Will START-UP NY Set Back Existing Businesses?

August 28, 2013

A controversial new program that will allow expanding and start-up companies to locate on or near college campuses and receive tax-free benefits for up to 10 years in New York has been the subject of debate among Empire State business owners, real estate brokers, and lawmakers.

Critics of Gov. Andrew Cuomo’s START-UP NY program say that existing businesses might suffer and that new businesses that take advantage of the program would have an unfair advantage. Supporters feel that the tax benefits of the program would entice businesses to come to New York and stay there.

A controversial new program that will allow expanding and start-up companies to locate on or near college campuses and receive tax-free benefits for up to 10 years in New York has been the subject of debate among Empire State business owners, real estate brokers, and lawmakers.

Critics of Gov. Andrew Cuomo’s START-UP NY program say that existing businesses might suffer and that new businesses that take advantage of the program would have an unfair advantage. Supporters feel that the tax benefits of the program would entice businesses to come to New York and stay there.

Meanwhile, some lawmakers have criticized the bill for both giving new businesses a tax-free edge that’s not available to older businesses, and focusing on this issue when strengthening state infrastructure should’ve been prioritized. Assemblyman Phil Steck (D-Albany) voted against the legislation for that reason. But other lawmakers who support the program see it as an opportunity to lure businesses from other states and revitalize properties that haven’t fared well since the recession. As of now, START-UP NY is set to begin in 2014.

Topics

More like this