Small business owners and entrepreneurs —listen up. Now is the time to start or expand your small business in New York. As of January 1, 2014, New York State has become much more tax friendly for entrepreneurs and small business owners. Thanks to Governor Cuomo’s groundbreaking program, START-UP NEW YORK, tax-free zones have been established throughout the State for new and expanding businesses, the objective being to revitalize otherwise dormant areas of New York State with entrepreneurship and small business. What does this mean to you, the entrepreneur and small business owner?
Businesses can now operate 100% tax-free for 10 years. That’s right—no franchise taxes, no corporate or partnership taxes, no state or local taxes, no sales taxes and yes, no property taxes, significantly reducing the overhead of a small business owner and thereby increasing profits. So if you are thinking of relocating, starting a new business or expanding an already existing one, now is the time to consider New York State.
What businesses are eligible to participate in Start-Up New York? Generally speaking, the entrepreneur or small business needs to support the “academic mission” of a college or university with which they hope to work. Since there are numerous and diverse colleges and institutions throughout New York State, both public and private, the opportunity to engage with a school’s programs, research, internships, professors, culture and curriculum are vast. Campuses participating in the program will have a Start-Up point person available to assist the small business owner on how to proceed with the application process for Start-Up New York. Of course, if a business does not qualify for the Start-Up New York initiative, don’t despair—there may be other grants, incentives and other resources available to you. A comprehensive list of such resources can be found at Empire State Development.