more revenue from the property tax.
Policymakers considering raising the personal income tax or the commercial property tax need to be aware that both taxes are already significantly higher than in other large cities.
Policymakers would be well advised to examine options where New York City is not as far out of line with other cities regarding tax rates.
Key Data
46%
— New York City's state and local taxes were 46% higher than the average for other large cities.
90%
— New York City's local taxes were 90% higher than the average for other large cities.
51%
— New York City's commercial property tax was 51% higher than the average for the other 14 of the 15 largest cities.
47%
— In 2012, the commercial property tax rate was 47% higher than the average of the other 14 largest cities in the nation.
$964,000
— The 2012 property tax on a $25 million commercial property in New York City was $964,000.
New York State must implement a series of tax policy adjustments to mitigate the impact of the federal Tax Cuts and Jobs Act and maintain economic competitiveness. These measures include decoupling state tax definitions from federal changes, adopting new business taxes, and creating charitable funds to offset potential tax increases.
Recommendations related to Tax Competitiveness
Create charitable public education and health funds for the State and authorize localities to do the same, provided that a mechanism is included to ensure those funds are treated in a transparent and accountable manner.
Decouple the personal exemption, enhanced child tax credit, and the state and local tax deduction cap from the federal definitions to mitigate $740 million of the $1 billion unplanned tax increase.
Adopt the Governor's proposed technical business tax change clarifying that corporations may not reflect partial federal deduction on foreign income deemed repatriated on State tax returns.
Adopt an optional Employer Compensation Expense Tax (ECET) covering wages of high-salary employees.
Adopt an Unincorporated Business Tax (UBT) to preserve deductibility for pass-through entities.
Identify and adopt reforms for 2019 that allow continued conformity to the federal definitions for the standard deduction, miscellaneous deductions, medical expense deduction, and alimony changes that eliminate the unplanned tax increases.
Consider broader reforms to improve competitiveness and streamline the tax system.
Key Data
$740 million
— Amount of the $1 billion unplanned tax increase that could be mitigated by decoupling state tax definitions from federal definitions.
$1 billion
— Total amount of the unplanned tax increase resulting from the federal Tax Cuts and Jobs Act.
$200,000
— Threshold for wages of high-salary employees to be covered under the proposed optional Employer Compensation Expense Tax.
6.65 percent
— Proposed rate for the optional Employer Compensation Expense Tax.
The Tax Cuts and Jobs Act creates a cap on state and local tax deductions, which threatens New York's economic competitiveness by increasing the tax burden on high-income residents and potentially driving them to other jurisdictions. This federal policy change could result in $1 billion in unplanned state personal income tax and $109 million in state business tax increases, necessitating a strategic response to protect the state's economy.
Key Data
$1 billion
— unplanned State personal income tax increase resulting from the Tax Cuts and Jobs Act
$109 million
— State business tax increase resulting from the Tax Cuts and Jobs Act
The Tax Cuts and Jobs Act introduced a cap on state and local tax deductions that threatens New York's economic competitiveness by increasing the tax burden on residents and businesses. To mitigate these impacts and prevent unplanned tax hikes, the City and State must implement strategic policies that protect taxpayers and maintain a stable economic environment.
The Tax Cuts and Jobs Act's cap on state and local tax deductions significantly reduces New York's tax competitiveness, potentially driving high-income earners away and increasing tax liabilities for residents. To mitigate these impacts, the state should consider targeted policy adjustments like decoupling from specific federal definitions, implementing an optional employer compensation tax, and controlling government spending.
Recommendations related to Tax Competitiveness
The State should selectively decouple from federal definitions like the personal exemption, enhanced child tax credit, and the SALT cap to relieve New Yorkers of $740 million in unplanned tax increases.
New York should adopt an optional Employer Compensation Expense Tax (ECET) on wages above a higher salary threshold, such as $200,000, to help offset the impact of the SALT cap.
The State and localities should create charitable education and health funds that allow taxpayers to make deductible contributions and receive partial State and local tax credits.
Policymakers should create a business tax on pass-through entities, such as an Unincorporated Business Tax, to complement the ECET and address partnership and S-corporation income.
New York should reform the estate tax by reducing rates, increasing the exemption, or repealing the tax entirely to improve the state's attractiveness to high-income households.
The State and City must control spending to reduce the structural need for high State and local taxes.
Key Data
$9.5 billion to $15.3 billion
— Estimated cost to New Yorkers in additional federal taxes due to the SALT cap.
$421 million
— Annual State income tax revenue reduction if 2 percent of taxpayers earning more than $500,000 leave.
$1 billion
— Projected unplanned State personal income tax increase due to federal tax conformity.
$320 million
— Projected unplanned New York City tax liability increase due to federal tax conformity.
$740 million
— Amount of unplanned tax increases relieved by selectively decoupling from federal definitions.
$300,000
— Potential savings for a filer earning $10 million who contributes $1.15 million to state and local health and education funds.
Federal tax law changes threaten to increase the tax burden on New Yorkers by $1 billion and incentivize high earners to relocate, prompting the need for state-level adjustments to maintain competitiveness. Proposed state responses, such as charitable deductions for education or health care and a new employer compensation tax, require careful oversight and refinement to avoid unintended consequences.
Recommendations related to Tax Competitiveness
New York should take quick action on immediate threats while ensuring that appropriate analysis and deliberation continue on more complex issues that pose challenges to New York's competitive position.
An alternative to consider is to uncouple from specific federal changes that would have the most undesired effects, such as the personal exemptions and child tax credits, and allow conformity with others to maintain tax competitiveness.
The proposed legislation regarding charitable deductions must assure the funds are governed by the same transparency, accountability, and legislative oversight requirements as apply to other governmental spending to ensure fiscal integrity.
The proposed voluntary Employer Compensation Expense Tax will need to be fully analyzed and informed by the continued input of experts and stakeholders to avoid adverse countervailing implications.
Since the proposed Employer Compensation Expense Tax would not go into effect until 2019, it is appropriate to continue refining it beyond and outside the budget adoption process to ensure the right solution is implemented.
Key Data
$1 billion
— The amount of the unplanned net state tax increase on New Yorkers resulting from the federal tax cut package without state-level action.
The federal tax overhaul passed last month may have enormous impacts in New York and could upend the relationship between the federal government and the states. CBC and the CUNY Graduate School of Journalism gathered experts to assess the impact and potential city and state responses in a special half-day…
New York City's tax burden is significantly higher than in other large U.S. cities, with personal income and commercial property taxes acting as major outliers. Policymakers should exercise caution when considering further tax increases, as these existing competitive disadvantages create uncertainty regarding potential economic impacts and taxpayer migration.
Recommendations related to Tax Competitiveness
Policymakers should consider the competitive disadvantages of New York City's tax structure before initiating any initiatives to raise more revenue from the property tax.
Policymakers considering raising the personal income tax or the commercial property tax need to be aware that both taxes are already significantly higher than in other large cities.
Policymakers would be well advised to examine options where New York City is not as far out of line with other cities.
The implications of these studies for New York City tax policy must be considered carefully because of the limited parallels between state and local circumstances.
The policy implication is that these conditions should be considered in any initiatives to raise more revenue from the property tax.
Key Data
$9.02
— State and local taxes per $100 of taxable resources in New York City.
46.4%
— Percent that New York City's total state and local taxes are above the average for other large U.S. cities.
162%
— Amount by which New York City's commercial property tax is higher than in Hoboken.
51%
— Amount by which New York City's commercial property tax is higher than the average for the other 14 of the 15 largest cities.
3.9%
— Effective rate of the commercial rent tax for properties with gross rent of more than $300,000 annually.
4.0%
— Percentage of New York City adults with income of $100,000 - $400,000 who outmigrated between 2007 and 2011.
New York's tax system contains over 150 sales tax exemptions totaling $9 billion, while business tax incentives cost the state $2.6 billion annually with little evidence of effectiveness. Reforming these exemptions and incentives, including periodic reviews and transparency, could improve the state's tax competitiveness and fiscal health.
Recommendations related to Tax Competitiveness
The Commission recommends periodic reviews of the costs and benefits of business tax incentive programs, as well as expanded transparency on which businesses benefit.
A simpler alternative to offset the regressive nature of sales tax would be a lowering of the sales tax rate to increase competitiveness with New York’s neighbors.
The Commission identifies almost $1.8 billion in sales tax exemptions that should be repealed or examined.
The Commission rightly suggests reforms to the largest business tax incentive programs – the Investment Tax Credit, the Film Tax Credit, and the Brownfields Tax Credit.
The Governor should strongly consider the inclusion of the Commission's tax reform proposals in his budget for the coming year.
Key Data
$9 billion
— Total value of state sales tax exemptions, which is just $3 billion less than the State collects in sales tax revenue each year.
$1.8 billion
— Total value of sales tax exemptions identified by the Commission that should be repealed or examined.
$2.6 billion
— Total value of state tax incentives for businesses previously identified.
$180 million
— Annual savings from reforming the largest business tax incentive programs.
$1 billion
— Estimated cash receipt in fiscal year 2015 from deferred business tax credits.
New York's decision to extend a temporary personal income tax surcharge and use the revenue for targeted rebates ignores the need for comprehensive reform of the state's regressive tax structure. By continuing to rely on high earners, the state risks its economic competitiveness while failing to address persistent budget gaps that reach nearly $2 billion.
Recommendations related to Tax Competitiveness
The tax commission should be allowed to do its work and state leaders should reconsider this hastily crafted plan.
New York should prioritize reforming the combined high and regressive set of state and local taxes, including sales and property taxes, instead of using untargeted rebates.
State leaders should avoid extending the higher personal income tax rate, as it reduces New York’s competitiveness and reliance on a small number of high earners.
State leaders should refrain from spending significant sums on newly created rebate and credit programs given the persistent out-year budget gaps.
Key Data
12.7 percent
— The state and local income tax rate for high earners in New York City.
$2 billion
— The projected budget gap in fiscal year 2015-16 even if the tax surcharge was extended.
2%
— The limit on state-funded spending growth for the 3rd consecutive year.
New York State's long-term debt burden, including bonded debt and unfunded pension and retiree health liabilities, places it in a 'danger zone' compared to other states. To maintain fiscal health and tax competitiveness, the state must reduce these long-term liabilities by $20.4 billion to exit this high-risk category.
Recommendations related to Tax Competitiveness
New York State must lower its long-term liabilities from the 2008 level of $120.0 billion by $20.4 billion to fall below the danger zone threshold.
If the state chooses to reduce its debt through long-term bonds, it must lower that debt from $71.9 billion to $51.5 billion.
Key Data
$120.0 billion
— 2008 level of long-term liabilities for New York State.
$20.4 billion
— Amount of long-term liabilities New York must reduce to fall below the danger zone threshold.
$71.9 billion
— New York's long-term bond debt in 2008.
$51.5 billion
— Target level for New York's long-term bond debt to exit the danger zone.
$48.1 billion
— Combined unfunded pension and OPEB liability in New York.
$7.1 billion
— New York's state credit card obligation.
New York's tax system faces challenges in balancing progressivity with economic competitiveness, as the state's overall tax burden is 35 percent above the national average. To address structural budget deficits and maintain a competitive business climate, the state should prioritize temporary tax measures paired with spending cuts and form a bipartisan commission to reform the tax system.
Recommendations related to Tax Competitiveness
Any tax increase should be temporarily imposed with a fixed set of dates for phase out or expiration to respond to cyclical revenue loss.
Tax increases must run in tandem with significant measures to lower expenditures in ineffective and low priority programs and contractual changes with public employee unions.
Policymakers should consider a rearrangement of the state and local tax systems (including reform of the property tax system) to balance equity and stability.
The state should form a bipartisan commission to examine tax reform from the dual perspective of fairness and competitiveness.
Key Data
35%
— The amount by which New York's overall tax burden, measured per $1,000 of personal income, exceeds the national average.
56.5%
— The portion of total State tax collections comprised by the personal income tax in 2006.
$18.7 Billion
— The projected budget gap in year three of the financial plan.
28%
— The share of total private sector wages in the State comprised by the financial services sector.
10.2%
— The share of total jobs in the State comprised by the financial services sector.
New York faces a significant fiscal gap and should avoid imposing new taxes that discourage investment and drive businesses away. Instead, the state should prioritize spending reforms and use federal stimulus funds to close budget gaps without hindering long-term economic competitiveness.
Recommendations related to Tax Competitiveness
The State should avoid excessive reliance on increased taxes to prevent discouraging investment and spending.
The Legislature should reduce the Governor's proposed $5 billion in new revenue measures to no more than $2 billion.
The State should eliminate high tax aid to save $205 million in the upcoming fiscal year.
The State should tighten Medicaid eligibility for individuals with homes worth less than $500,000 to save $400 million annually.
The Legislature should require a 50 percent contribution to health insurance premium costs for retirees and eliminate reimbursement for Medicare Part B premiums.
Key Data
$5 billion
— Amount of new revenue measures proposed in the Governor's Executive Budget.
$2 billion
— Maximum amount of new revenue measures the state should adopt.
$205 million
— Annual savings from eliminating high tax aid.
$400 million
— Annual savings from tightening Medicaid eligibility for individuals with homes worth less than $500,000.
$670 million
— Savings from dropping hold harmless provisions from the past two fiscal years.
$280 million
— Annual savings from reducing Department of Correction staff and facilities.
New York's high local tax burden, which is significantly higher than the national average, is primarily driven by heavy reliance on property taxes and high labor costs for local government employees. To address this, the state should consider structural reforms such as pension system changes, a complete state takeover of Medicaid, and consolidating local government units to improve efficiency and reduce costs.
Recommendations related to Tax Competitiveness
The state should convert the public employee pension system to a defined contribution rather than a defined benefit system to make it more sustainable.
New York should base a household’s property tax rebate on property taxes as a share of income to create a more transparent and equitable relief program.
The state should implement a complete state takeover of local Medicaid expenses to shift the burden to more progressive state revenue sources and improve accountability.
The state should change the criteria and constraints used by arbitrators in collective bargaining to encourage more prudent settlements.
Local governments should consolidate school districts to reduce administrative and transportation costs.
Key Data
$111 billion
— New Yorkers pay about $111 billion annually in state and local taxes.
$150
— In fiscal year 2005, New York collected $150 for every $1,000 of personal income, 33 percent higher than the national average.
459
— Excluding New York City, New York localities employ 459 workers for every 10,000 residents compared to an average of 395 nationwide.
42%
— The three wealthiest counties in New York State received 42 percent of STAR aid in 2005.
72%
— From school year 1995 to 2005, district expenditures increased 72 percent or $18 billion.
New York City's business taxes are significantly higher than those of its competitors, creating a competitive disadvantage that necessitates a comprehensive reform of the tax structure. By establishing a blue-ribbon commission to develop a multi-year strategy, the city can create a more competitive environment that fosters job growth and economic resilience.
Recommendations related to Tax Competitiveness
The Mayor and City Council should appoint a blue-ribbon commission to map a multi-year strategy relating to the whole range of taxes and tax incentives.
New York City should consider revamping business taxes while the economy is thriving and surplus revenues can ease the transition for those who will be asked to pay more.
Key Data
$2.3 billion
— Annual cost to city businesses from excluded taxes like the commercial rent tax, real property transfer tax, and mortgage recording tax.
7.5%
— Average effective state and local tax rate on businesses in New York City.
4.5%
— Comparable effective tax rate in the eight other locations studied.
$240 million
— Value of the deal struck with JPMorgan Chase for the construction of a new office tower.
$28 million
— Annual value of modest cuts made to taxes on unincorporated businesses.
$42 million
— Amount of corporate income tax cuts that have been passed in Albany out of the $77 million sought.
New York City imposes the highest or second-highest state and local business taxes across most industries compared to eight other major U.S. locations, significantly reducing the after-tax rate of return on new business investment. While recent state budget changes are expected to lower effective tax rates in the city, it remains the highest-tax location among those studied.
Key Data
36-50 percent
— Combined federal, state, and local taxes reduce the rate of return on new business investment by this range, depending on location and industry.
42.1 percent
— The average combined federal-state-local effective tax rate in New York City for representative firms in 2006.
40.9 percent
— The projected average combined federal-state-local effective tax rate in New York City following the 2007-08 state budget changes.
0.9 to 1.5 percentage points
— The difference in after-tax rate of return between the highest-tax and lowest-tax jurisdictions in most cases.
New York City's high tax burden is a significant concern for economic competitiveness, though economists debate the exact magnitude of its impact on growth. Policymakers should prioritize broad-based tax reform and property tax adjustments over ad hoc incentives to improve the city's economic standing.
Recommendations related to Tax Competitiveness
The city should prioritize broad-based tax reform rather than relying on ad hoc discretionary tax incentives.
Policymakers should pursue property tax reform, specifically by reducing tax differentials across different property classes.
The city should seek to lower Medicaid costs through programmatic reforms and fraud reduction to alleviate fiscal pressure.
Key Data
$62,000
— The estimated annual revenue loss per private sector job created by phasing out the 2002 property tax increase.
26,400
— The number of private sector jobs that would eventually be created by phasing out the 18.5 percent property tax increase.
1.6 percent
— The projected reduction in the city's share of national employment resulting from a 10 percent increase in the top income tax rate.
18.5 percent
— The magnitude of the real property tax increase instituted in 2002.
New York can generate significant revenue to fund education initiatives by broadening the sales tax base to include more retail and professional services and by reforming corporate income tax laws to close loopholes. These measures, along with joining the Streamlined Sales Tax Project, offer ways to increase state revenue while maintaining economic competitiveness.
Recommendations related to Tax Competitiveness
The State should embrace the national Streamlined Sales Tax Project to ensure that taxes on internet and remote sales can be collected in the future.
The State should broaden the base of the sales tax to include many retail services that are not subject to tax.
The State should apply the sales tax to professional services when they are sold to consumers.
The State should reform its corporate income tax laws to capture income on which corporations are now able to avoid paying taxes.
The State should consider changing the definition of nexus from one that requires physical presence to one requiring economic presence.
The State should consider establishing a “throwback” rule to capture revenues by disregarding "nowhere" income.
The State should consider reforming the minimum tax by increasing it and supplementing it with an alternative minimum assessment.
Key Data
$40 million to $590 million
— Annual yield from fully implementing the Streamlined Sales Tax Project.
$950 million
— Annual revenue from broadening the sales tax base to include retail services.
$175 million to $595 million
— Annual revenue from applying the sales tax to professional services sold to consumers.
$320 million to $435 million
— Annual revenue from reforming corporate income tax laws to close loopholes.
$2.3 billion
— Total corporate income tax revenues paid by corporations in 2003.
$9.7 billion
— Total sales tax revenue raised in state fiscal year 2003-2004.
New York City's tax structure remains uncompetitive compared to other major cities, as tax cuts in the 1990s were insufficient to offset historically high burdens. Furthermore, the city's property tax system disproportionately penalizes commercial property, which discourages economic growth and threatens to drive away jobs.
Recommendations related to Tax Competitiveness
Budget balancing strategies should take New York's competitive position into account.
New York City should change the structure of its property tax to avoid disproportionately burdening commercial property and driving away jobs.
The City could raise the tax on small homes, as it would still be in line with neighboring jurisdictions.
Key Data
$1,079
— The amount by which a family of four with a $50,000 income saw their tax burden fall between 1990 and 2000.
46 percent
— The share of property value comprised by small homes in New York City.
44 percent
— The share of taxes paid by commercial property in New York City.
$50,000
— The income level of a family of four used to compare tax burdens across cities in 1990.
$100,000
— The income level of a family of four used to compare tax burdens across cities in 2000.
New York State and City have made progress in reducing tax burdens to improve competitiveness, though current efforts often rely on poorly designed or inequitable programs. Future tax policy should prioritize effective, targeted reductions rather than low-priority initiatives that fail to address the most pressing local tax burdens.
Recommendations related to Tax Competitiveness
State leaders should address the State’s high local taxes, but they should do so with better programs than STAR, which is poorly designed because it does not target reductions in local tax burdens where they are most needed.
The City should avoid tax reduction initiatives that are low priority or perpetuate inequitable tax policy, such as the elimination of the hotel tax surcharge or the extension of the coop and condo tax abatement.
New York State currently ranks in the bottom tier for fiscal policy, burdened by the highest state and local tax and debt levels among its competitor states. To improve its competitive standing, the state would need to reduce its tax burden by approximately one-third and cut its debt burden by roughly one-half.
Recommendations related to Tax Competitiveness
New York State must cut its state and local tax burden by about one-third to reach a top-tier competitive position.
New York State must reduce its debt burden by about one-half to improve its fiscal competitiveness relative to other states.
Key Data
12.8%
— New York's state and local tax burden as a percentage of personal income and capital gains.
19.4%
— New York's state and local debt burden as a percentage of personal income and capital gains.
0.29%
— New York's year-end reserves as a percentage of personal income and capital gains.
12.6%
— The five-year percentage change in New York's state and local debt as a percentage of personal income and capital gains.
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