Republic Airport in East Farmingdale added as Start-Up New York Facility

By Brian Gordon

Start-Up New York is a program that began last year to take advantage of unused land owned by the State of New York. The program is intended to promote job creation by transforming vacant sites into tax-free communities for new businesses across the state. The tax benefits include, in most cases, zero tax for ten years for both the new business and the employees that work there. They hope to attract high-tech and other start-ups, venture capital and other new business and investments from across the world. Excluded from this program are retail and wholesale businesses, restaurants, professional firms and hotels.

The initial focus was to utilize unused space at state owned or private colleges. The new state laws enacted in 2015 amends the Start-Up New York provisions to include two airport facilities; one being Republic Airport in East Farmingdale, the other is Stewart Airport in upstate New York. Up to 200,000 square feet of vacant land or space owned by New York on the premises of Republic Airport is eligible for this program.

For a business to be eligible it must be a new business or an expanding business that creates net new jobs in New York. To remain eligible for the tax breaks, the business must maintain the number of new jobs created.

If you have any questions involving this issue, or other state and local tax issues, please call Brian Gordon at 516-938-5219 or email at bgordon@st-cpas.com.

For more information regarding State and Local Taxes, please visit
Brian Gordon's S.A.L.T Blog at:
www.st-cpas.com/blog.