Governor Cuomo Unveils Major Economic Development Initiative

Governor Cuomo Unveils Major Economic Development Initiative to Transform University Communities into Magnets for New Businesses and Investment

Under Tax-Free NY, Any New Business Will Be Able to Operate Tax Free on a SUNY Campus for Ten Years

Albany, NY  (May 22, 2013)

Press Release

Governor Andrew M. Cuomo today unveiled “Tax-Free NY,” a game-changing initiative that will transform SUNY campuses and university communities across the state into tax-free communities that attract start-ups, venture capital, new business, and investments from across the world.

Tax-Free NY will entice companies to bring their ventures to Upstate New York by offering new businesses 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.

“Over the past two years we have cut middle class tax rates to their lowest rates in sixty years, cut taxes for small businesses, while at the same time investing like never before in our institutions of higher education,” Governor Cuomo said. “With unemployment at its lowest in years and more private sector jobs in New York than ever before, we are beginning to see the results of our efforts. Tax-Free NY will supercharge our efforts to grow our economy by transforming localities in Upstate New York into virtual tax-free communities for new businesses and new jobs. Under Tax-Free NY, communities across Upstate will become a magnet for new businesses, new startups, new venture capital, and new jobs, taking our economic development and job creating efforts to a level never seen before.”

Temporary President of the New York State Senate Dean G. Skelos said, “The most important thing we can do is provide more jobs for New Yorkers so they can provide for their families. This initiative has the potential to make New York more economically competitive, help us attract businesses from other states and grow our economy for the future. The solution to so many of the concerns we face is the need for more jobs, and I believe that we should spend the rest of the legislative session working to cut taxes to reduce the cost of doing business so we can empower the private sector and create new jobs.”

Senate Majority Coalition Co-Leader Jeffrey D. Klein said, “In order to compete in today’s hyper-competitive global marketplace, we need to continually develop bold and creative ideas to attract the best and fastest growing companies. Tax free zones are the next frontier in this effort. These zones hold the potential to provide jobs and upward mobility to thousands of unemployed and underemployed New Yorkers while building a brighter economic future for communities across our state.”

Assembly Speaker Sheldon Silver said, “Our colleges, universities and community colleges are New York’s greatest competitive advantage and should be the engines that drive our job-creation efforts. Through the Tax Free New York Program, we will transform vacant campus space and land into new jobs and all of the related opportunities that spring up around areas of economic activity. Using the world-class College of Nanoscale Science and Engineering as a model, this program will enhance the academic missions of our colleges and universities, ensure that local graduates can find rewarding opportunities at home, and promote the advancement of emerging technologies.”

SUNY Chancellor Nancy Zimpher said, “The Governor has said many times that SUNY is the economic engine for New York, and these new tax free zones will further our campus’ ability to innovate, create jobs, and attract new companies through public private partnerships. I want to thank the governor for supporting SUNY and for continuing to raise the bar for higher education in New York State.”

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.

SUNY’s 64 campuses are located in all corners of New York State, and most New Yorkers live near a SUNY campus:

  • 93% of New Yorkers live within 15 miles of a SUNY campus
  • 97% of New Yorkers live within 20 miles of a SUNY campus
  • 100% of New Yorkers live within 30 miles of a SUNY campus

To find a nearby SUNY campus, visit New York’s transparency website at Open.ny.gov:
Map of campuses: https://data.ny.gov/d/cfb3-a8v8
Dataset: https://data.ny.gov/d/3cij-nwhw

Tax-Free NY continues the Governor’s work to reverse New York State’s reputation as the “tax capital” of the nation. Since taking office, the Governor has cut middle class tax rates to their lowest rates in 60 years, enacted the state’s first-ever property tax cap, eliminated or greatly reduced the MTA payroll tax for nearly 300,000 small businesses, and provided middle class families with a child tax credit.

Since taking office, the Governor has focused on growing New York’s economy, particularly in Upstate NY, where decades of decline and decay have taken their toll. In this year’s State of the State address, the Governor expanded on his economic agenda with a focus on innovation. Building on his successful Regional Economic Development Councils and NY SUNY2020, the Governor launched the Innovations Hot Spots Program and created a $50 million Venture Capital fund to help bring to market the technological innovations born at New York State’s internationally renowned research institutions.

Tax-Free NY will replicate the economic success of the College of Nanoscale Science and Engineering (CNSE) in the Capital Region. By partnering with the University at Albany and the State, CNSE grew to become not only a preeminent research college for nanoscale technology, it also attracted billions of dollars in private sector investment, transforming the Capital Region into the international epicenter of the commercial nano-industry. Modeled on this success, Tax-Free NY will entice potential start-ups to bring their new business ventures here to Upstate New York, where they will benefit from resources offered by partnering with higher education institutions as well as the ability to do their business completely tax-free for a decade.

“The groundbreaking Tax-Free NY initiative further demonstrates Governor Andrew Cuomo’s strategic vision and bold leadership in establishing New York as the epicenter of the global nanotechnology industry,” said Dr. Alain Kaloyeros, Senior Vice President and CEO of the College of Nanoscale Science and Engineering. “This pioneering initiative builds on the Governor’s success in harnessing the power of education and innovation to attract jobs, companies and investment from the leading high-tech companies around the world, and in the process, creates exciting career and business opportunities for New Yorkers.”

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Business Sponsorships for GO BNMC Help Members Experience Surrounding Communities

Support  from local businesses in the area have poured in for GO BNMC, an initiative encouraging employees on the Buffalo Niagara Medical Campus (BNMC) to make healthier and sustainable transportation choices.
GO BNMC offers its members opportunities to enjoy the benefits of using alternative transportation methods, giving away rewards and incentives. When employees on the BNMC choose to bike, carpool, walk, take public transit or any other alternative mode to work, they walk the healthier walk and help to mitigate the amount of pollution released into the environment on a daily basis.

Follow @GOBNMC on Twitter for more news and updates.

May’s Monthly Smart Commuting Raffle & Incentives:

  • 1 Gift Certificates to Oliver’s Restaurant
  • Free 30 Day Metro Pass

GO BNMC Sponsors:

Oliver's Restaurant

Oliver’s Restaurant offers a wonderful decor and American and Italian food of excellent quality. A premier dining location, Oliver’s re-opened in 1983. Offering a delicious selection of wp-contentetizers, courses, wines and desserts, Oliver’s couples wonderful service with an aura of sophistication.

 

Betty's Logo_Official copy

 

Betty’s Restaurant is located at 370 Virginia Street. Opening in October, 2004, Betty’s quickly won the hearts and loyalty of Buffalonians with its cheerful, sunny dining room, its friendly and funky staff, and its moderately priced eclectic cuisine. Betty’s food is simple, fresh, and creative, drawing on American and international influences, resulting in food that is wholesome, interesting, and unpretentious.

 

Located at 41 Virginia Place in Allentown, Fat Bob’s Smokehouse offers great service and our award-winning barbecue food. Authentic smoked meats straight from Fat Bob’s custom built Texas smoker, as well as traditional sides, seafood, wp-contentetizers, and desserts please every customer’s wp-contentetite. Fat Bob’s specializes in authentic barbecue and ice-cold beer.

 

 

Mothers Restaurant - Buffalo, NY

Located at 33 Virginia Place, Mothers Restaurant main menu features wp-contentetizers such as steamed mussels with red curry and coconut milk broth or spaghetti squash with prosciutto, fresh sage and asiago cheese. Mothers serves unique salads, entrées and specials that are even more intriguing. Specials included two very interesting soups—curried shrimp and broccoli or tomato, sausage, and fennel. Appetizers and salads included freshly shucked Malpeque oysters on the half shell with cocktail and mignonette sauces or a salad of lump crab, avocado.

 

Located at 32 Allen Street, Madonna’s presents Italy on the plate and Buffalo in the heart. Madonna’s brings the Italian style of simple cooking and perfect ingredients to a city that embodies the same. With Italian style and Buffalo hospitality, this restaurant n Allentown is a great place to enjoy Italian cuisine.

 

The Dipson Theatres Market Arcade Film & Art Center is located in Downtown Buffalo, across from Shea’s Performing Arts Center. Showing the latest movies and offering concession items to help enjoy a great movie-going experience, the Market Arcade theater includes a cafe area and friendly service.

 

Located at 3 Symphony Circle, The Buffalo Philharmonic Orchestra provides a resident, professional, major symphony orchestra of artistic excellence and integrity to enrich the quality of life in Western New York through the presentation of live symphonic music and other musical events which educate and entertain the broadest po
ssible audiences within and beyond the Western New York region.

 

Located within the Hotel @ The Lafayette at 391 Washington Street, the Pan-American Grill & Brewery is a restaurant brewery with seating for 300-plus and a new mezzanine-level bar evoking the rich history of the former Lafayette Tap Room.

 

 

Located at 777 Main Street, Kaydara Noodle Bar is a restaurant that serves Vietnamese, Lao, Thai, Chinese, Korean and Japanese cuisine, including a centrally located 360 degree bar or seating overlooking the open kitchen or in the far corner with windows looking onto Main Street. Customers can also dine on the elevated platform or up in the balcony overlooking the Main Floor. Kaydara’s menu items include noodle-based dishes prepared in-house with a distinctive southeast Asian flare offering vegan and vegetarian options.

 

Located at 175 Allen Street in Allentown, Quaker Bonnet Eatery is the perfect spot for a breakfast meeting, brunch with friends, or lunch before a concert at nearby Kleinhans. Exhibits by local artists dot the walls, and Quaker Bonnet is a great source of information about cultural events in Western New York. All menu items and specials are available to enjoy at home. Specialty sandwiches, salads, soups, fresh pasta and potato salads daily specials (including hot entrees) & desserts are always available.

 

Tops Friendly Markets is a local grocery chain store that has grown since its establishment in the early 1920s. Located within every Buffalo neighborhood and throughout the region, Tops provides fresh produce, meat, seafood, baked goods, a carry-out cafe, deli and pharmacy services.

 

Coco by Le Metro

Located at 888 Main Street, Coco by Le Metro offers a variety of menu items including delicious sandwiches, soups, salads and more. Coco serves breakfast featuring fresh croissants, sfogliatelle pastries, breakfast focaccia, and egg sandwiches served on their heavenly English muffins, as well as coffee, tea and juice. Lunch features a full menu of salads, pasta dishes, sandwiches, burgers and more. Dinner is served with a basic dinner menu and changing seasonal dinner entrées.

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