ShovelReady::: Explore Upstate

Explore Upstate New York

PERFECT MIX OF BUSINESS AND LIFE

Whether your business is powered by people, technology, resources, and market access you will find that Upstate New York can deliver. Upstate New York has a vibrant and diverse economy with everything a company needs to succeed. With major urban centers like Buffalo, Syracuse, Utica/Rome, and Albany, hundreds of charming villages and towns, and beautiful tracts of farmland and forest - Upstate New York is worth digging in to.

Affordable Cost of Living
Accessible to Markets
Favorable Tax Benefits

High-Quality Workforce
Deep Infrastructure
Training Support

Incentives & Programs
High-Tech Environment
Available Real Estate

NYS HAS BECOME A LEADER IN CUTTING TAXES

Nearly all taxes in New York State have been cut, with substantial reductions achieved in business, estate, sales, property and personal income taxes. New York State now has one of the lowest corporate income tax rates in the Northeast. In addition to lower taxes, New York offers a variety of incentives to companies expanding or relocating in the Empire State. These include:

Investment Tax Credit (ITC)

Businesses that create new jobs and make new investments in production property and equipment may qualify for tax credits of up to 10% of their eligible investment. New businesses may elect to receive a refund of certain credits, and all unused credits can be carried forward for 15 years.

Research and Development Tax Credit.

Investments in research and development facilities are eligible for a 9% corporate tax credit. Additional credits are available to encourage the creation and expansion of emerging technology businesses, including a three-year job creation credit of $1,000 per employee and a capital credit for investments in emerging technologies.

Sales Tax Exemptions.

New York State offers exemptions for purchases of production machinery and equipment, research and development property, and fuels/utilities used in manufacturing and R&D. Other exemptions may be available through local Industrial Development Agencies (IDA.)

Real Property Tax Abatement.

To encourage development, expansion, and improvement of commercial property, a 10-year property tax abatement is available to offset increased assessments due to improvements to business and commercial property.

No Personal Property Tax.

Unlike many other states, which tax both real property and personal property, property taxes in New York State are imposed on real property only. Personal property, whether tangible or intangible, is exempt from state and local taxes.