$3.51 per pack of 20
$4.35 per pack of 20
NYC imposes additional $1.50 per pack of 20
$3.75 per pack of 20
Corporate Income
� 7.5% of net income,
� 0.31% of capital base, or
� $250 minimum tax.
20% surcharge for companies whose gross income exceeds $100 million and tax liability exceeds the minimum tax
Financial services companies are excluded from the capital base method
8% of net income plus $2.60 per $1,000 of� tangible property or net worth
$456 minimum tax
Other rates and bases apply to specific types of companies, including financial institutions
� 7.1% of net income,
� 0.15% of business capital base, or
� Minimum tax (between $25 and $200,000, depending on amount of New York receipts)
Businesses with activity or property attributable to the MCTD pay a surcharge of 28% of the portion of the tax liability attributable to the district
Other rates, bases, and minimums apply to specific types of companies, including certain small businesses, manufacturers, and technology companies
7% of net income
$450 minimum tax
Other rates and bases apply to specific types of companies, including regulated investment companies
Table 1 (continued)
Tax
Connecticut
Massachusetts
New York
Rhode Island
For estates over $2 million, marginal rates range from 7.2% to 12%
Total amount due is capped at $20 million
For estates over $1 million, marginal rates range from 0.8% to 16%
If the estate exceeds the basic exclusion amount (BEA), marginal rates range from 3.06% to 16.0% of the taxable estate
(NY is gradually increasing to equal the federal estate tax exemption)
For estates over $1.5 million, marginal rates range from 0.8% to 16.0%
For gifts over $2 million, marginal rates range from 7.2% to 12%
Total amount due is capped at $20 million
Insurance Companies
1.75% of net direct premiums received by domestic and foreign insurance companies
Net direct subscriber charges: 2% of charges received by hospital and medical service corporations, 1.75%� of charges received by health care centers
4% of gross premiums charged by nonadmitted (i.e., unauthorized) insurers
2.28% of taxable premiums received by domestic and foreign casualty insurers and preferred provider arrangements
0.0% to 1.0% of gross investment income for domestic casualty insurers
2.0% of taxable premiums received by domestic and foreign life insurers
5.7% of taxable underwriting profit on ocean marine insurance
4% of gross premiums for surplus lines insurers
1.75% of accident and health insurance premiums received by non-life insurance companies:; 2% for other non-life premiums
7.1% on entire allocated net income for life insurance companies, plus 0.7% on life insurance premiums
7.1% on entire allocated net income for unauthorized insurers
Businesses with activity or property attributable to the MCTD pay a surcharge of 17% of the portion of the tax liability attributable to the district
2% of gross premiums for domestic companies
Greater of 2% or retaliatory tax rate for foreign companies
0.0375% to 0.2% of gross premiums for captive insurers
4% of gross premiums for surplus lines insurers
Motor Fuels
$0.25 per gallon of gasoline (plus 8.1% petroleum products gross earnings tax)
$0.24 per gallon of gasoline
$0.25 per gallon of gasoline (includes both the motor fuel and petroleum business excise taxes)
$0.33 per gallon of gasoline
$0.41 per gallon of diesel
(diesel tax rate is calculated annually)
$0.24 per gallon of diesel
$0.23 per gallon of diesel (includes both the motor fuel and petroleum business excise taxes)
$0.33 per gallon of diesel
Table 1 (continued)
Tax
Connecticut
Massachusetts
New York
Rhode Island
Personal Income
Marginal rates range from 3% to 6.99%, depending on taxable income and filing status
Flat 5.1% (12% on certain capital gains)
Marginal tax rates range from 4% to 8.82%, depending on taxable income and filing status
Marginal tax rates range from 3.75% to 5.99%
Real Estate Conveyance
0.75% to 1.25% of sales price, depending on property type and location
Municipal transfer tax of 0.25% may also apply
0.46% of sales price
0.61% in Barnstable County
1%� mortgage recording tax in most cases
0.4% of the sales price up to $1 million; 1.4% of sales price for sales exceeding $1 million
Local taxes may also apply
0.46 % of sales price
Room Occupancy
15% on charges for room occupancy of 30 days or less
5.7% on charges for room occupancy of 90 days or less
Additional local option tax of up to 6% (6.5% in Boston); specified municipalities add a 2.75% convention center financing fee
No additional sales tax
The state charges a fee of $1.50 per day on every occupancy of a hotel within NYC.
Most local governments impose an additional occupancy tax (most rates are between 3% and 5%)
State and local sales tax also applies
5% on charges for room occupancy of 30 days or less
Additional 1% local hotel tax
Sales tax also applies
Sales and Use
6.35% on sales of most goods and specified services
6.25% on sales of goods and specified services
0.75% local option meals tax
7-8.875% (combined rate), depending on jurisdiction, on most goods and some services.
Combined rate includes (1) a 4% state rate; (2) any local tax rate imposed by a city, county, or school district; and, if applicable, (3) a 3/8% state rate imposed in the Metropolitan Commuter Transportation District (MCTD).
Additional 1% local tax on meals and beverages
Tobacco Products
$1 per ounce of snuff tobacco
210% of the wholesale price of snuff tobacco
$2 per ounce of snuff tobacco
$1.00 or $1.20 per ounce of snuff tobacco, depending on weight
50% of the wholesale price of cigars and smoking tobacco, except tax on cigars capped at 50 cents each
40% of the wholesale price of cigars and smoking tobacco
75% of the wholesale price of cigars, chewing tobacco, pipe, and loose tobacco
80% of wholesale cost of smokeless tobacco, cigars, and pipe tobacco, other than snuff
Tax on cigars capped at $0.50 each
[1] Applies to business organizations organized as limited liability companies, limited liability partnerships, limited partnerships, and S corporations (i.e., pass-through entities). Other charges, such as filing fees or minimum taxes, may apply.