New York's Corporate Tax System Ranks 24th in the US: Report

New York State's corporate tax system ranks 24th in the US, according to a breakdown by the Tax Foundation. For the second straight year, New York was given the 24th designation, down eight spots from the 2021 ranking of 16th and down ten spots from its previous best-ranked year of 2020.

Last month the Tax Foundation ranked New York 49th in overall business tax climate. The near dead last ranking considers five separate taxes within each state. The corporate tax accounts for over 20% of the overall ranking as it measures each state’s principal tax on business activities.

Wyoming has the best corporate taxes according to the report while Delaware comes in dead last at 50.