Tag Archives: Start-up NY

First wave of businesses under START-UP NY

14160187220_05b5beeb87_b

 

Today Governor Andrew Cuomo  announced that 12 businesses will expand or locate in New York as a result of START-UP NY program, which creates tax-free areas associated with colleges and universities across the state. The 12 businesses will invest $50 million and create nearly 400 new jobs in tax-free areas.

Governor Cuomo said. “Just months after the program’s launch, we are excited to announce the first businesses to participate in START-UP NY, which will bring nearly 400 new jobs and $50 million in investment to communities in Buffalo, Rochester, Ithaca, and New York City.”

Business Council members involved include the University at Buffalo, Rochester Institute of Technology, Cornell University, and SUNY Downstate Medical Center.

Empire State Development President, CEO & Commissioner Kenneth Adams said, “The jobs and investments coming to Buffalo, Rochester, Ithaca and Brooklyn will have an immediate economic impact and the participating companies will operate in a completely tax-free environment, which will enable them to create even more jobs and economic opportunities for New Yorkers in the future.”

“With these university-industry partnerships now in place, SUNY students and faculty will have unprecedented access to emerging, high-tech fields that will enhance the value of a SUNY education while creating jobs and driving our state economy,” said SUNY Chancellor Nancy L. Zimpher.

“START-UP NY is a very innovative way to connect the strengths of a major research university, like the University at Buffalo, with the expertise and energy of entrepreneurs and businesspeople,” said Satish K. Tripathi, president, University at Buffalo.

Bill Destler, president, Rochester Institute of Technology said, “With this program, RIT is able to partner with one of its alumni… [It] will bring tremendous opportunities to retain more of our talented graduates in Upstate New York, create additional co-op and employment opportunities for RIT students and graduates, as well as set an example for other entrepreneurs that New York – and Rochester – are indeed ‘Open for Business.”

“We are thrilled to be among the first university-company partnerships getting off the ground through START-UP NY,” said David Skorton, president, Cornell University. “The employment of 65 people in advanced manufacturing and investment of over $37 million in capital equipment to support that growth by private investors represents a significant positive impact on the region’s economy.”

“START-UP NY represents a major opportunity to advance the biotechnology enterprise in the New York City region at SUNY Downstate,” said Dr. John F. Williams, president, SUNY Downstate Medical Center.

START-UP NY seeks to accelerate entrepreneurialism and job creation across the state on a large scale, with a particular focus on Upstate New York. Under the program, businesses have the opportunity to operate tax-free for 10 years on eligible land and space. Businesses partner with the higher education institutions and are able to access industry experts and advanced research laboratories.

Interested colleges and universities draft campus plans that identify their goals for the program and the space that they are proposing to designate as tax-free, as well as the types of businesses and industries that they are seeking to attract through the initiative.

To date, 26 schools have been approved for START-UP NY, establishing more than 130 tax-free areas for new or expanding businesses. For more information visit START-UP NY’s website www.startup-ny.com.

 

Strong interest in START-UP NY

The Albany Business Review’s Haley Viccaro reports more than 800 companies have applied online for the START-UP NY program.

Kenneth Adams, president and CEO of Empire State Development, the state’s leading economic development agency told her, “That is a very good sign.”

The program starts in January and will “enable startups, expanding businesses and out-of-state companies and their employees to locate on or near a college campus and pay zero taxes for up to 10 years.”

Campuses evaluating space for START-UP NY

State and local college officials are planning for START-UP NY that begins Jan. 1. All 64 campuses have completed an analysis on where the tax-free zones could be located.

Companies participating in START-UP NY will see tax relief for 10 years and employees of those companies will not pay income taxes for the first five years.

To qualify, companies must create and maintain new jobs. START-UP NY will be open until Dec. 31, 2020.

David Mihalyov, chief communication officer for The College at Brockport told the Rochester Democrat and Chronicle, “I think it’s very important for a campus and its surrounding community to really develop the shared understanding of how it wants to advance this… It forces campuses to engage in a less introspective conversation, and one that’s recognizing we’re part of a community. We have a pretty big footprint and we need to be developing and evolving our facility in concert.”

Governor focuses on upstate economic development

Governor Andrew Cuomo said last week that the upstate economy will be a top priority.  As he toured the state to talk about his Start-Up NY initiative and other economic growth opportunities, such as casinos, Governor Cuomo attributed the languishing upstate economy to a Legislature that has focused past initiatives downstate. “There has been no upstate focus. Why has there been no upstate focus? Because the downstate dominates the Legislature, because that’s where the people are. It’s mathematics.”

Although many business groups feel Start-Up NY, and casinos, will help upstate’s economy, they also feel more could be done. George Miner, president of the Southern Tier Economic Growth, Inc., said, “Tax-free zones are a piece of the puzzle and can help. Fracking would go a lot further than that. No doubt about it.”

Governor Cuomo weighs in on taxes

Gov. Andrew Cuomo spoke at Onondaga Community College yesterday where his remarks focused on Start-Up NY and taxes.  The Governor called New York’s tax rates “onerous,” and promoted his plan to completely eliminate state taxes for some businesses for a designated time period, as opposed to lowering the tax rates for all companies across the state. Specifically, he noted that the did not want to reduce taxes downstate, and was focusing Upstate’s economy as it has been, “shedding job and people for decades.”

Read more on the Governor’s trip on the Syracuse Post Standard website.