In June 2013, Governor Cuomo unveiled the new START UP NY program (SUNY Tax Free Areas to Revitalize and Transform Upstate NY.) This initiative will transform SUNY campuses and university communities across NY into tax free communities for both businesses and employees.
The program will include no income tax for employees (for up to ten years) and no sale, property or business tax for 10 years for businesses. The goal of the program is to attract start-ups and new businesses to come to New York by offering the opportunity to operate tax free with higher education institutions within SUNY. The program is initially limited to businesses that are a new start-up, an out of state company relocating to NYS or an existing NY company expanding in the SUNY areas.
Highlights from the program include:
- All SUNY colleges can develop tax free communities.
- CUNY and private colleges can also participate.
- In addition to colleges and universities, 20 additional state locations will be designated as tax free communities.
- Eligible businesses must be aligned with the college or university.
- Every business must create and maintain new jobs.
- Businesses within NYC, Nassau, Suffolk or Westchester must be high-tech or a start up in order to qualify.
The START-UP NY program will help ensure the expansion of university Research and Development and allow further expansion in industries such as nanotechnology, software, information technology, solar and other energy technologies.
To find out more about this program follow this link http://www.governor.ny.gov/2013-startupny/startupny, or contact your Marcum Tax Professional.
Due to the exciting nature of this very important program, Marcum LLP will be issuing follow up articles with more details by program location and area on this topic.