Assemblywoman Kimberly Jean-Pierre (D- Babylon) announced the creation of a tax-free START-UP NY zone at Republic Airport in East Farmingdale. The 2015-16 New York State budget includes plans to designate Republic Airport and Stewart Airport, in Orange County, as tax-free START-UP NY zones.
“The designation of Republic Airport as a START-UP NY zone represents New York’s continued commitment to work for businesses,” Assemblywoman Kimberly Jean-Pierre said. “The airport is located in one of the most populous regions in the country so the establishment of the START-UP NY zone will play a crucial role in boosting business and investment in the area. I am pleased the budget includes this incentive that will not only attract business but also provide further economic opportunities for families in our community.”
Republic Airport occupies 526 acres in East Farmingdale and is one of 12 airports on Long Island; however, the airport currently has almost 100 acres of available space. In an effort to help jump-start investment and business at Republic Airport, the budget will make available additional resources and incentives through START-UP NY.
START-UP NY helps qualified businesses start, expand or relocate to a tax-free zone in New York State. Under the program, approved companies that operate and create jobs in START-UP zones pay zero taxes, including property, sales and corporate taxes, for 10 years. Additionally, employees of these companies would pay no state income taxes for five years.
To view a video on this subject, please click here