Solving the “Upstate problem”
CANTON — It’s an upstate problem, so it is an upstate initiative. That is the way Gov. Andrew M. Cuomo described his newly announced Tax-Free NY program on which he is looking to pass enabling legislation with only five weeks left in session. “This is one of the most exciting proposals that we have come up with in two and a half years,” Gov. Cuomo said in a teleconference Thursday. “We have about five weeks left on the legislative session and I want to get their attention on this proposal this session.”
The initiative aims to transform SUNY and private college campuses and communities across the state into tax-free zones to attract startups, venture capital, business and investments from around the world. Tax-Free NY would make all SUNY campuses outside of New York City and designated private colleges north of Westchester tax-free with up to 200,000 square feet surrounding the campus included in the tax-free community.
Under Tax-Free NY, 3 million square feet of commercial space will be available at New York’s private universities, and 20 strategic state assets also will be designated as tax-free.
If a new business is located on a SUNY campus in an eligible unused space, that means it already is not taxed because it is state land, the governor said. “That is why we can say no property taxes, because SUNY is going to pay property tax already, and if that business is already located on the campus, then you are right where you are today, campus facilities and campus land,” Gov. Cuomo said.
Read more at http://www.watertowndailytimes.com/article/20130524/NEWS03/705249878
