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Are START-UP NY tax incentives good for my business?

College and professional graduates may not have extensive experience in their field of study, but they have their own unique qualities that they bring to a job. These recent grads are often trained in the latest technology, the newest processes and are certainly willing and eager to work and start their careers.

A technology firm that specializes in hybrid cloud data storage understood that this can be an advantage when it opted to open an office next to the Rochester Institute of Technology. “We looked for a place where we could first hire really, really compelling technical talent, well trained and where we could do it economically and find good space,” said non-executive chairman Paul Sagar.

Of course, START-UP NY helped a little bit with that economic piece.

START-UP NY is a tax incentive program that was designed to encourage businesses to move closer to college campuses or other properties. The program is not just relying on eager grads for the luring power. The biggest benefit is a set of tax breaks that will last for 10 years.

Taxes are a major issue for business owners and operators in New York, and there is no doubt that taking into consideration possible tax consequences and benefits is important for any newly formed company, long-standing business or one that simply moves to a new location. It is a vitally important piece of business planning, but corporate and business tax is certainly not an easy area of law.

Business and commercial law attorneys that focus their practice on addressing state and federal tax planning are certainly a place to turn for help in navigating this confusion before it could become a problem.

Source: 13-WHAM, “START-UP NY Draws tech firm,” June 5, 2014

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