"There is no place in the world where media and technology come together like New York City. For a young growing business like Motionbox, this means unparalleled access to the talent, partners, and resources we need to grow. And the QETC (Qualified Emerging Technology Company) Tax Credit Program makes a big difference in our ability to invest, and compete, in New York City."
Motionbox Inc., the creator of a web-based video sharing and editing platform, was founded in New York City. Similar to many NYC-based emerging technology companies, Motionbox Inc. believed its future success would be linked to its ready access to all of the major media and entertainment companies in the City. It also believed its ability to tap into the vast pool of financial and professional resources that New York City offers would be important.
As a startup technology company based in New York City, Motionbox Inc. was eligible for the Qualified Emerging Technology Company (QETC) Tax Credit Program. QETC provides technology companies with refundable tax credits for investment in workforce development and training, facility upgrades, and research and development. The refundable tax credit of up to $1 million is available for four years to companies based in, and conducting R&D in, New York. QETC benefits also allow the company’s investors to receive a similar credit, giving them one more reason to invest in Motionbox.