Don't start your startup in New York or San Francisco. Rents here are twice what they are in more reasonable parts of the country, and you get absolutely nothing in exchange except maybe a slightly-less-shallow talent pool. (Oh, and cockroaches. Lots of cockroaches.) Your employees will be paid twice as well, and your offices will be twice as nice... for free... if you locate yourself outside the expensive parts of the country.
Start-up NY: 100% Tax-Free for 10 Years?
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Re: Start-up NY: 100% Tax-Free for 10 Years?
#12As a New Yorker, I think this sucks. We already pay high taxes and if somebody gets a tax break that means all the rest of us will pay even more.
Better the tax breaks go to startups and new businesses than to bureaucracies and large corps.
Re: Start-up NY: 100% Tax-Free for 10 Years?
#13As a New Yorker, I think this sucks. We already pay high taxes and if somebody gets a tax break that means all the rest of us will pay even more.
Make taxes higher, I say. I hope to one day have a New York City entirely funded by its full-time residents, so we can stop pretending to care about tourists.
Re: Start-up NY: 100% Tax-Free for 10 Years?
#14I wonder what the trade-off is. I mean, business income taxes are generally a bad idea anyway, and it's great to see a state make a move toward eliminating them, but they would also need a way to offset lost revenue. Higher taxes on 10+ year businesses?
To qualify you need to start your business in the janitors closet at one of the amazing SUNY universities, which are conveniently located in the middle of nowhere.
There are also locations listed at CUNY (City University of New York) in NYC.
Re: Start-up NY: 100% Tax-Free for 10 Years?
#15Got excited, then saw that your business must operate from university-affiliated property. Those of us already established in NYC and working from shared spaces, home, etc. are ineligible. Might still be worth it (I don't have the experience to say) but it's not for everyone.
Re: Start-up NY: 100% Tax-Free for 10 Years?
#16Clever, both financially and psychologically. If you plan on leaving after 10 years consider this, after a decade you will have built your entire logistics, business partnerships, network, staff, and support system in NYC. Moving out will be very difficult. You won't want to.
Then you can just create a new, younger start-up and acquire the older one. Taxes fixed at 0.
Is NY trying to race to the bottom?
Re: Start-up NY: 100% Tax-Free for 10 Years?
#17um...silicon valley already has this covered: you only pay taxes on revenues. (badam CHING).
Re: Start-up NY: 100% Tax-Free for 10 Years?
#18It's really interesting, funny and ironic that in a liberal, pro-tax-the-hell-out-of-everyone, government-knows-best state the best tool they can think of to entice businesses to set roots in the state is the elimination of income tax. Friggin hilarious. I almost got happy thinking that they started to understand but quickly realized it's a bait-and-switch. They are going to shaft these businesses one way or the other eventually and most-certainly after the ten year mark passes.
Re: Start-up NY: 100% Tax-Free for 10 Years?
#19As a New Yorker, I think this sucks. We already pay high taxes and if somebody gets a tax break that means all the rest of us will pay even more.
Better the tax breaks go to startups and new businesses than to bureaucracies and large corps.
There currently seems to be no shortage of startups in NYC, even without these tax breaks. And if a company only comes to NY because of the tax breaks, they might leave when the tax breaks expire.
Re: Start-up NY: 100% Tax-Free for 10 Years?
#20Don't start your startup in New York or San Francisco. Rents here are twice what they are in more reasonable parts of the country, and you get absolutely nothing in exchange except maybe a slightly-less-shallow talent pool. (Oh, and cockroaches. Lots of cockroaches.) Your employees will be paid twice as well, and your offices will be twice as nice... for free... if you locate yourself outside the expensive parts of t…
I just want to point out that there are large portions of New York that are not New York City