Governor Andrew M. Cuomo today detailed Start-Up NY and the initiatives benefits for Upstate New York in Chautauqua County at Jamestown Community College. Through Start-Up NY communities across Upstate stand to benefit in a major way from increased partnership between the private sector and the states leading network of higher education institutions.
This has been one of the most productive legislative sessions on record for communities in Upstate New York, Governor Cuomo said. Over the past two years, weve changed the economic development paradigm from an Albany-top-down model to a jobs agenda built from the ground up. This year, we put those efforts into high gear. From lowering middle class taxes to their lowest rates in sixty years to launching innovative tech-transfer initiatives and investing in higher education, it has already been a banner year for upstate economic development. We ended this years session with a major initiative to jumpstart the economy Start-Up NY, which will create tax-free communities around our SUNY schools to attract new private sector investment and employment opportunities. For years, Albany has not given Upstate New York the attention it deserves, but with the achievements of this legislative session, there can be no doubt that those days are over and gone.
SUNY Chancellor Nancy Zimpher said, SUNY campuses are centers of research and innovation across the state, and making this smart investment in our students and the ideas of today will mean the scientific breakthroughs and jobs of tomorrow. SUNY is the economic driver in New York State and because of Governor Cuomo's visionary ideas and leadership we are now poised to create more opportunities for New Yorkers, foster new businesses and commercialization, and help transform communities all across the state.
Senator Catharine Young said, The Start-Up NY program will foster our entrepreneurial spirit, grow jobs, and renew our economy. We are fortunate to have some of the best colleges and universities in the country right here in New York State. Start-Up NY will maximize our potential and support the commercialization of research and technology being developed on our college campuses. The Start-Up NY program compliments the economic progress that we have made over the past three years by capping property taxes, giving tax relief to small businesses and manufacturers, and making our business environment more competitive. My hat is off to the Governor for his innovative ideas and his commitment to restoring the Upstate economy.
Assemblyman Andy Goodell said, The Start-up New York program proposed by Governor Cuomo and approved by the State Legislature will be a strong and effective tool to promote the incubator project operated by SUNY Fredonia and to strengthen the economic development involvement of JCC. The program will also demonstrate that it is incredibly important for New York State to reduce its overall tax burden on all businesses in order to improve their competitiveness. I look forward to working with Governor Cuomo to enact the broad based tax reductions needed to stimulate all aspects of the New York economy.
Jamestown Mayor Sam Teresi said, The economic challenges facing Upstate New York have persisted for years and require a truly innovative response in order to unlock the regions potential. Start-Up NY is exactly that kind of response, and the Governors initiative is welcome development for Jamestown. By establishing tax-free communities around the state's universities and colleges the Governor is creating a highly competitive environment that will align private sector investment and employment opportunities with our network of higher education institutions. I applaud the Governor's leadership in fighting for communities like Jamestown.
Mike Metzger, President of Blackstone Business Enterprises, said, I commend Governor Cuomo for creating new tax-free zones across New York State. We must make every effort to rejuvenate our local economies and reverse New York's reputation as the tax capital of the nation, and the Governor's Start-Up NY program is part of the greatest revitalization effort for Upstate's economy in decades. This proposal creates the opportunity for communities across Chautauqua County to attract countless jobs and new businesses, and the Senate and Assembly must act on this legislation before this legislative session ends.
Todd Tranum, President and CEO of the Chautauqua County Chamber of Commerce, said, We are appreciative of the focus Governor Cuomo has placed on economic development in our region. The Start-Up NY initiative is an example of the Governors commitment to building a business environment in New York that encourages private investment. The Start-Up NY initiative links our States educational and research infrastructure with private business investment and a package of compelling tax incentives to create an incentive for existing businesses to grow and new businesses to open.
Jeff Belt, President of SolEpoxy, Inc. and a member of the Western New York Regional Economic Development Council said, Start-Up NY is a bold idea to encourage new business formation near universities so that we can attract and retain young people to Upstate New York. Attracting 25 to 35 year-olds is a central problem for our economy today. We need to foster and incentivize the next generation of New York innovators in order to halt population loss and restore good jobs north of Westchester County.
Gregory DeCinque, President of Jamestown Community College, said, Start-Up NY is an exciting program for Jamestown Community College to build new partnerships with businesses in our community. By aligning the states higher education institutions with private sector investment in tax-free communities, Governor Cuomo is truly offering our students an opportunity unlike any other. This model will create lasting collaboration between JCC and local businesses, and I look forward to watching these partnerships grow and benefit the entire community.
Start-Up NY is an innovative game changer that puts New York at the front of the pack for jobs and private sector investment. This program will allow new and existing businesses to take advantage of all that New York State has to offer without having to pay sales taxes, property taxes, or business taxes no state taxes, period. Additionally, those companys employees will have their income taxes waived for up to ten years. Partnering with New Yorks world-class SUNY education system as well as selected private colleges and universities will also offer our students more opportunities to pursue employment in their fields of study. Not only will businesses seek to stay and flourish in Upstate New York, but so too will our graduates.
By putting the focus on creating tax free communities based around the states leading higher education system, the Governor is aligning struggling Upstate economies with a highly competitive environment that will ensure businesses come to and stay in Upstate New York.
For more information on Start-Up NY, click here.
The end of session accomplishments build on initiatives included in the 2013-14 budget that will help grow the Upstate economy:
Tax Cuts for Middle Class Families: Recognizing that New York's taxpayers have been overtaxed for too long, the Budget included $1.23 billion in new tax cuts to middle class families over three years. Families with incomes between $40,000 and $300,000 will be eligible to receive a new child tax credit of $350 per year, beginning in 2014.
Tax Cuts for Businesses: To provide tax relief to New York's job creators, the Budget includes nearly $800 million in tax relief for New York businesses over three years. With this tax relief, the Budget recognizes that cutting taxes sends a positive sign to the private sector that New York is pro-business and helps reverse New York's longstanding reputation as the tax capital of the nation.
Hiring Tax Credits: To help New York's returning soldiers and young people find work, the Budget includes a permanent tax credit for the hiring of Veterans, and tax credits for businesses that hire youth.
Investing in the Economy of Tomorrow: The Budget provides the initial funding to launch the Innovation Hot Spots program that will create or designate ten high-tech innovation incubators at locations affiliated with higher education institutions to encourage private-sector growth. In addition, a $50 million Innovation Venture Capital Fund that will provide critical seed and early-stage funding to incentivize new business formation and growth in New York State and facilitate the transition from ideas and research to marketable products.
Building on the Success of the Regional Councils: The Budget includes a third round of the Regional Economic Development Councils including $150 million in new funding and $70 million in tax credits.
SUNY and CUNY Campuses Driving Private Sector Job Creation: The Budget includes $55 million for a third round of the SUNY 2020 program and $55 million to launch the CUNY 2020 program to provide competitive grants for projects that connect economic development and academic excellence.