The final legislation for Gov. Andrew Cuomo’s tax-free initiative broadens the eligibility for state colleges and universities, and caps the amount of tax-free personal income.
The legislation, renamed Start-Up New York after being introduced as Tax-Free New York, adds independent colleges and universities to SUNY and CUNY schools as being eligible for tax-free communities.
The tax-free space can be vacant land or space on SUNY campuses; a business incubator affiliated with a campus, university or college; or up to 200,000 square feet within one mile of a campus north or west of Westchester County, a statement from Cuomo’s office said.
Participating companies will not pay business/corporate taxes, sales taxes or property taxes for 10 years.
Eligible companies must be startups, or from out of state and relocating to New York, or be expanding an existing New York company, the statement said.
Employees from participating companies will pay no income taxes for five years. For the next five years, employees pay no taxes on income up to $200,000 per individual, $250,000 for the head of a household and $300,000 for taxpayers filing a joint return, the statement said.
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