START-UP NY is a new New York State initiative that encourages collaborations between universities and businesses when a business is aligned with an aspect of the university’s academic core competency. The START-UP NY program provides certain tax benefits to qualified businesses that take up residence in property on or near Cornell University buildings or land. Participating companies will receive tax benefits, such as no state income tax for employees, no corporate state tax, and no state sales tax. Buildings currently off the property tax rolls may remain tax-free for qualifying businesses (but no currently taxable properties will be made tax-free through this program).
As the largest employer in Tompkins County, the largest research university in Upstate and New York’s land grant university, Cornell is committed to the economic vitality of the region and the state. START-UP NY represents a unique opportunity for Cornell to leverage its strengths in innovation and education to help companies start and grow in the region, creating platforms to bring the research of Cornell’s faculty and students to practice, and to create job opportunities for our highly educated residents and students to express their talents here in the region and in the state.