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Governor Cuomo Details Tax-Free NY Initiative to College Presidents and Regional Economic Development Councils

In a June 3 meeting with college presidents and members of the Regional Economic Development Councils, Governor Andrew M. Cuomo outlined details of the Tax-Free NY initiative that would transform SUNY campuses into tax-free communities intended to attract start-ups, venture capital, new business, and investments from across the world.

Stony Brook University President Samuel L. Stanley Jr., MD praised the Governor’s plan as “his most important economic development initiative with SUNY, and yet another example of how he is leading the way to boost New York’s economy.”

“The Governor’s vision empowers business owners to capitalize on SUNY’s unique assets to help create jobs, foster entrepreneurial initiatives, spark new business and strengthen industry in our local communities,” Stanley said.

“At Stony Brook University, where we have a track record of turning ideas and research into businesses and new products through our Advanced Energy Center of Excellence and our Center of Excellence in Wireless and Information Technology, our Sensor CAT and Biotechnology CAT, the Governor’s plan not only opens the door, it essentially removes the barriers for start-ups and existing companies to succeed in New York State. This is exactly what our business incubators have needed; it will undoubtedly help launch hundreds of new businesses on Long Island. We look forward to implementing the Tax-Free New York plan at Stony Brook, and working alongside the members of our business community so we can all grow and prosper.”

A press release detailing the plan and summarizing the meeting is available at the New York State Governor’s website.

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