Tax-Free NY: Transforming University Communities into Magnets for New Businesses and Investment

Tax-Free NY will entice companies to invest in 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 - for a decade, while also partnering with the world-class public and private higher education institutions.
Tax-Free Communities: SUNY campuses and community colleges and up to 200,000 square feet adjoining the campus, 3M sq. ft. designated for private colleges and 20 strategically located state owned properties will be Tax-Free Communities (no sales, property, or business/corporate taxes) with employees exempt from paying income taxes.

Businesses Eligible for Tax-Free NY: Companies with a relationship to the academic mission of the university, new businesses, out-of-state businesses that relocate to New York, startups and existing businesses that expand their New York operations while maintaining their existing jobs.

Most New Yorkers live near a SUNY campus: 93% of New Yorkers are within just 15 miles of a SUNY Campus, enabling millions New Yorkers to benefit from the increased job-creating and economy-boosting potential of Tax-Free NY.

Continuing to Reverse New York's "Tax Capital" Reputation: 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.

Replicating the economic success of the College of Nanoscale Science and Engineering: 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 their business completely tax-free for a decade.

Building on Regional Approach: Tax-free NY advances the Governor's vision to empower regional and local communities to grow the economy. Building on the Governor's successful Regional Economic Development Councils (REDCs) and NY SUNY2020, Governor Cuomo also launched new innovation hot spots and launched a $50 million state run venture capital fund to help bring to market the technological innovations born at New York State's internationally renowned research institutions.