Tax Free NY Initiative Passes
6/19/2013 (Updated 10:44:41 PM)The Tax-Free New York proposal that would create tax-free zones for new businesses on SUNY campuses has been agreed to by the State Senate and Assembly, and it has a new name, Start-Up New York.
Under the plan, public and private colleges and universities will be able to have vacant space designated as tax-free areas. Some local existing business owners have expressed concern, saying the state is pitting old businesses against new businesses, and that the state should lower taxes and regulation for all business.
"I think the final product of Tax Free is going to be a solid one. The state of Texas gives all kinds of incentives to businesses who want to come there to start up. We want to be competitive," said NY State Senator Tom Libous (R-52nd District).
Libous says he will be a prime sponsor of the Start-Up New York bill when it reaches the senate floor on Friday.
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