There’s a new advantage to doing business in New York. A big one.
START-UP NY, Governor Cuomo’s groundbreaking initiative, is creating tax-free zones across the state for new and expanding businesses. Now businesses can operate 100% tax-free for 10 years. No business, corporate, state or local taxes, sales and property taxes, or franchise fees.
The initiative is reported on the START-UP NY website (see link below).
How many established business will pack up and flee the state when they realize that new competing business near them will owe no taxes for 10 years and will be able to compete unfairly.
As an unintended consequence there may be as many businesses move out of the state as move in to take advantage of the 10-year no tax initiative.