GENESEO — SUNY Geneseo’s Milne Library hosted the Tax Free New York Initiative given by Lieutenant Governor, Robert Duffy on Wednesday, May 29.
Lieutenant Governor, Robert Duffy, spoke about Governor Cuomo’s new initiative for tax free businesses on SUNY campuses, including 200 thousand square feet of buildings that adjoin the campus. This tax free initiative will last 10 years.
“There is 120 million square feet of eligible space, that’s bigger than office space in Rochester, Buffalo, and Syracuse combined,” said Duffy.
Tax free essentially means that businesses that are eligible will no longer pay property, business, and state income taxes.
All 64 SUNY campuses across the state as well as community colleges are eligible for this tax cut.
“This will jumpstart New York’s economic development, the big picture is creating jobs,” said Duffy.
Existing businesses will not apply for this tax cut.
“It may be unfair to existing businesses but Governor Cuomo is doing what he can,” said Duffy.
This initiative is mainly for high-tech manufacturing businesses.
“This initiative has the potential to bring three to five businesses to campuses,” said Duffy.
The hopes behind this tax free initiative is that it will provide opportunities for students looking for internships and potentially help them find jobs.
“It’s a process,” said Duffy.