Last week, Gov. Cuomo announced the first businesses that will expand or locate in the state’s newly-created tax free areas under the START-UP NY program. Businesses that are participating in the START-UP NY program will be allowed to operate tax-free for 10 years. These 12 businesses are expected to invest almost $50 million and to create almost 400 new jobs in the tax-free areas sponsored by the University at Buffalo, the Rochester Institute of Technology (RIT), Cornell University, and SUNY Downstate Medical Center.
Gov. Cuomo said:
“START-UP NY takes New York’s number one liability – our tax capital reputation – and turns it on its head by offering companies zero taxes for 10 years, as well as access to all the assets of the Empire State, particularly the talent and research capabilities of our world-class universities….This is just the beginning and we look forward to welcoming more and more businesses and entrepreneurs to the State of New York through this bold initiative.”
More information on the START-UP NY program is available here.