N.Y. Comp. Codes R. & Regs. tit. 5 § 220.1

Current through Register Vol. 46, No. 53, December 31, 2024

Section 220.1 - Purpose and general description

(a) The purpose of these regulations is to establish procedures and guidelines for the SUNY tax free areas to revitalize and transform upstate New York Program ("START-UP NY Program") established by article 21 of the Economic Development Law (EDL). Pursuant to sections 435 and 436 of the EDL, the Commissioner of Economic Development is authorized to promulgate regulations to establish, among other things:

(1) a process for the submission and approval of plans to designate tax-free NY areas;

(2) the eligibility criteria that will be applied in evaluating those plans;

(3) a process for the evaluation and possible rejection of applications by businesses desiring to participate in the START-UP NY Program;

(4) eligibility criteria that will be applied in evaluating those applications;

(5) a process for terminating a business from the START-UP NY Program; and

(6) a process for administrative appeals of such terminations.

(b) The START-UP NY Program is intended to promote entrepreneurialism and job creation by transforming higher education to create tax-free communities across the State, particularly in upstate New York, to attract high-tech and other start-ups, venture capital, new business and investments from across the world. The START-UP NY Program is intended to help companies, especially high-tech and start-up businesses, to start, grow and stay in New York.

N.Y. Comp. Codes R. & Regs. Tit. 5 § 220.1

Amended New York State Register November 20, 2019/Volume XLI, Issue 47, eff. 11/20/2019