The State of New York has recently enacted new legislation which would create “tax fee zones” for businesses which locate near State and City universities. the new laws effective date is January 1, 2014.

The new law provides eligible businesses which either locate or expand near SUNY or CUNY Universites an exemption from business, sales and property taxes provided jobs are created and maintained by the entity which has relocated or expanded in the zone.

To be a qualified entity, an application must be submitted to the Empire Sate Development Board for acceptance. Qualified businesses include start-ups as well as businesses relocating from out of state.