What is a hot spot?
New York State began the Innovation Hot Spot Program in 2013 with the goal of providing funding for business incubators and tax benefits for qualifying startups throughout the state. The Southern Tier Startup Alliance (a group of six Southern Tier, NY Incubators) became one of the ten designated Hot Spots.
What are hot spot benefits
Hot Spot tax benefits are given to qualifying startups that are incubator members within one of the ten designated Hot Spots. Tax benefits include five-year exemptions from state corporate income tax and state sales tax on purchases.
Additional benefit programs
Additionally, START-UP NY is an incentive program that offers growing businesses the chance to operate tax-free while investing in communities near college campuses.
Hot Spot Program Requirements
You must be a member of an incubator within one of the ten Hot Spots
Create new jobs and contribute to the economic development of the local community
Your startup must be less than five years old or less than seven years old for life science companies
START-UP NY Program Requirements
Be a new business in New York State, or an existing New York business relocating to or expanding within the state
Create new jobs and contribute to the economic development of the local community
Partner with a New York State college or university