New York Governor Cuomo Proposes Tax-Free Zones Around Universities to Boost Employment
To shed the image of the 'tax capital,' New York Governor Cuomo announced the creation of tax-free zones around 64 state university campuses, where businesses are exempt from sales and property taxes, and employees are exempt from income tax, but City University of New York campuses are not participating.
Don't want to pay taxes? Then go work near the State University of New York.
According to Crain's New York Business, New York Governor Andrew Cuomo has proposed creating tax-free hot spots around the state's public universities.
In an effort to shed New York's image as the "tax capital" of the United States, Governor Cuomo on Wednesday unveiled one of the first plans to establish tax-free zones across the state.
The proposal, expected to pass during the current legislative session, would designate areas around all 64 campuses of the State University of New York (SUNY) as tax-free zones, where businesses would be exempt from sales and property taxes. The plan aims to boost the upstate economy, but offers limited direct benefits to New York City, as City University of New York (CUNY) campuses are not covered.
The plan would also mark the first time New York State has implemented a program exempting employee wages from personal income tax. The goal is to attract startups and help new businesses thrive in depressed areas, creating more jobs. The tax incentives would cover a 200,000-square-foot area around each campus.
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