Tax-free zones around college campuses could boost business, keep jobs in New York
Wed, 12 Jun 2013 22:42:38 GMT —
The area around Syracuse University could benefit from a new proposal to designate areas around college campuses as tax free zones for new businesses.
New York Governor Andrew Cuomo talked about the proposal at Syracuse University Wednesday.
He says most new jobs in the state stem from institutions of higher learning, where new technology, patents and software are being developed.
In areas around public and private academic campuses, companies and their employees would be exempt from state and local taxes, including income, business and property taxes.
governor says it's a way to keep young people in New York, and be in a position compete with other states with no taxes, like Texas and Florida.
If we're creating jobs at SU that's good for everyone. The jobs we created there, that person goes to the restaurant, and that person goes to the grocery, and that person buys a house. That's a check for a real estate broker, and a grocer," the governor said.
He says 75 percent of start-up businesses leave the state within their first year of operation.
Universities are pleased the Governor is acknowledging the power campuses have in economic development.
Critics say taxes should be lowered for everyone, across the board.