Local Leaders See Potential In Cuomo's SUNY Tax Free Zone Program
Local business leaders and representatives are touting Governor Cuomo’s proposed SUNY “tax free” business zones as potential economic development tool.
The new tax-free zones would utilize the State’s 64 SUNY campuses including SUNY Cortland to entice companies to relocate or start up in New York by offering those 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.
All SUNY campuses outside of New York City and designated private colleges would be included in the program. Up to 200,000 square feet surrounding the campus would also be included in the tax-free zone.
3 million sq. ft. in of untaxed commercial space will be available at New York's private universities and twenty strategic state assets will also be designated tax-free.
Eligible businesses include companies with a relationship to the colleges and universities such as spin off companies, as well as companies creating new jobs, including new businesses, out-of-state businesses that relocate to New York and existing businesses that expand their New York operations while maintaining their existing jobs.
Cortland County I-D-A Director Gary VanGorder says this program could utilize the intellectual capital that is currently being generated on campuses and transform that research and innovation into jobs for the community.
Republican State Senator Jim Seward also announced his support for the program; Seward says the tax free zones could create a more business friendly environment for campus communities across the state.
Seward went on to say the state needs a broad based approach to developing the economy that includes cutting government red-tape, eliminating burdensome mandates and lowering taxes for all businesses including those who have already invested in our state.