Stony Brook University President Samuel L. Stanley joined Long Island SUNY presidents W. Hubert Keen, Calvin O. Butts III and Shaun L. McKay in a Newsday op-ed endorsing Governor Andrew Cuomo’s “Tax-Free NY initiative.
“Tax-Free NY offers a plan as innovative and exciting as the ideas it is designed to turn into economic growth,” according to the op-ed, which appeared in the June 18 edition of the Long Island newspaper. “We welcome the challenge it offers: Keep producing great innovations, and the state will help them grow and prosper on and near SUNY campuses.”
Tax-Free NY will entice companies to invest in New York by offering new businesses the opportunity to operate completely tax-free — including no income tax for employees, no sales, property or business tax — for a decade, while also partnering with the world-class public and private higher education institutions, according to the office of Gov. Cuomo.
Under the plan, SUNY campuses and community colleges and up to 200,000 square feet adjoining the campus, 3M sq. ft. designated for private colleges and 20 strategically located state owned properties will be Tax-Free Communities (no sales, property, or business/corporate taxes) with employees exempt from paying income taxes.
“Tax-Free NY would help get new businesses going and growing,” according to the op-ed. “The SUNY campuses on Long Island would help with the basic ingredients: exciting ideas that can make life better in many dimensions — bioscience, neuroscience, energy and communications, to name just a few — and incubator space for start-up firms to begin growing safely in their most tender stages.”
The complete op-ed may be read on the Newsday website.