Start-up NY: 100% Tax-Free for 10 Years?
startup-ny.com
Start-up NY: 100% Tax-Free for 10 Years?
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Re: Start-up NY: 100% Tax-Free for 10 Years?
#2(Because it's not on the front page)"START-UP NY is a groundbreaking new initiative from Governor Andrew M. Cuomo that will provide major incentives for businesses to relocate, start up or significantly expand in New York State through affiliations with public and private universities, colleges and community colleges. Businesses will have the opportunity to operate state and local tax-free on or near academic campuses, and their employees will pay no state or local personal income taxes. In addition, businesses may qualify for additional incentives."
Wow. As a former resident of NYS, this is incredible. Income tax in the state is really high and this seems like a good way to spark development.
Re: Start-up NY: 100% Tax-Free for 10 Years?
#3Wow! Does this in include NYC?
Re: Start-up NY: 100% Tax-Free for 10 Years?
#4Clever, 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.
Re: Start-up NY: 100% Tax-Free for 10 Years?
#5Wow! Does this in include NYC?
It looks like it does so long as you pair up with a CUNY school. It looks like the New York City region goes up to Westchester county
Re: Start-up NY: 100% Tax-Free for 10 Years?
#6As 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.
Re: Start-up NY: 100% Tax-Free for 10 Years?
#7Clever, 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.
and this is bad, why?
Re: Start-up NY: 100% Tax-Free for 10 Years?
#8I 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?
Re: Start-up NY: 100% Tax-Free for 10 Years?
#9Clever, 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.
and this is bad, why?
Chris Norstrom isn't experssing an opinion, he's analyzing the talent of NY in attracting startups and making sure they stay there.
HN isn't a tribune for opinions but a tribune for learning and deconstructing how the (tech) world evolves. Unfortunately on the internet, everyone thinks everyone is interested in sharing layman opinions or political POVs, but we already have Facebook for that.
Re: Start-up NY: 100% Tax-Free for 10 Years?
#10I 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.