Cuomo Launches Start-Up NY
NEW YORK---(WENY) Governor Andrew Cuomo formally launched START-UP NY on Tuesday in New York City. The initiative will create tax-free zones in hopes of attracting and growing new businesses across the state. Companies who participate in START-UP NY will be exempt from paying any taxes for 10 years.
Employees will pay no income taxes for the first five years. For the second five years, employees will pay no taxes on income up to $200,000 of wages for individuals. The same goes for up to $250,000 for a head of household, and $300,000 for taxpayers filing a joint return. For a business to be eligible, it must be near a college campus.
About the new initiative, Governor Andrew Cuomo says, "You can't beat zero. That's the one number you can't beat. And I don't care what state you are, where you are, how low cost you are, you can't beat zero. It's property tax, its sales tax, its income tax for the employees and the owner. So there is no place less expensive on the map than these zones. And you're in the State of New York. You don't have to move to those other places."
Businesses can visit www.startup-ny.com for more about the program.