The following state tax credits are valid for all qualifying New York residents: New York supports many of the same deductions and tax credits allowed on your federal tax return, but with different (usualy lower) amounts. Most applications will be granted an automatic 5-month extension to file. If you need an extension to file your income tax, you must file an extension request online with the Department of Taxation and Finance. How can I get an extension to file my New York income tax? If you do not have to file a Federal return, you don't need to file a state return. Generally, if you are required to file a Federal tax return New York will expect you to file a state return. Close to 10 million New York taxpayers file every year, and over 90% use New York's eFile program. Despite these tax breaks, New York still has one of the highest state income tax rates in the country.
The tax breaks are expected to affect over 4.4 million taxpayers, who will save $690 million in taxes this filing year. New York signed a sweeping tax-reduction bill into law in December 2011, creating the lowest mid-bracket tax rates in 58 years. You can learn more about how the New York income tax compares to other states' income taxes by visiting our map of income taxes by state. New York's maximum marginal income tax rate is the 1st highest in the United States, ranking directly below New York's %. Like the Federal Income Tax, New York's income tax allows couples filing jointly to pay a lower overall rate on their combined income with wider tax brackets for joint filers.
New York collects a state income tax at a maximum marginal tax rate of %, spread across tax brackets.
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