Tax-free business

upstatedoc · 12-18-2013, 07:06 PM

So NY has this new campaign "Start your business in NY and don't pay taxes for 10 years". There are quite a few business owners on this forum and I'd like to know if this is a good deal or not all it's cracked up to be.

silvergray545 · 12-18-2013, 08:13 PM

You still have to pay federal taxes. So you get a little break by not having to pay state taxes. Whoop de do

Kwando · 12-18-2013, 09:12 PM

Start a religion.

E90-F30 · 12-20-2013, 12:36 PM

It's such crap -

Because our state drove away so much industry in the past 15 years, now they know they fucked up.

Buffalo is shit, Rochester is shit, Syracuse will be losing Lockheed Martin, and Nestle within the last 10 years. And lost GE before that.

upstatedoc · 12-20-2013, 12:47 PM

Quote:

Originally Posted by E90-F30

It's such crap -

Because our state drove away so much industry in the past 15 years, now they know they fucked up.

Buffalo is shit, Rochester is shit, Syracuse will be losing Lockheed Martin, and Nestle within the last 10 years. And lost GE before that.

Don't candy-coat it Allen, tell us how you really feel.

pt · 12-27-2013, 11:23 AM

Don't forget all the overhead that comes along with any business in NY. Workers' comp audits, anti-capitalist counties using impossible licensing criteria to keep you from opening up shop. Not to mention that in my general location, employees are allowed to raid your GL policy if they get hurt on the job - in addition to your workers' comp policy. Bottom line, judges are awarding the funds. As a result, many businesses carry GL/PL premiums that are double what you'd find elsewhere; even in NJ.

The 6% you save is a pittance compared to how badly you get screwed everywhere else.

M3Denver · 12-27-2013, 11:48 AM

Quote:

Originally Posted by pt

Don't forget all the overhead that comes along with any business in NY. Workers' comp audits, anti-capitalist counties using impossible licensing criteria to keep you from opening up shop. Not to mention that in my general location, employees are allowed to raid your GL policy if they get hurt on the job - in addition to your workers' comp policy. Bottom line, judges are awarding the funds. As a result, many businesses carry GL/PL premiums that are double what you'd find elsewhere; even in NJ.

The 6% you save is a pittance compared to how badly you get screwed everywhere else.

Correct so many other states are still " business / entrepreneur" friendly. NY is bottom of the barrel

xtac · 12-28-2013, 01:39 PM

There is a lot of specific requirements for this, biggest one is something like you have to be next or affiliated with a university. As well as it being in "high-tech"

12-18-2013, 07:06 PM	#1
upstatedoc I'll get back to you 7541 Rep 2,132 Posts Drives: blue streak Join Date: Dec 2009 Location: not downstate iTrader: (2)	Tax-free business So NY has this new campaign "Start your business in NY and don't pay taxes for 10 years". There are quite a few business owners on this forum and I'd like to know if this is a good deal or not all it's cracked up to be. __________________ 2018 Stinger GT 2009 E90 N51 /Active Autowerke Stage 2 tune/BMW Performance Exhaust/ Countermeasure enthusiast.
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12-18-2013, 08:13 PM	#2
silvergray545 Skittles, OT OG 2348 Rep 649 Posts Drives: Lots of M cars Join Date: Aug 2008 Location: Cleveland, OH iTrader: (1) Garage List 2016 BMW M3 ZCP [0.00] 2000 BMW M Roadster [0.00] 2004 BMW M3 [0.00] 2014 VW GLI [0.00]	You still have to pay federal taxes. So you get a little break by not having to pay state taxes. Whoop de do
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12-18-2013, 09:12 PM	#3
Kwando Major 435 Rep 1,427 Posts Drives: 2018 340i xDrive Join Date: Jan 2011 Location: London, Ontario, Canada iTrader: (1)	Start a religion.
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12-20-2013, 12:36 PM	#4
E90-F30 Allen 32 Rep 129 Posts Drives: 2013 AUDI S4 6MT Join Date: May 2013 Location: Syracuse, NY iTrader: (0) Garage List 2008 BMW 328xi [0.00]	It's such crap - Because our state drove away so much industry in the past 15 years, now they know they fucked up. Buffalo is shit, Rochester is shit, Syracuse will be losing Lockheed Martin, and Nestle within the last 10 years. And lost GE before that. __________________ Current Vehicle(s): 2013 Silver AUDI S4 6MT \| 2015 BMW 535i xDrive M-Sport
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12-27-2013, 11:23 AM	#6
pt Private 9 Rep 82 Posts Drives: I miss my E12 Join Date: Nov 2010 Location: NY iTrader: (0)	Don't forget all the overhead that comes along with any business in NY. Workers' comp audits, anti-capitalist counties using impossible licensing criteria to keep you from opening up shop. Not to mention that in my general location, employees are allowed to raid your GL policy if they get hurt on the job - in addition to your workers' comp policy. Bottom line, judges are awarding the funds. As a result, many businesses carry GL/PL premiums that are double what you'd find elsewhere; even in NJ. The 6% you save is a pittance compared to how badly you get screwed everywhere else.
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12-28-2013, 01:39 PM	#8
xtac Captain 170 Rep 780 Posts Drives: 17 F80 Comp Join Date: Jan 2009 Location: Long Island iTrader: (2)	There is a lot of specific requirements for this, biggest one is something like you have to be next or affiliated with a university. As well as it being in "high-tech" __________________ 1
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