Thursday
May 23, 2013

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Governor lays out Tax-Free NY plan at SUNY New Paltz


Cuomo outlines his plan while in New Paltz

NEW PALTZ – Governor Andrew Cuomo visited the SUNY New Paltz campus Thursday afternoon where he told community and business leaders that in order for New York to foster a more prosperous business environment it must first change the perception and reality that it is a high-tax state.

Taxes are the number one reason that businesses leave New York State, Cuomo said, as he detailed his new Tax-Free New York Initiative to the audience.

The governor said it is important to maintain a regional-based approach to thinking about economic development and job creation, with a focus on upstate New York, while continuing to lower taxes across the board.

“The truth is the economic problems in upstate New York are worse than the economic problems in downstate New York. If you just look at the numbers, we have a greater problem in upstate New York and this is a targeted program to really help the upstate economy,” he said.

By using the SUNY system as statewide framework, Cuomo hopes to foster entrepreneurship and economic development throughout the upstate regions by creating tax-free “communities” on SUNY campuses.

These “communities” would be commercial spaces for start-up businesses under which no taxes would apply.

Cuomo stated that when he says “tax-free” he means exactly that.

“No business tax, no sales tax, no property tax, no franchise fee, and no income tax for the owner of the company or the employees of the company,” he said.

In total, Cuomo said there is 120 million square feet of commercial space on SUNY campuses statewide and that private universities will be able to compete for some of this space as well.

There are many great ideas and successful business ventures coming out of New York’s universities, he noted, and the Tax-Free NY Initiative will hopefully keep those ideas and businesses here in New York.

 


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