Call for tax-free zones around SUNY campuses - FOX 35 News Orlando

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>>

  • 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.
  • NYC Denny's features $300 breakfast

    NYC Denny's features $300 breakfast

    Friday, August 29 2014 4:04 PM EDT2014-08-29 20:04:13 GMT
    Diner chain Denny's is opening it's first New York City location, complete with a big-city "deal".   How does a $300 breakfast sound?    The Denny's is located at the corner of Nassau and Spruce in Lower Manhattan's Financial District.  Along with its normal food you can get at just about any location in the rest of the country, this location will offer a Grand Slam breakfast with a bottle of 2003 Dom Perignon champagne.
    Diner chain Denny's is opening it's first New York City location, complete with a big-city "deal".   How does a $300 breakfast sound?    The Denny's is located at the corner of Nassau and Spruce in Lower Manhattan's Financial District.  Along with its normal food you can get at just about any location in the rest of the country, this location will offer a Grand Slam breakfast with a bottle of 2003 Dom Perignon champagne.
  • Some Showboat workers get new jobs within company

    Some Showboat workers get new jobs within company

    Friday, August 29 2014 2:54 PM EDT2014-08-29 18:54:36 GMT
    More than 470 of the 2,000-plus workers at Atlantic City's Showboat Casino Hotel have found new jobs with other casinos owned by its parent company. The Showboat is shutting down Sunday afternoon after 27 years on the Boardwalk.
    More than 470 of the 2,000-plus workers at Atlantic City's Showboat Casino Hotel have found new jobs with other casinos owned by its parent company. The Showboat is shutting down Sunday afternoon after 27 years on the Boardwalk.
Powered by WorldNow

35 Skyline Drive
Lake Mary, FL 32746

Phone: (407) 644-3535
News Tips: (866) 55-FOX35

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