Governor Cuomo announced a new Tax Free New York program that will transform SUNY campuses into magnets for new business and will attract start-ups, venture capital, new business and investments from around the world.  All SUNY Campuses outside of New York City, as well as designated private colleges north of Westchester, will be exempt from corporate franchise (income), sales and property taxes.  Up to 200,000 square feet surrounding the campus is included in the tax-free community.  Employees of businesses who open locations within the Tax-Free NY Communities will be exempt from paying personal income taxes for a ten-year period.  In addition, 3 million square feet of commercial space will be made available at New York’s private universities and 20 strategic state assets will also be designated tax-free.

Eligible businesses include companies with a relationship to the academic mission of the university as well as companies creating new jobs, including new businesses, out-of-state businesses who relocate to New York, and exiting businesses that expand their New York operations while maintaining existing jobs.

The proposal is meant to bring economic development to upstate New York.

According to the Governor’s announcement, 93% of New Yorkers are within just 15 miles of a SUNY Campus, enabling millions of New Yorkers to benefit from the increased job-creating and economy-boosting potential.

Read the full text of Governor Cuomo’s announcement here:

http://www.governor.ny.gov/press/05222013-tax-free-ny-initiative

To contact a Wiss tax representative with questions, please contact us at info@wiss.visioncreativegroup.com.