New legislation to "Start Up" NYS economy
6/24/2013 (Updated 10:54:49 PM)(Source: Jeremy Donovan)
VESTAL -- "Somebody once told me if you don't put the ball in play you're not going to win the game, so I applaud the Governor, we're putting the ball in play and we're going to try like heck to win the game," said State Senator Tom Libous (R - 52nd District).
The game? Keeping businesses from leaving New York State. The ball? Governor Andrew Cuomo's (D) Start Up New York Bill signed into effect at Binghamton University Monday afternoon.
The new legislation allows all 64 SUNY campuses to develop tax free communities and offers a 10-year tax free period for businesses starting in New York or coming to New York. Cuomo says 75% of start ups leave the state after one year, and says that needs to change.
"We want to say to those start up companies that have been leaving 'stay, there's no place you can go that will have a lower tax rate because we'll be at a zero tax rate for ten years,'" Cuomo said.
By encouraging companies to stay Cuomo says that means more jobs. Those jobs allow people to plant their roots in New York helping out upstate communities that have been struggling for a long time.
"Upstate New York has been suffering for 10, 20, 30 years. Western New York, 40 years. We never really recovered after the manufacturing era ended," Cuomo said. "We're now getting beaten, competitive advantage, by states that have lower taxes so this overnight will equalize the playing field."
But by putting the ball in play Monday, the playing field might just be tipped towards the Empire State.
"Our winning advantage is, it's the State of New York, you get to have all this beauty all these resources and our tax rate is as low as anyone's," Cuomo said.
Start Up New York is just part of Cuomo's plan to boost the upstate economy. The Upstate New York Gaming Economic Development Act will allow for four casinos upstate, which Libous hopes includes Tioga Downs. Cuomo says both pieces of legislation will encourage the 50 million people that visit New York City annually to travel north and enjoy everything that new york state has to offer.
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