Assemblymember Brindisi: START-UP NY has Great Job Growth Potential for Mohawk Valley

June 21, 2013

Assemblymember Anthony J. Brindisi (D-Utica) announced the Assembly passed a measure he sponsored to create the SUNY Tax-free Areas to Revitalize and Transform Upstate NY (START-UP NY) program (A.8113). This program will designate tax-free zones for eligible businesses near SUNY campuses, such as SUNY IT, to foster job creation.

"We must use every resource at our disposal to help boost our struggling

economy," said Assemblyman Anthony Brindisi. "START-UP NY provides the

tools and incentives to ensure new businesses invest in the Mohawk Valley

and provide quality jobs for our families."

This measure includes the following provisions:

• eligible businesses will have all state taxes waived for 10 years;
• all participating campuses must submit a plan for the space they wish to designate as tax-free, which demonstrates how businesses would locate and align with their academic mission; the plan must include how the partnership would have positive community and economic effects;
• interested businesses must be a new company in the state or an expanding business that has proven community and economic benefits in addition to creating new jobs;
• to be eligible, businesses must have a bona fide affiliation to the campus, university or college and a commitment to creating jobs in the area; and
• the bill prohibits accepting interested businesses that would compete with other businesses in the same community, but operate outside the tax-free area.

Excelsior Tax Credit expansion

The measure also enhances the Excelsior Jobs Program by reducing half the job creation requirements for participants, allowing the credits to be more widely available. Specifically, it lowers the minimum job requirements for:

• manufacturers – from 25 to 10;
• agriculture – from 10 to 5;
• financial services – from 100 to 50;
• scientific R&D – from 10 to 5;
• back office – requires that 50 new jobs are created; and
• distribution centers – from 150 to 75.

Please click here to view video: http://assembly.state.ny.us/mem/Anthony-J-Brindisi/media/

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