Start-Up NY

New business professionals and entrepreneurs who are just starting out in the state of New York are always looking for an edge to help them succeed. One of the biggest boosts a new business, or a business looking to relocate, can get is to get into a tax-free zone in the state of New York. The misconception by many business professionals is that there is no such thing as a tax-free zone in New York State. Start-Up NY will change your mind. Start-Up NY is a cooperative that will help new businesses and businesses looking to relocate to an area of New York State to find tax-free zones. There is a great deal of development going on in New York State and the state government is working to alter the perception that New York State is not friendly to business. With the help of Start-Up NY, a New York State business can put itself in a position to be competitive from day one.

What Is A Tax-Free Zone?

In the state of New York, there are areas where businesses will not have to pay corporate, sales, state, local or property taxes for 10 years. Start-Up NY will help you to identify those regions and become certified to receive these tax breaks.

New York State has some specialized taxes that businesses have to pay such as:

  • Organization Tax
  • License and Maintenance Fee Tax
  • Metropolitan Commuter Transportation District Tax
  • Real Estate Property Transfer Tax
  • Real Estate Transfer Tax

Once a business gets certified for the Start-Up NY program, it will be 100 percent exempt from all of these taxes for 10 years. Imagine what your business could do with all of the money you would save on these types of tax exemptions. This is how the state of New York is bringing in new business and new jobs.

Employees Get A Benefit As Well

Once your new or relocated business has been certified as part of the Start-Up NY program, your employees will also get a very nice surprise. For the first five years of the program, any new employee you hire will be exempt from state and local income taxes. For the five years following, the program changes to:

  • No state or local tax on income up for $200,000 for individuals.
  • No state or local tax on the first $250,000 of income for a head of household.
  • No state or local tax on income up to $300,000 for married employees who file jointly with their spouses.

Of course, there are conditions to this kind of break. Each business gets a cap on the number of employees that qualify and there is a broader state cap each year of 10,000 employees. But this can still be an excellent incentive to get key employees to work for your company and help you to succeed.

For the state cap, it is important to note that the cap goes up by 10,000 jobs for each of the 10 years that your company is eligible. For the first year, the cap would be 10,000 jobs. The second year would see the cap go up to 20,000 and so on. This increases the likelihood that you will be able to use your full complement of tax-free jobs and bring in those key employees.

Utilize The Talent And Resources At New York's Top Universities

The large majority of tax-free zones in New York State are on the campuses of New York's most prestigious universities. This allows you access to interns, full-time talent and resources that your competition cannot access. On top of getting significant tax breaks, you will also have access to resources that will put your business in the lead in your industry and keep you there.

New York Wants To Help Your Business Succeed

As part of the New York State tax-free zones, your business will have access to amenities such as inexpensive energy and a very close proximity to major consumer markets. Most of New York State's tax-free zones are either in or adjacent to the state's largest population centers. This give your business access to the clients you need to succeed. You will also have premium access to global business opportunities and the resources you need to take advantage of those resources.

As you can imagine, a program like this has limited availability each year. If you are considering starting a business in the state of New York, or if you are looking into relocating your business to an area inside New York State, then you need to contact Start-Up NY and put in your request to be certified. You will enhance your operating capital, expand your opportunities and put your business in a position to succeed.