'Start-Up NY' Seeks To Avoid Empire Zone-Era Tax Hiccups

Law360, New York (October 24, 2013, 7:23 PM EDT) -- A brand-new bid to grow high-tech business on New York University real estate differs vastly in scope from the sun-setting Empire Zones program, experts said Thursday, while noting that Start-Up NY appears to have drawn lessons from its older cousin on avoiding controversy over tax clawbacks.

Gov. Andrew Cuomo unveiled the program Wednesday, with leadership input from retired Morgan Stanley chairman John Mack, who was tapped as economic development adviser to the state. Cuomo called Start-Up NY "the most ambitious economic development program in New York state's recent history."

Under the initiative, businesses in certain economic sectors will be able to operate...

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