§ 434. Tax benefits.
435 words·~2 min read·
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§ 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 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 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
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 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.