START-UP NY Fostering Economic Development
“Today is another example of how START-UP NY is providing a critical boost to local economies across the state,” Governor Cuomo said. “By offering new companies the opportunity to operate tax-free alongside our first-class universities and talented workforce, this program is attracting significant private-sector investments and creating hundreds of new jobs for New Yorkers.”
This latest group of companies joining the program brings the total number of businesses participating in START-UP NY to 73, representing commitments to create more than 2,400 new jobs and invest more than $104 million in communities throughout the state. The START-UP NY businesses expanding in or locating to the Empire State will create jobs in several key industries, including biotechnology research and development, advanced manufacturing, advanced medical equipment, information technology, and systems and software development.
Under the START-UP NY program, businesses sponsored by participating colleges and universities that create net new jobs will operate 100 percent tax-free for 10 years, paying no state income tax, business or corporate state or local taxes, sales tax, property tax or franchise fees. The companies will have opportunities to partner with the higher education institutions, as well as access industry experts and advanced research laboratories associated with the schools.
To date, 63 schools have been approved for START-UP NY, including four CUNY and 15 private institutions, establishing more than 350 tax-free areas for new or expanding businesses to operate on or near campus. Each school’s approved START-UP NY plan is available at www.startup.ny.gov.
Empire State Development President/CEO/Commissioner Kenneth Adams noted, “START-UP NY is proving to be a powerful tool for fostering economic development.”
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