By: Ashish Walla
In an effort to grow and expand the tech scene in New York, Governor Cuomo has implemented “START-UP NY”. This initiative transforms campuses of the State University of New York schools and other university communities into tax free zones. The focus of the program is to stimulate new growth and attract new tech companies to New York. It’s simple: new ideas turn into new companies, and new companies turn into new jobs. Why should you act now? Once you’ve met the eligibility requirements and you’re approved, your business will be entitled, for a period of up to 10 years, a 100% tax elimination credit for its state and local tax liability. Yes, this means you don’t have to worry about Uncle Sam digging into your pockets. It’s a golden opportunity and you can get your business off to a great start by saving a lot of money. Starting your own company in the best city, tax free, doesn’t seem like a bad gig.
The business must be located within a tax free zone. The tax free zone encompasses property or land in New York State that’s affiliated with public and private universities or certain State-owned property designated for use in the program. Chances are, if you’ve had that awesome idea pop into your mind in your dorm room, you’re probably a good fit for the program and it might be a good time to begin to plan, strategize and get your company off the ground. As long as you can keep up with the requirements that the state provides you can continue to receive the tax breaks.
When you’re all set to get started you can find a link for the application here.#TaxFree #StartUpNY