At the conclusion of the most recent session of the New York State Legislature, Governor Cuomo signed into law his widely anticipated plan to create “tax-free” areas of the State on and around college campuses.
Available locations are mostly “to be determined,” by Empire State Development Corporation (“ESDC”) and/or a specially-appointed board, but will include:
- Vacant building space on land or within one mile (and in certain limited cases beyond one mile of) a college, university or community college;
- Space within an incubator affiliated with university or college;
- Location at one of 20 targeted “strategic state assets” of campus and affiliated with a college, university or community college.
An eligible business located in a START-UP NY area can receive, for a period of 10 years, exemptions from or credits against income, sales and other taxes. Certain employees of eligible businesses are eligible for New York State income tax exemptions (subject to additional ESDC approvals) for 10 years.
Potential START-UP NY locations are more limited in downstate New York; and off-campus areas and all private college and university located or -affiliated areas are further limited as to the amount of acreage that may be ultimately designated.
The program is scheduled to commence January 1, 2014, so the next few months will require strategic thinking and positioning for educational institutions statewide.
For further information on the START-UP NY Program, please contact Donald T. Ross, at email@example.com or (518) 472-1224 ext. 1255.