Last Wednesday, Empire State Development issued its first report on the state’s START-UP NY program, which offers 10-year tax breaks on income, sales, property and business taxes for firms that meet create new jobs.
According to the report, 54 companies were accepted into the program in its first year, out of 92 applicants. Those businesses promised to hire 2,085 people over the next five years and to spend $91 million on equipment. Sixty percent of the companies accepted into the program in its first year are either startups or businesses from outside of New York.
The report estimates that START-UP NY participants saved $56,560 in state taxes last year, but predicts that the job creation and investment activity spurred by the program in 2015 will be “more than twice” that of 2014.