-- New initiative to establish tax-free zones near and on university campuses
-- Businesses in those zones will operate 100% tax free for 10 years – no income, business, corporate, state, local, sales, property taxes nor franchise fees
-- Employees can be eligible to pay no income taxes as well
-- Business have to be either new startups OR expansion of existing businesses that will bring new jobs to New York state
-- Some industries are prohibited from participating
-- Types of companies targeted are in high-tech – generally engaged in the “design, development, and introduction of new biotech, IT, advanced materials, process engineering, electronic technology, and/or innovative manufacturing process”
Comments
Read through the regulations, here's the gist:
-- New initiative to establish tax-free zones near and on university campuses
-- Businesses in those zones will operate 100% tax free for 10 years – no income, business, corporate, state, local, sales, property taxes nor franchise fees
-- Employees can be eligible to pay no income taxes as well
-- Business have to be either new startups OR expansion of existing businesses that will bring new jobs to New York state
-- Some industries are prohibited from participating
-- Types of companies targeted are in high-tech – generally engaged in the “design, development, and introduction of new biotech, IT, advanced materials, process engineering, electronic technology, and/or innovative manufacturing process”