New York Tax Free Zones Entice Startups
Would you like to operate your business tax-free for the next ten years? If so, a New York State-sponsored program that relocates businesses to state college and university campuses could be the answer.
To take part in the START-UP NY program, qualified businesses must expand or relocate entirely to one of the New York tax free zones. The businesses must be affiliated with a state college or university, and support that school's mission. They must also commit to providing new jobs. In return, businesses can enjoy up to ten years of tax-free operation.
What's a New York Tax Free Zone?
Businesses participating in the program operate in an area that has been designated as one of the New York tax free zones. These zones occur state-wide, and surround the many college and universities of New York State, including Cornell University in Ithaca, New York. Cornell has allocated over 35,000 square feet of vacant office space on-campus plus another 79,000 square feet of off-campus space to accommodate businesses in the START-UP NY program. Other participating academic institutions include New York University (NYU) and the Rochester Institute of Technology (RIT).
No Taxes for Ten Years
Businesses that take part in this program are considered tax-exempt for up to ten years — and that doesn't just apply to business taxes. NY-START-UP businesses are not required to pay franchise fees or any of the following taxes during the exemption period:
- business tax
- corporate tax
- sales tax
- property tax
- state tax
- local tax
- income tax for both the company and all employees
Access to Top Local Talent and Global Network
The relationship between the businesses and colleges/universities in this program is intended to benefit all parties. Businesses apply for affiliation with the institutions that have mission statements and areas of research that closely align with the activities and direction of the business. Participants gain access to some of the best student minds in their fields, they also have easy access to the top researchers and facilities available. In addition, a New York state location gives businesses quick access to both major national and international infrastructures and markets.
Commit to Community Growth and Involvement
Moving a business to a New York tax-free zone under this program is more than simply relocating offices, staff, and equipment. In return for the benefits of tax-exemption and the perks of being aligned with a New York state post-secondary institution, businesses create new opportunities and strengthen the economy. This may mean opening up internship and vocational training experiences for college students, or establishing mutually-beneficial relationships with other local businesses.
Businesses Participating in START-UP NY
As one of several New York State government-sponsored business programs, START-UP NY attracts existing businesses from out of state, and even out of the country. These businesses represent a wide range of sectors and fields. As of March, 2015, they include companies in alternative energy harvesting, medical biotechnology, medical data analysis, mobile business opportunities and mobile analytics for businesses.