By Franci Valenzano, public relations associate
(Morrisville, NY – May 31, 2013) Morrisville State College employees, local business owners and residents gathered to listen to the details of Governor Andrew Cuomo’s proposed Tax-Free New York economic initiative, a plan that will transform SUNY campuses and university communities across the state into tax-free communities that attract start-ups, venture capital, new business, and investments from across the world.
Matthew Driscoll, president and CEO of the Environmental Facilities Corporation, outlined the plan during an open presentation held at the college May 29. The proposal, part of the governor’s plan to revitalize New York and to breathe new life into Upstate New York’s economy, still needs legislative approval.
Under Governor Cuomo’s Tax-Free NY plan, high-tech businesses from other states and abroad could lay down roots at college campuses or in adjacent properties and operate completely tax-free for 10 years. The proposal would waive all business and property taxes as well as income taxes for companies bringing in new business that would have to locate on a campus of a public or private university or adjacent properties being identified for the proposed program.
According to Driscoll, the bold effort will maximize the economic potential of New York’s “world-class colleges” and the communities in which they are located. “Our educational institutions are platforms for economic development and it is important for them to be part of the equation,” Driscoll said. “The governor believes strongly in this plan for all upstate communities. It is an opportunity to partner with academic institutions that are in place and already have a great deal of knowledge and research-based elements to them.”
Full details of the plan are not yet laid out as the governor negotiates with legislative leaders.
When asked what the governor’s initiative could mean for the Village of Morrisville Driscoll replied, “If a high-tech firm lands here and creates 100 new jobs, it means 100 new people with disposable income throughout the community.”
Eligible businesses are those that create new jobs and new business startups and would have to fit the mission of the college. They must be located within a 2,000 square-foot area, either on or adjacent to a qualifying campus and cannot be retail businesses. The college’s satellite Norwich branch would also be included in the plan. The approval process for potential businesses would involve applications from each university setting.
“Our campus would have to develop a council to determine what we do best and talk about companies that could align with our mission,” said Morrisville State College president Dr. William J. Murabito. “It means we may also have to develop new academic programs in order to maximize the potential impact of this initiative.”
MORE ABOUT THE PLAN:
All SUNY campuses and community colleges outside of New York City and designated private colleges north of Westchester will be tax-free (no sales, property, or business/corporate taxes). Up to 200,000 square feet surrounding the campus will included in the tax-free community.
Under Tax-Free NY, 3 million sq. ft. in commercial space will be available at New York’s private universities. Twenty strategic state assets will also be designated tax-free.
Most New Yorkers live near a SUNY campus: 93% of New Yorkers are within just 15 miles of a SUNY Campus, enabling millions New Yorkers to benefit from the increased job-creating and economy-boosting potential of Tax-Free NY.