START-UP NY benefits are available to eligible businesses that relocate or expand to the vicinty of a New York State college or university if the development creates jobs and aligns with that college's mission.
Businesses must apply for and receive certification from New York State in order to become eligible for one (1) or more of the following START-UP NY incentives:
Business Tax-Free New York Area Elimination Credit: This credit would be calculated by the business when filing its tax return. For businesses with 100 percent of their operation (assets and payroll) in a tax-free area(s), the credit would elimnate any tax liability. For businesses with operations in and out of a tax-free area, the credit would be prorated based on percentage of assets and payroll within a tax-free area(s).
NY's Excelsior Jobs Program provides job creation and investment incentives to firms in such targeted industries as biotechnology, pharmaceutical, high-tech, clean-technology, green technology, financial services, agriculture and manufacturing. Firms in these industries that create and maintain new jobs or make significant financial investment are eligble to apply for up to four (4) new tax credits:
Jobs Tax Credit: A credit of 6.85% of wages per job.
Investment Tax Credit: Valued at 2% of qualified investments.
Research and Development Tax Credit: A credit of 50% of the Federal Research and Development credit up to three% of research expenditures in NYS.
Real Property Tax Credits: Available to firms locating in certain distressed areas and to firms in targeted industries that meet higher employment and investement thresholds.
New York has a Consolidated Funding Application (CFA) Program. This CFA process allows businesses to use a single application point of entry to apply for grants, loans and tax credits available from over twenty (20) New York State Programs administered by over ten (10) State Agencies. Each year, hundreds of millions of dollars of State funds are distributed to businesses seeking financial assistance through the CFA process.