State and local college officials are planning for START-UP NY that begins Jan. 1. All 64 campuses have completed an analysis on where the tax-free zones could be located.
Companies participating in START-UP NY will see tax relief for 10 years and employees of those companies will not pay income taxes for the first five years.
To qualify, companies must create and maintain new jobs. START-UP NY will be open until Dec. 31, 2020.
David Mihalyov, chief communication officer for The College at Brockport told the Rochester Democrat and Chronicle, “I think it’s very important for a campus and its surrounding community to really develop the shared understanding of how it wants to advance this… It forces campuses to engage in a less introspective conversation, and one that’s recognizing we’re part of a community. We have a pretty big footprint and we need to be developing and evolving our facility in concert.”
The town of Marcy and Mohawk Valley EDGE reached an agreement that will allow for the nanocenter site at SUNYIT shovel-ready.
The Marcy Town Board approved the agreement last week and will now receive a 2-percent host fee in addition to receiving the 9.99 percent of the revenue set aside for taxing jurisdictions.
Town Supervisor Brian N. Scala noted the fee would cover the costs it will incur when companies develop the nanocenter site.
Gov. Andrew Cuomo spoke at Onondaga Community College yesterday where his remarks focused on Start-Up NY and taxes. The Governor called New York’s tax rates “onerous,” and promoted his plan to completely eliminate state taxes for some businesses for a designated time period, as opposed to lowering the tax rates for all companies across the state. Specifically, he noted that the did not want to reduce taxes downstate, and was focusing Upstate’s economy as it has been, “shedding job and people for decades.”
Read more on the Governor’s trip on the Syracuse Post Standard website.
The Bureau of Economic Analysis is reporting that New York’s economy grew by 1.3 percent last year, “trailing the 2.5 percent growth in gross domestic product for the nation as a whole,” wrote Brian Tumulty, reporter for Gannett. By another comparison, Texas posted a 4.8 percent increase in economic activity.
Click here for more details.
Does The Business Council work well with the Cuomo Administration? Is the business climate improving in New York state? What are the biggest impediments in New York for a business reaching its potential? These are just a sampling of the questions The Buffalo News posed to Heather Briccetti, president and CEO of The Business Council, in a wide-ranging interview recently. She also answered questions about natural gas development, education and health care.
Click here for the interview, printed in the Sunday edition of The Buffalo News.
Newday reports that a federal tax stabilization plan will help homes and businesses still dealing with the damage from superstorm Sandy. The plan means those impacted won’t see property tax increases stemming from Sandy and taxes will stay “flat for everyone else whose levies would have risen to make up for the loss in property taxes because of home assessments lowered by Sandy damage.” The $300 million in funding for the program comes from the U.S. Department of Housing and Urban Development.
Late Monday night, the U.S. Senate passed a bill which permits states to collect sales tax on goods purchased on the Internet. USA Today published a map that shows the estimated uncollected taxes (in millions) from online purchases in 2012, by state. It shows New York had $865.5 million in unc0llected taxes, the third most after California, $1.9 million and Texas, $870.4 million. The measure could have a large impact on the ability of small online retailers to grow.
Click here for more details, including the effect on small and large businesses should the House follows suit and votes to allow the tax.
Erica Orden of The Wall Street Journal wrote about a plan by Governor Cuomo to address the financial difficulties local governments across the state are facing. He’ll announce his measures, including the creation of a task force, in the coming days. Click here to read Orden’s piece.
On May 1, The Public Policy Institute of New York State, Inc. will be holding a forum on those financial pressures. The Municipal Finances: Close to the Cliff? forum will address the rising costs and growing pension and health insurance obligations which are raising serious challenges for municipal budgets. Two of the most influential figures in the policy arena will give commentary during the two-hour event – Richard Brodsky, the former New York State Assemblyman and Senior Fellow at Demos and the Wagner School at New York University and E.J. McMahon, Senior Fellow at the Empire Center for New York State Policy.
Click here to learn more and to register. Space is still available.
Stephen Stock and Jeremy Carroll of NBC Bay Area wrote the following piece about the U.S. Treasury Inspector General for Tax Administration’s criticism of the IRS’s lack of transparency of its plans to “to implement a little know strategy to garnish tax refunds for taxpayers who don’t purchase health insurance under the new Federal Affordable Care Act.”
Click here to read.
Today is the final day for reduced rate registration at our Annual Conference on State Taxation that is being held on Thursday, April 25th at The Desmond Hotel and Conference Center in Albany.
|Business Council Member
Agenda and Registration
For more information contact Ellen Clickner at BCNYS.