Governor Andrew Cuomo announced Wednesday that New York State universities, along with some private colleges, will be tax free for businesses that locate there. The Tax-Free NY initiative will seek to bring in start-up companies by using tax-free incentives, such as no income tax for employees and no sales, property, or business taxes. Currently the state’s unemployment rate is higher than the national average, although it fell in April to 7.8 percent, its lowest level since March of 2009. The tax breaks would last between 5 and 10 years. It would apply to all SUNY campuses outside of New York City, along with designated private colleges in the state. The program will be eligible to businesses who plan to locate on the campuses and whose industries fit the focus of the school. The agreement still needs to be approved by state Legislature, but legislative leaders have indicated support for the initiative.
