New York Opportunity Zones

New York has identified 514 census tracts that have been nominated as Qualified Opportunity Zones. More than 300 of those tracts are located throughout the different boroughs that make up New York City. In order to qualify a census tract as an opportunity zone, a census tract must be nominated by the state governor and CEO of U.S. Territories. New York is a one of the states with a higher concentration of opportunity zones. Below is a look at the areas with the highest amount of opportunity zones:

New York has identified 514 census tracts that have been nominated as Qualified Opportunity Zones. More than 300 of those tracts are located throughout the different boroughs that make up New York City. In order to qualify a census tract as an opportunity zone, a census tract must be nominated by the state governor and CEO of U.S. Territories. New York is a one of the states with a higher concentration of opportunity zones. Below is a look at the areas with the highest amount of opportunity zones:

New York has eight different brackets when it comes to state taxes. New York is also one of the highest personal income tax rates in the country as it currently checks in at 8.82 percent. There are only eight other states with a higher percentage. New York’s sales tax is 4 percent, but municipalities can add their own increases. New York City has a sales tax of 8.88 percent, which is the highest in the state. Meanwhile, the city of Pleasantville features the lowest at 4 percent. Only 4.36 percent of the 1620 cities in New York charge a sales tax.

Property taxes are high in New York as it is listed as having the 11^thhighest of all 50 states. New York City taxes factor heavily in this overall number. Across the state, the annual property taxes on a median priced home is $4,738. However, it should be noted that much of the state’s tax situation is very different from New York City. There is almost 20 million people living in the state of New York while a little lest than half reside in New York City. This shows hoe much that one city impacts the overall state numbers.

Tax incentives have been granted to several industries looking to conduct their operations in the state of New York. The state has not been hesitant when it comes to reaching out to certain industries with tax breaks. There are a host of tax programs available and here is a look at some of the industries that have benefited from these incentives:

Tax breaks have been pushed towards certain industries, although that has not meant every company is choosing to remain in New York. That has influenced policymakers to make a stronger push towards implementing tax incentives for a variety of businesses. For example, there has been some scrutiny in regard to the very generous tax incentives doled out to the TV and film industry.

New York State Financial Facts

It is important to point out that the cost of living is high throughout the state of New York. This has hindered the ability to save money among the majority of residents. Here is a look at some of the state’s key financial facts:

• Median household income – $64,894
• Median household savings
  • $0 in savings: 39%
  • $1,000 or less in savings: 56%
• Total household investments

50.9 percent of families that own their home

Median value of New York home – $286,200

The state of New York accounts for 8.9 percent of the gross domestic product in the United States. There has also been a 4 percent increase in the GDP. The average weekly pay in New York ranks sixth among all states at $1,017. There are also plenty of jobs in New York as the unemployment rate is down to 4.5 percent.

The economy of New York is greater than that of most countries. In 2017, New York featured the world’s 11^thlargest economy, placing it just ahead of South Korea, Russia and Australia. However, New York can be an expensive place to do business as Forbes ranks it as the No.26 state in that category. New York also has one of the higher union workforces, checking in at 23.3 percent.

New York City was hit hard by the financial crisis of 2008 and the securities industry was one in particular that was slow to dig its way out of a gaping hole. However, New York benefited from a federal recovery plan, which was designed for the entire country. Because New York City is the financial capital of the United States, efforts were made to move the city out of the immediate recession. That also extended to other parts of the state, pushing New York’s recovery efforts past that of most states.

The state of New York is now as a thriving business center, mainly because of New York City. However, its economy is bigger than most countries, which means it features a multitude of thriving industries. Below is a look at New York’s primary industries:

• Financial
• Hi-Tech
• Banking
• Tourism
• Agriculture

New York features a lot of opportunity and is world renowned for its business sector. The financial district in New York City has an obvious large-scale appeal, although big business extends throughout the state. New York is home to a total of 54 Fortune 500 companies. The opportunity zones are located in all corners of the state and here is a look at the various regions that have opportunity zones.

• Capital
• Central New York
• Finger Lakes
• Long Island
• Mid-Hudson
• Mohawk Valley
• North Country
• Bronx
• Brooklyn
• Manhattan
• Queens
• Staten Island
• Southern Tier
• Western New York

New York boasts a blossoming economy, although there are areas in need of assistance, hence the 514 census tracts that qualified as opportunity zones. The fact that close to 20 million people reside in the state almost guarantees that there is going to be impoverished areas. The city of Fulton has a 15 percent unemployment rate and there are bigger cities that are suffering from a lack of jobs. Syracuse has an 11.4 percent unemployment rate while Rochester (13.8) and Utica (12.2) are also lacking. Various parts of New York City are also home to economic distress, prompting the need for opportunity zones and the investments they can bring. Capital gains tax incentives are a way of helping areas battle problems with unemployment and economic hardships.