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>>

  • Manhattan West Project

    Skyline of West Side is changing

    Skyline of West Side is changing

    Tuesday, July 22 2014 6:25 PM EDT2014-07-22 22:25:22 GMT
    The Manhattan West Project is a $4.5 billion development that will change the skyline on the West Side. The five-acre site that will consist of office towers, a residential building, retail, a 5-star hotel, health and fitness facilities, rooftop gardens, restaurants, cafes, and a park is being built on top of active rail yards. Fox 5 got a look at the progress of the project.
    The Manhattan West Project is a $4.5 billion development that will change the skyline on the West Side. The five-acre site that will consist of office towers, a residential building, retail, a 5-star hotel, health and fitness facilities, rooftop gardens, restaurants, cafes, and a park is being built on top of active rail yards. Fox 5 got a look at the progress of the project.
  • Beach fashion

    Long-sleeved swimsuit is latest beach and pool fashion trend

    Long-sleeved swimsuit is latest beach and pool fashion trend

    Monday, July 21 2014 6:13 PM EDT2014-07-21 22:13:49 GMT
    You have lots of ways to look stylish on the beach, from a bikini to a tankini to a one piece. But the newest trend is long-sleeved swimsuits -- modesty takes precedence over a golden glow. The new beachwear is turning up on sites like ASOS and on luxury sites like Neiman Marcus. There are one piece versions and crop top versions.One of the pioneers of the trend is Dallas-based clothing company Cover.
    You have lots of ways to look stylish on the beach, from a bikini to a tankini to a one piece. But the newest trend is long-sleeved swimsuits -- modesty takes precedence over a golden glow. The new beachwear is turning up on sites like ASOS and on luxury sites like Neiman Marcus. There are one piece versions and crop top versions.One of the pioneers of the trend is Dallas-based clothing company Cover.
  • Wawa to close first store opened 50 years ago

    Wawa to close first store opened 50 years ago

    Monday, July 21 2014 3:01 PM EDT2014-07-21 19:01:43 GMT
    Wawa plans to close the first convenience store opened by the chain in the Philadelphia suburbs a half-century ago.  Susan Bratton, Wawa's regional real estate manager, says the old store is just too small.
    Wawa plans to close the first convenience store opened by the chain in the Philadelphia suburbs a half-century ago.  Susan Bratton, Wawa's regional real estate manager, says the old store is just too small.
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 | Terms of Service | Ad Choices