New York Senate Passes START-UP Initiative

John Mitty Friday, June 28, 2013

The New York State Senate just passed a new economic legislation called START-UP NY.  This bill will create tax-free areas around colleges.  Basically, if a business opens up shop within the established zone, that business will be able to operate without paying state taxes for a period of ten years.  Even employees working at businesses in the START-UP zone will be able to benefit with a special personal income tax deduction equal to the wages they have earned there.  In order to qualify, the businesses will have to be brand new start-ups or companies with a high tech focus.  “The START-UP program will help build a stronger economy and help businesses create new jobs, particularly in areas of the state that need revitalization the most,” explains Senate Majority Coalition Leader Dean Skelos. 

The goal of the new initiative is to try to create a focus of economic and technological growth which could counter Silicon Valley’s dominance in those areas.  The Mandate Relief Council will also have more oversight thanks to this bill to determine whether existing regulatory requirements on businesses are too rigorous.  Both local governments and businesses will have the ability to contest statutes and have them reviewed by the board if they pose a heavy burden.

jmitty@longislandyellowpages.com

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