SUNY campuses approve governor’s economic initative

The bill requires universities to put any business revenue toward student financial aid. (MIKE PEDERSEN/THE STATESMAN)

The bill requires universities to put any business revenue toward student financial aid. (MIKE PEDERSEN/THE STATESMAN)

New York Governor Andrew M. Cuomo’s plans to jumpstart the state economy are centered around SUNY campuses. And the university system could not be more elated.

On June 19, Cuomo, along with Senate Majority Coalition co-leaders Dean Skelos and Jeff Klein and Assembly Speaker Sheldon Silver unveiled their agreement to the legislation titled, “START-UP NY,” which stands for “SUNY Tax-free Areas to Revitalize and Transform Upstate NY.”

The economic initiative is designed to bring new businesses to the areas surrounding SUNY and other university campuses in the state of New York by creating “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,” according to the governor’s website.

“Tax-Free NY will put together all the positives of New York, the history, the geography, the diversity, the educated workforce and combine all we have to offer with a tax-free environment,” Cuomo said in a press release.  “This proposal will make our state more competitive than ever before and supercharge our economic development efforts to rebuild Upstate New York.”

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