New "Tax-Free NY" Program May Entice Businesses to SUNY Campuses
Moses & Singer Client Alert
Last week New York Governor Andrew M. Cuomo announced an innovative proposal to create tax-free economic zones benefitting companies located on or nearby certain State University of New York (SUNY) and private college campuses across New York State. While many details of the "Tax-Free NY" program remain to be worked out with the New York State legislature, the program would generally be available to start-up and existing companies that locate or expand operations at any of the qualifying campuses or immediate surrounding areas. Under the proposal, eligible companies would not be required to pay New York State sales, property or business taxes for ten years, and their employees would be exempt from New York State income tax taxes on their employment income for five years, with the first $200,000 of employment income in the each of the following five years also being exempt.