Governor Andrew M. Cuomo today detailed Start-Up NY and the initiatives benefits for Upstate New York in Tompkins County at Cornell University. 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.
Ithaca Mayor Svante Myrick said, The economic future of communities across Upstate New York is closely tied to their institutions of higher learning. That reality is part of what makes Governor Cuomo's Start-Up NY initiative such a beneficial development for the city of Ithaca. Pairing our leading institutions of higher education with new and expanding businesses is an innovative way to diversify our economy, attract private sector investment and create good middle-class jobs in our community.
Greg Galvin, President and CEO of Kionix, Inc., said, This legislative session, Governor Cuomo successfully spearheaded efforts to revitalize New York's economy with a special focus on Upstate. The Governor's Start-Up NY initiative will provide a major boost to communities surrounding our higher education and research institutions across the state. By transforming campuses into tax-free areas for new businesses, the Governor is creating an opportunity that companies will not be able to turn down. As an innovator and entrepreneur, I believe this is a model that will help make New York a top destination for new investment and business.
Jean McPheeters, President of the Tompkins County Chamber of Commerce, said, We are pleased to welcome Governor Cuomo to Ithaca to discuss his Start-Up NY initiative which will turn our higher education institutions across Upstate New York into tax-free communities to attract and nurture companies and create jobs for New Yorkers. By leveraging our universities and campuses, which are some of the states greatest assets and resources, Start-Up NY should help New York compete nationally and globally, ensuring businesses come to and stay in the Empire State. I commend the Governor for this innovative economic development initiative, which will serve as a model for other states, and his commitment to making job growth a top priority. I'm eager to learn more and see how this program will work with other economic development tools.
Tom Tranter, President of Corning Enterprises, said, Governor Cuomo has been a true leader for businesses in New York State. His Start-Up NY program is a bold move that significantly improves New Yorks competitiveness in the private sector. With tax-free communities to encourage businesses to partner with the states universities and colleges, Governor Cuomo is fundamentally improving the business climate in New York State.
Cornell University President David Skorton said, The Governors proposal to jumpstart the Upstate economy is proof that Upstate New York is getting the attention it deserves from Albany. Under his Start-Up NY initiative, Governor Cuomo is offering investors an opportunity to benefit from strong connections to both the local communities and higher education institutions like Cornell University in a way that will produce jobs for the middle class.
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 companies 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 New York State, but so too will New Yorks graduates.
By putting the focus on creating tax free communities based around the states leading higher education system, the Governor is aligning the regional economy with a highly competitive environment that will ensure businesses come to and stay in New York State.
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 state economy:
Distressed Cities: The Financial Restructuring Board will work together with local officials to develop cooperative, case-specific strategies to establish a solid fiscal footing for municipalities to operate from. Additionally, reforms to the states binding arbitration laws now include a new ability to pay standard which arbitration panels must consider for 70% of their decision on contracts including specifically considering the requirements of the states 2% property tax cap.
Casino Gaming: The Upstate NY Gaming Economic Development Act grants legislative approval to building four destination gaming resorts in Upstate New York. The addition of world-class resort destinations will highlight the states rising tourism industry, create jobs, and boost local economies.
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.
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.