N.Y.
Economic Development Law Section 434
Tax benefits
1.
A business that is accepted into the START-UP NY program and locates in a tax-free NY area or the owner of a business that is accepted into the START-UP NY program and locates in a tax-free NY area is eligible for the tax benefits specified in Tax Law § 39 (Tax benefits for businesses located in tax-free NY areas and employees of such businesses)section thirty-nine of the tax law. Subject to the limitations of subdivision two of this section, employees of such business satisfying the eligibility requirements specified in Tax Law § 39 (Tax benefits for businesses located in tax-free NY areas and employees of such businesses)section thirty-nine of the tax law shall be eligible for the personal income tax benefits described in such section in a manner to be determined by the department of taxation and finance.2.
The aggregate number of net new jobs approved for personal income tax benefits under this article shall not exceed ten thousand jobs per year during the period in which applications are accepted pursuant to § 436 (Businesses locating in tax-free NY areas)section four hundred thirty-six of this article. The commissioner shall allocate to each business accepted to locate in a tax-free NY area a maximum number of net new jobs that shall be eligible for the personal income tax benefits described in subdivision (e) of Tax Law § 39 (Tax benefits for businesses located in tax-free NY areas and employees of such businesses)section thirty-nine of the tax law based on the schedule of job creation included in the application of such business. At such time as the total number of net new jobs under such approved applications reaches the applicable allowable total of aggregate net new jobs for tax benefits for the year in which the application is accepted, the commissioner shall stop granting eligibility for personal income tax benefits for net new jobs until the next year. Any business not granted such personal income tax benefits for net new jobs for such reason shall be granted such benefits in the next year prior to the consideration of new applicants. In addition, if the total number of net new jobs approved for tax benefits in any given year is less than the maximum allowed under this subdivision, the difference shall be carried over to the next year. A business may amend its schedule of job creation in the same manner that it applied for participation in the START-UP NY program, and any increase in eligibility for personal income tax benefits on behalf of additional net new jobs shall be subject to the limitations of this subdivision. If the business accepted to locate in a tax-free NY area creates more net new jobs than for which it is allocated personal income tax benefits, the personal income tax benefits it is allocated shall be provided to those individuals employed in those net new jobs based on the employees’ dates of hiring.
Source:
Section 434 — Tax benefits, https://www.nysenate.gov/legislation/laws/COM/434 (updated Sep. 22, 2014; accessed Apr. 27, 2024).
