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Albany, N.Y. - New York Governor Andrew Cuomo announced a plan Wednesday that would shelter new businesses from taxes - as long as they are within a certain distance of a SUNY or private college.
In the plan, which he calls "Tax-Free NY", Cuomo called for no property, sales, business, or corporate taxes for new businesses that are willing to locate within 200,000 square feet of a SUNY or community college campus, or within three million square feet of a private college.
According to Cuomo, "companies with a relationship to the academic mission of the university" will be eligible for the tax-exemption.
"We have unnecessary regulation, we have an oppressive tax structure, and people didn't leave Upstate New York - we chased people from Upstate New York, and this is about getting us out of our own way," Cuomo said Wednesday at SUNY Albany.
The plan still needs the support of the State Legislature, but Cuomo's plan has already gained support from Senator Dean Skelos, Assembly Speaker Sheldon Silver, and Senator Jeff Klein.
State leaders say jobs that come to the state will outweigh the loss of tax dollars.
"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," said Silver.
Formal legislation has yet to be introduced.