Personal exemptions, 2017Ĭapital gains tax See also: Capital gains taxĪ capital gains tax is a tax levied on the profit gleaned from the sale of a capital asset. The state exemptions for New York and its neighboring states as reported by the Tax Policy Center are reported in the chart below. Both state and federal taxes allow exemptions. Įxemptions work by reducing the amount of an individual's taxable income. The personal exemption indicates that only a person's income above a certain level is subject to taxation. States that collect a personal income tax allow individuals to claim personal exemptions on income taxes each year. Source: Tax Policy Center, "Individual State Income Tax Rates 2000-2017," accessed October 26, 2017 Note: For complete notes and annotations, please see the source below. The table below summarizes personal income tax rates for New York and neighboring states in 2017. A tax bracket is the income range to which a tax rate applies. An individual's tax liability varies according to his or her tax bracket. New York utilized a personal income tax rate ranging from 4 percent to 8.82 percent in 2017. Tax rates Personal income tax See also: Personal income tax If you would like to help our coverage grow, consider donating to Ballotpedia. This article does not contain the most recently published data on this subject. Effect of the Affordable Care Act in New York.Oil and gas extraction on federal land in New York.Ballot access requirements for presidential candidates in New York.Ballot access requirements for political parties in New York.Ballot access requirements for political candidates in New York.Campaign finance requirements for New York ballot measures.Campaign finance requirements in New York.
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