Overview of 2024 NY Tax Changes

New York State has implemented several changes to its tax code for the 2024 tax year. Whether you're a lifelong New Yorker or recently moved to the Empire State, understanding these changes is crucial for proper tax planning.

New York State Tax Brackets for 2024

The state has maintained its progressive tax structure with nine brackets for individual filers. Here are the key thresholds for single filers:

Income Range	Tax Rate

$0 - $8,500

4.00%

$8,500 - $11,700

4.50%

$11,700 - $13,900

5.25%

$13,900 - $80,650

5.50%

$80,650 - $215,400

6.00%

$215,400 - $1,077,550

6.85%

$1,077,550 - $5,000,000

9.65%

$5,000,000 - $25,000,000

10.30%

Over $25,000,000

10.90%

Standard Deduction Updates

For 2024, the New York State standard deductions are:

Single filers: $8,000

Married filing jointly: $16,050

Head of household: $11,200

Married filing separately: $8,000

These amounts help reduce your taxable income before calculating your state tax liability.

NYC Resident Tax

If you live in New York City, you'll continue to pay the NYC resident income tax in addition to state taxes. NYC tax rates for 2024 range from 3.078% to 3.876%, depending on your income level.

Key Tax Credits Available

Empire State Child Credit

Families with qualifying children can claim the Empire State Child Credit, which provides relief for low-to-middle income households.

Earned Income Credit

New York offers a state-level Earned Income Credit equal to 30% of the federal credit, providing significant savings for qualifying taxpayers.

College Tuition Credit

NY residents paying for higher education can claim up to $400 annually for qualified tuition expenses.

Important Deadlines

April 15, 2025: Tax return due date (same as federal)

October 15, 2025: Extended return deadline (if filed for extension)

Quarterly estimated payments: Due April 15, June 16, September 15, and January 15

Planning Tips for NY Taxpayers

Maximize retirement contributions - 401(k) and IRA contributions reduce both federal and state taxable income

Consider 529 plans - NY allows a deduction of up to $5,000 ($10,000 for couples) for contributions to NY's 529 plan

Track itemized deductions - If your itemized deductions exceed the standard deduction, you may save money by itemizing

Plan for the SALT cap - The $10,000 federal limit on state and local tax deductions affects many NY taxpayers

Bottom Line

The 2024 tax year brings some adjustments but no major overhauls to NY's tax structure. The progressive rate system remains in place, with the highest earners paying rates approaching 11%.

Use our free NY tax calculator to estimate your 2024 tax liability and take-home pay.

2024 NY Tax Changes: What You Need to Know