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Gov. Cuomo and Morgan Stanley CEO John Mack launch StartUpNY on Long Island Tuesday. Photo: Governor Cuomo facebook feed
Gov. Cuomo and Morgan Stanley CEO John Mack launch StartUpNY on Long Island Tuesday. Photo: Governor Cuomo facebook feed

New York launches tax-free business zones

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New York's plan to attract new business and jobs to the state by offering them tax free space at public colleges is underway. Officials Tuesday outlined for the first time specifics about how the program will work. The Innovation Trail's Ryan Delaney reports.

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Ryan Delaney
Reporter, The Innovation Trail

Executive Vice President of Startup-NY Leslie Whatley tried to lay out the plan as simply as possible. "There’s no fine print," says Whatley. "There’s no trips and traps, caveats; there’s no taxes."

The plan was first announced by Governor Cuomo earlier this year as ‘Tax Free Zones’. The idea is to let companies start on, or locate to, property owned by the state – mostly SUNY campuses, and not have to pay state or local taxes for 10 years. That’s as long as they create jobs.

Whatley says they would love to see a ‘gold rush’ of school’s registering space and companies applying to the program. "I think there’s a little friendly competition going on between the schools to get into the program quickly," says Whatley.

The application process will start in January. The Startup-NY plan has drawn criticism from conservatives and business leaders. They say the program doesn’t address the problem of too high taxes for existing companies.

State officials argue to the new jobs are worth the sacrifice of taxes.

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