Call for tax-free zones around SUNY campuses - FOX 13 News

Call for tax-free zones around SUNY campuses

Posted: Updated:

ALBANY, N.Y. (AP) -- High-tech businesses from other states and abroad that move to college campuses or nearby in New York would operate completely tax-free for 10 years under a proposal released Wednesday by Gov. Andrew Cuomo, including no income tax for entrepreneurs and workers.

The proposal would waive all business and property taxes as well as income taxes for companies bringing in new business. New York is one of the nation's highest-taxed states and the plan would serve as a way to create jobs in a long-stagnant upstate economy. The businesses would have to locate on a campus of a public or private university or adjacent properties being identified for the proposed program.

The tax-free benefits would last five to 10 years, depending on the deal struck with companies, Assembly Speaker Sheldon Silver said. He said he will insist that current New Yorkers benefit from the new jobs and there would be serious "claw back" provisions and penalties for companies that fail to meet promises of jobs and development.

Silver says that project has been discussed for weeks and he expects it to be adopted by the Legislature before the end of its session June 20.

Cuomo wouldn't answer questions after his presentation, held at the nanoscience college of the state University of New York in a space where President Barack Obama was a cheerleader one year ago for states seeking a place in the competitive high-technology economy.

The program would be open to companies new to New York that will partner with a college. The companies would have to be working in an area that is compatible with the academics of the college.

Cuomo said the program is aimed at ending the perception and the reality that New York is a high-tax state. His spokesman didn't immediately respond when asked whether existing employers who won't benefit from the tax break were advised of the program.

Silver said the program would bring in new jobs and new businesses, so technically there would be no cost to the state. He said the program is also aimed at bringing in high-tech companies.

"It's not forever. We're talking about some five-year benefits, some 10-year benefits," Silver said. "Eventually they are going to become fully taxpaying citizens." He said the tax-free benefit would only be for employers and operations on the state-designated site.

  • Your MoneyMore>>

  • Home Depot probes possible credit card data breach

    Home Depot probes possible credit card data breach

    Tuesday, September 2 2014 5:29 PM EDT2014-09-02 21:29:43 GMT
    Home Depot may be the latest retailer to suffer a credit card data breach.  The Atlanta-based home improvement retailer told The Associated Press Tuesday that it is looking into "unusual activity" and working with both banks and law enforcement.
    Home Depot may be the latest retailer to suffer a credit card data breach.  The Atlanta-based home improvement retailer told The Associated Press Tuesday that it is looking into "unusual activity" and working with both banks and law enforcement.
  • Some fear auto industry returning to bad habits

    Some fear auto industry returning to bad habits

    Tuesday, September 2 2014 3:29 PM EDT2014-09-02 19:29:56 GMT
    Big discounts. Six- or seven-year loans, in some cases to buyers who would have been turned down in the past.  As the auto industry strives to sustain its post-recession comeback, car companies are resorting to tactics that some experts warn will lead to trouble down the road.
    Big discounts. Six- or seven-year loans, in some cases to buyers who would have been turned down in the past.  As the auto industry strives to sustain its post-recession comeback, car companies are resorting to tactics that some experts warn will lead to trouble down the road.
  • Business is good at Coney Island

    Business is good at Coney Island

    Friday, August 29 2014 10:22 PM EDT2014-08-30 02:22:32 GMT
    From the brand-new Thunderbolt roller coaster to the world-famous boardwalk, tourists and business owners alike say Coney Island had a great ride of its own this summer. Toms Coney Island's general manager Vasilios Tourlokas says the mild summer impacted his boardwalk business in the best way possible: a 10 to 15 percent increase.
    From the brand-new Thunderbolt roller coaster to the world-famous boardwalk, tourists and business owners alike say Coney Island had a great ride of its own this summer. Toms Coney Island's general manager Vasilios Tourlokas says the mild summer impacted his boardwalk business in the best way possible: a 10 to 15 percent increase.
Powered by WorldNow

FOX 13 / WTVT-TV
3213 West Kennedy Blvd.
Tampa, Florida 33609
Main: (813) 876-1313
Newsroom: (813) 870-9630
Fax: (813) 871-3135

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices