In an effort to create jobs, New York Governor Andrew Cuomo has unveiled plans for a series of tax-free zones on the state’s public university campuses. According to TimesUnion.com, the tax-free zones, available to new businesses as well as to businesses that relocate from outside the state, and those that create net new jobs, would have no business or corporate tax, no sales tax, no property tax, no franchise fee and no income tax for the owner of the company or its employees.
The plan calls for 200,000 available square feet on each public school campus, with an additional 3 million square feet available on private school campuses, totaling about 120 million square feet in all. Cuomo’s plan also builds upon a previously announced plan to set up smaller tax-free zones at a select number of campuses around the state, which were more limited in scope and set up by local economic development councils.
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