Cuomo calls the program that promises to turn SUNY Campuses in to tax free communities a game changer for local economies. "It's a big, big idea, but to tell you the truth we need a big idea," says Cuomo. "You look at the numbers in upstate New York, we've been going backwards for a long, long time."
The program will allow start-up companies on and surrounding SUNY campuses to operate 10 years without paying state business, sales, or property taxes. Employees of businesses that open in these designated areas will also be exempt from state income taxes. Cuomo says that this all aims to solve what has been the state's biggest problem. "About 75 percent of the new jobs we create leave the state in the first year. That's what we have to stop. Our idea is to address the main problem, which is taxes are too high," explains Cuomo.
Companies eligible for the program include Start up companies, businesses relocating from out of state, and expansions of existing in-state companies.