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Brighton, N.Y. - Being tax free for 10 years is the incentive to get businesses to move and start up in our state.
Qualified businesses will be tax exempt if they work with state colleges and universities to support academia, offer internships and create jobs.
"We're losing jobs and we're losing people in upstate New York," said New York State Governor Andrew Cuomo during his stop at Monroe Community College on Monday. "And if we don't do something fundamentally different we're going to have a major, major problem."
The qualifications are specific.
Eligible businesses must be a new company, an out-of-state company relocating to New York, or an expansion of a current company that's creating new jobs and not moving existing jobs.
And the business must move onto campus property.
But not everyone agrees this is the going to have the impact the governor said it will.
"The hoops that you have to go through, the hurdles you have to go over are all very burdensome on a business," said Assemblyman Bill Nojay. "So will there be a couple of companies that come here? I suspect there will. Will there be any significant number or a significant number of jobs? Probably not."
But for colleges that will be directly impacted this piece of legislation seems like a positive for their campus and students.
"This would be good for our student", internships jobs," said President of The College at Brockport, John Halstead. "From day one it's seen as a great revolutionary idea, so we're getting calls."
A number of businesses are restricted from this program such as retail, restaurants and wholesale businesses.
Companies will be eligible to enter the program through the end of 2020.