AMHERST, N.Y. (WIVB) — New York Governor Andrew Cuomo is at UB's Center for the Arts Wednesday afternoon, unveiling his plan to transform university communities into magnets for new businesses and investment. "Tax-Free NY" is being introduced, offering new businesses the opportunity to operate tax free on a SUNY campus for ten years.
In a press release from Cuomo's office, it is outlined that Tax- Free NY includes:
- Tax-Free Communities: All SUNY campuses outside of New York City and designated private colleges north of Westchester will be tax free (no sales, property, or business/corporate taxes). Up to 200,000 square feet surrounding the campus will included in the tax-free community.
- Employees Exempt from Income Taxes: Employees of businesses that open in Tax-Free NY communities will be exempt from paying income taxes.
- Additional 3 Million Sq. Ft in Commercial Space at Private Universities: Under Tax-Free NY, 3 million sq. ft. in commercial space will be available at New York's private universities and twenty strategic state assets will also be designated tax-free.
- Businesses Eligible for Tax-Free NY: Eligible businesses include companies with a relationship to the academic mission of the university and 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.
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