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Start-up NY: 100% Tax-Free for 10 Years?

startup-ny.com

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Re: Start-up NY: 100% Tax-Free for 10 Years?

#21

Post by greenyoda »

jrockway wrote: post #13
PaulHoule wrote: post #6

As 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.

A huge percentage of full-time residents work in the tourist industry (e.g., hotels, theaters, museums, etc.). And a lot of NYC business sectors would be much smaller without the tourist population, like restaurants and retail stores. Without the tourists, there would be a lot of unemployed New Yorkers.

Re: Start-up NY: 100% Tax-Free for 10 Years?

#22

Post by jrockway »

greenyoda wrote: post #21
jrockway wrote: post #13

Earlier quoted context omitted.

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.

A huge percentage of full-time residents work in the tourist industry (e.g., hotels, theaters, museums, etc.). And a lot of NYC business sectors would be much smaller without the tourist population, like restaurants and retail stores. Without the tourists, there would be a lot of unemployed New Yorkers.

The tears... they just aren't coming.

Re: Start-up NY: 100% Tax-Free for 10 Years?

#23

Post by _delirium »

chrislgrigg wrote: post #15

Got 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. http://startup-ny.com/faq/#b-9

In addition, it has to be at a university that's applied for a "tax-exempt area" (the university has to make the application). This is still interesting, but not a blanket no-tax-for-startups program. It's closer to something like the way some countries set up industrial parks or Special Economic Zones or Free Trade Zones with special tax incentives. Except, any university in the state of NY can apply to turn itself into such a zone, rather than it only being a specific port or industrial park.

Re: Start-up NY: 100% Tax-Free for 10 Years?

#28

Post by seehafer »

javajosh wrote: post #27

Isn't this why people incorporate in Delaware? I don't really see the point of this.

People incorporate Delaware because of Delaware's well-codified, well-understood corporate law, that simplifies things like investments, M&A and the like.

Incorporating in Delaware doesn't exempt you from NYC income tax if you do all your business in NYC.

Re: Start-up NY: 100% Tax-Free for 10 Years?

#29

Post by mbillie1 »

pragone wrote: post #20
jrockway wrote: post #11

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 t…

I just want to point out that there are large portions of New York that are not New York City

Exactly. Having grown up in between Albany and Saratoga, I'd be excited to see some more tech culture evolve there. I'm not tremendously optimistic, but if Atlanta can do it, why not Albany? (Atlanta being a similarly car-travel-intensive, sprawling pseudo-urban region)

Re: Start-up NY: 100% Tax-Free for 10 Years?

#30

Post by gnicholas »

suyash wrote: post #25

What about Income Tax and Payroll Tax? That is more important for employees.

The bulk of these are federal, and therefore unaffected by state & local policies. Agreed that they are much larger costs than state & local taxes for many/most startups.
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