Governor's office releases legislation for proposed 'Tax Free New York' program
The language of the proposed law that would create "Tax Free New York" has been released. It articulates how tax free zones would be created on SUNY campuses, as suggested by Gov. Andrew Cuomo.
Genesee Community College would be among the state's colleges that could potentially host tax-free zones.
In order to foster entrepreneurial businesses, especially in tech fields, Cuomo hopes the proposal will lead to start-ups and business expansions on college campuses.
- Colleges would apply for use of vacant space on campus or on property owned by the college and within one mile of the campus with space allocated to business not to exceed 200,000 square feet.
- The state could also select up to 20 strategic locations of currently vacant or soon to be vacant state buildings for tax-free zones.
- The college must demonstrate how a business located within a zone would align with or further the academic mission of the college.
- In its application, the college must discuss whether the business in the tax-free zone would compete with a business in the community, but outside the tax-free zone.
- Businesses would be required to create new jobs and pay employees prevailing wage in accordance with the Labor Law.
- The tax exemption would last for 10 years and in order to maintain tax-free status, a business must retain the new jobs it created or face sanctions.
- Businesses that cannot participate: retail, real estate and professional services.
- The state will not reimburse local governments for any tax revenue loss.
The state Legislature has this week to either pass or reject the proposal.
The state will not reimburse local governments for any tax revenue loss.....
Isn't this just another way of creating non profits...Meaning that non profits pay no property tax....
Andrew picking winners and losers.
Why do the Democrats keep acting in a way which only furthers the narrative that they are crony capitalists?
"Everyone must pay their Fair Share!": Except these folks here. And, these folks over here. And, of course, these folks over here, they are contributers, after all.
Forgive my cynicism, but I have been paying attention. Wrong course of action that, I know.
I posted this link on another thread here, but it is applicable here too. The crony capitalism, "pay to play" culture of Albany must end. Please take time to read another
"it's the illusion of job creation, that's why the politicians like it , illusion trumps reality in their industry." by micheal lafaive...........
I know of a magician in Batavia making $240,000/year he's laughing all the way to a $50,000 vacation in sunny California......