Governor Cuomo and Legislative Leaders Announce Agreement on Start-Up NY Legislation That Will Implement Tax-Free NY Initiative
Governor Cuomo and New York State legislative leaders today announced an agreement on the Start-Up New York legislation that will implement Governor Cuomo’s Tax-Free NY plan. SUNY has wholly endorsed the plan and continues to work to help New York realize its results.
“The State University could not be more excited about today’s agreement on the Governor’s START-UP NY legislation that positions our campuses as magnets for entrepreneurs and businesses from around the globe,” said SUNY Chancellor Zimpher.
- Governor Cuomo’s Start-Up NY website
- Open Letter From SUNY Leadership in Support of Tax-Free NY
- Governor Cuomo, Chancellor Zimpher, SUNY Leaders Meet for Tax Free NY
- Governor Cuomo Announces Tax-Free NY Concept to Spur Business & Investment
The legislation recognizes that the “New Economy” is growing in higher education; New York State’s relationship with SUNY at campuses fosters positive synergy between academia and entrepreneurial activity. START-UP NY will encourage entrepreneurialism and job creation on a large scale by transforming public higher education through tax-free communities across the state, particularly upstate.
“Upstate New York has seen too many years of decline, and our communities have lost too many of their young people,” Governor Cuomo said. “We desperately need to jumpstart the Upstate economy and these new tax-free communities will give New York an edge like we’ve never had before when it comes to attracting businesses, start-ups, and new investment.”
The SUNY System, along with other college communities, will serve as the framework of the START-UP NY program to attract high-tech and other start-ups, venture capital, new business and investments from across the world. START-UP NY will entice companies to bring their ventures to Upstate New York by offering new businesses the opportunity to operate 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. In addition, the START-UP NY program will help existing companies, especially high-tech firms and start-ups, stay in New York and grow.
Last week, SUNY leadership endorsed Tax-Free New York as its campuses are strategically placed to power the engine of economic growth across New York. Currently, 99.8% of New Yorkers are within 30 miles of a SUNY campus.
“I want to thank Governor Cuomo for his bold, innovative ideas and leadership, and our legislative leaders for backing this landmark agreement,” said Chancellor Zimpher.
“Today’s agreement on the START-UP NY legislation is a major victory for our Upstate communities as we are now set to launch what will be one of the most ambitious economic development programs our state has seen in decades,” added Governor Cuomo.
“SUNY’s power to revitalize New York’s economy is now ready to reach its full potential. I think New Yorkers will be pleased to see how engaged, responsible, creative, and impactful our campuses will be as this process moves forward,” said announced Chancellor Zimpher. “To the business community in New York and beyond, may I say proudly that not only are we open for business, we are building something special and unique in New York. Through our world class facilities and faculty, SUNY is delivering the 21st century workforce that businesses need to grow and thrive. Come join us!”
Details of the START-UP NY legislation include:
- Tax-Free zones for participating companies (business/corporate taxes, sales taxes and property taxes) and employees (income tax)
- Businesses must be aligned with academic missions of nearby campus
- Banned competition with existing businesses outside the tax-free zone
- Range of eligible colleges and universities, including all SUNY, select CUNY and independent/private institutions
- Up to 20 strategic State assets can be designated as tax-free communities
- Robust protections against fraud
- Enhances the Excelsior Jobs Program
- Expanding the Mandate Relief Council to include Cost-drivers to Business
More information, including full details, may be found at Governor Andrew Cuomo’s Start-Up NY website.