News and Insights

New York Announces Tax-Free Communities

Tax Development May 29, 2013

On May 22, 2013, New York Governor Andrew M. Cuomo announced Tax-Free NY, an initiative that will transform State University of New York (SUNY) campuses and university communities into tax-free communities. The goal behind this initiative is to attract start-ups, venture capital, new businesses, and investments to the area. Companies relocating to these tax-free communities will not be subject to sales, property, or business taxes. Furthermore, employees of businesses that relocate to these communities will be exempt from paying personal income tax. Businesses eligible for this initiative include those with a relationship to the academic mission of the university and a focus on job creation. The exemptions for new businesses will be available for ten years.