Gov. Cuomo launches Tax free zones in New York

[VoluntaryAmerican]

Gov. Andrew Cuomo today formally launched START-UP NY, an initiative that creates tax-free zones on or near college campuses for start-up businesses and companies relocating from other states.

"In a tax-free environment, no one can match what New York has to offer," Cuomo said at an event attended by more than 300 international and domestic business, high-tech industry, academic and community leaders in New York City. "Businesses that are looking to start up or expand, and most importantly create jobs, should look no further."

The governor also announced that John Mack, senior adviser and former CEO and chairman of Morgan Stanley, will serve as economic development adviser to the state and special adviser to the board of Empire State Development, which includes the Department of Economic Development and the Urban Development Corp.

In his two roles, Mack will advise the governor and Empire State Development on various economic development programs and issues, including START-UP NY, to help grow New York's economy and make the state a more attractive place for businesses, Cuomo said.

Businesses that qualify for the START-UP NY program can operate tax-free for 10 years. That means no business, corporate, state or local taxes, sales and property taxes, or franchise fees.

http://www.syracuse.com/news/index.s...ree_zones.html

[Rocco]

LOL, so you can pay 60% of your money to the government once year 11 hits? Another half assed idea by the worst governor in the nation.

[Occam's Banana]

"In a tax-free environment, no one can match what New York has to offer," Cuomo said [...]

Bet'cha Cuomo'll tone down his enthusiasm real fast if anyone suggests that it be applied all the time everywhere ...

[Rocco]

This initiative is essentially an attempt to prop of the failing SUNY system, which is home to several colleges that shouldn't exist in towns that are built exclusively around the college. It's academic welfare, and it will never work because nobody is going to think Alfred, Morrisville, Cobleskill, Delhi, Fredonia etc are budding growth opportunities. These are depressed towns in some of the poorest communities in the nation, and short term tax breaks will only bring short term business to them.

Bet'cha Cuomo'll tone down his enthusiasm real fast if anyone suggests that it be applied all the time everywhere ...

[VoluntaryAmerican]

If I lived in New York I'd be checking out who owns the real estate on and around these campuses... Kind of reminds me of the Boardwalk Empire deal when Nucky Johnson and his cronies bought all the property around the new Harding Highway before it was developed. Whoever is sitting on these properties just hit pay dirt.

[wetroof]

is the state of NY paying the federal income tax bill in this scheme?

[VoluntaryAmerican]

is the state of NY paying the federal income tax bill in this scheme?

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.

http://startup-ny.com/faq/

No.

[HOLLYWOOD]

I incorporated my body into a conglomerate-multinational-foundation-501c-religous organization... I pay zero NY & FEDERAL TAXES... wrote everything off and got a lot of refunds... just like GE-FARCEBOOK-NFL-Gates-Buffet-church of anything-etc.

My money is off shore in some stool samples I left in the Cayman Islands & Djibouti.

[Root]

Now if NY would only decriminalize marijuana... Oh how I'd love to run a legit headshop in a college town tax free for 9 years.