ALBANY – It’s been a busy week for Governor Andrew Cuomo and his staff as they’ve been crisscrossing the state to promote a new, high profile business development initiative.
On both Wednesday and Thursday, Cuomo and members of his administration have been visiting with various business groups and chambers to provide details of his new Tax-Free NY initiative. According to the governor’s office, the business community will help SUNY campuses and university communities across the state, by working together to attract new businesses, start-ups, and entrepreneurs who want to take advantage of the Tax-Free NY initiative.
Among the highlights of the initiative:
- A total of 3 million sq. feet of tax-free commercial space will be available at private campuses. All independent colleges are eligible, but property must be located north of Westchester.
- Startups “hatched” from a NYS incubator will be eligible to move into a tax-free community, even if they are not a new business.
- Tax-Free NY will designate 20 strategically located state properties as tax-free communities.
- Tax-Free NY will include a series of provisions to protect against tax fraud and will also include measures to prevent self-dealing and conflicts of interest.
- Tax-Free communities will include SUNY campuses and an additional 200K sq. ft. that could be located within one mile of the campus.
The initiative must be approved by both the Assembly and Senate prior to going into action.
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