Cuomo Signs START-UP NY Bill into Law at Binghamton University
Gov. Andrew Cuomo signed into law Monday the tax-free program START-UP NY at Binghamton University’s Innovative Technologies Complex.
The new legislation will allow approved companies to operate tax-free for 10 years. This includes exemptions from paying property, sales and corporate taxes.
Additionally, employees of these companies would pay no state income taxes for five years. In the following years 6-10, employees would have to pay income above $200,000 for single filers, $250,000 for heads of household, and $300,000 on married filers.
The law caps eligible income tax breaks at 10,000 new jobs each year.
Lieutenant Governor Robert Duffy will be on the SUNY Oneonta campus at noon today to discuss the impact to the Oneonta area.