Governor Andrew M. Cuomo today traveled to SUNYIT to discuss "Tax-Free NY," a game-changing initiative that will transform SUNY campuses and university communities across the state into tax-free communities that attract start-ups, venture capital, new business, and investments from across the world.
Tax-Free NY will entice companies to bring their ventures to Upstate New York by offering new businesses the opportunity to operate completely tax-free including no income tax for employees, no sales, property or business tax while also partnering with the world-class higher education institutions in the SUNY system.
"Tax-Free NY is designed to turn around decades of decline and change the momentum and the energy of the Upstate economy," Governor Cuomo said. "New York was born from big and bold ideas, and to confront the serious issues facing the Upstate economy we must take the same approach. Tax-Free NY will put together all the positives of New York, the history, the geography, the diversity, the educated workforce, and combine all we have to offer with a tax-free environment. This proposal will make our state more competitive than ever before and supercharge our economic development efforts to rebuild Upstate New York."
Senator Joseph A. Griffo, said, We welcome Governor Cuomo's new initiatives to cut taxes which will enhance New York's ability to be competitive.
Assemblymember Anthony J. Brindisi said, With Tax-Free NY, we can help nurture successful partnerships between innovative universities like SUNYIT, and private sector businesses. Establishing tax-free zones for new businesses that locate around SUNY campuses will bring new opportunities and jobs, and foster much-needed economic development. It also will provide an opportunity many businesses would not be able to find elsewhere.
Tax-Free NY includes:
SUNY's 64 campuses are located in all corners of New York State, and most New Yorkers live near a SUNY campus:
- 93% of New Yorkers live within 15 miles of a SUNY campus
- 97% of New Yorkers live within 20 miles of a SUNY campus
- 100% of New Yorkers live within 30 miles of a SUNY campus
To find a nearby SUNY campus, visit New Yorks transparency website at Open.ny.gov:
Map of campuses: https://data.ny.gov/d/cfb3-a8v8
Tax-Free NY continues the Governor's work to reverse New York States reputation as the tax capital of the nation. Since taking office, the Governor has cut middle class tax rates to their lowest rates in 60 years, enacted the states first-ever property tax cap, eliminated or greatly reduced the MTA payroll tax for nearly 300,000 small businesses, and provided middle class families with a child tax credit.
Since taking office, the Governor has focused on growing New York's economy, particularly in Upstate NY, where decades of decline and decay have taken their toll. In this years State of the State address, the Governor expanded on his economic agenda with a focus on innovation. Building on his successful Regional Economic Development Councils and NY SUNY2020, the Governor launched the Innovations Hot Spots Program and created a $50 million Venture Capital fund to help bring to market the technological innovations born at New York States internationally renowned research institutions.
Tax-Free NY will replicate the economic success of the College of Nanoscale Science and Engineering (CNSE) in the Capital Region. By partnering with the University at Albany and the State, CNSE grew to become not only a preeminent research college for nanoscale technology, it also attracted billions of dollars in private sector investment, transforming the Capital Region into the international epicenter of the commercial nano-industry. Modeled on this success, Tax-Free NY will entice potential start-ups to bring their new business ventures here to Upstate New York, where they will benefit from resources offered by partnering with higher education institutions as well as the ability to do their business completely tax-free for a decade.