N.Y. Economic Development Law § 434: Tax benefits

§ 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.