Stony Brook University President Samuel L. Stanley Jr., MD has issued a statement in support of START-UP NY, legislation that will implement Governor Andrew Cuomo’s “Tax Free NY” initiative.
“Stony Brook University enthusiastically applauds START-UP NY,” Stanley said. “It is the most important University-based economic development initiative undertaken, and another example of how Governor Cuomo and the leadership in Albany are taking the necessary actions to boost New York’s economy. This groundbreaking legislation empowers business owners to capitalize on higher education’s unique assets to help create jobs, foster entrepreneurial initiatives, spark new business and strengthen industry in our local communities.”
START-UP NY will foster entrepreneurialism and job creation on a large scale by transforming public higher education through tax-free communities across the state, particularly upstate. The State University of New York campus system, along with other college communities, will serve as the framework of the START-UP NY program to attract high-tech and other start-ups, venture capital, new business and investments from across the world. START-UP NY will entice companies to bring their ventures to Upstate 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 – while also partnering with the world-class higher education institutions in the SUNY system.
“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, START-UP NY not only opens the door, it essentially removes the barriers for start-ups and existing companies to succeed in New York State,” President Stanley said.
“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 START-UP NY at Stony Brook, and working alongside the members of our business community so we can all grow and prosper,” he said.
SUNY Chancellor Nancy L. Zimpher also hailed the program, saying “the State University could not be more excited about today’s agreement on the Governor’s START-UP NY legislation that positions our campuses as magnets for entrepreneurs and businesses from around the globe. ”