What is Start-Up NY? It is a program developed by Governor Andrew Cuomo aimed at sparking New York’s economy while boosting the state’s employment rates. Since its launch two years ago, Start-Up NY has benefited New York State in a powerful manner; it has attracted 172 new businesses, created 4,278 new jobs, and led to the investment of $229.2M in the New York economy.
How does the program work? The program allows new or expanding businesses to operate in New York State tax-free for 10 years. Specifically, firms that qualify for this program are exempt from paying business, corporate, sales, property, state, local, franchise, or income taxes. Furthermore, the program focuses on establishing partnerships between these prospective firms and New York State colleges and universities. In addition to operating tax free, these new enterprises are able to use campus resources, such as office or laboratory space, for business purposes. As a result, this collaboration not only benefits the participating businesses but also allows students and faculty of host colleges the opportunity to gain real-world experience in a professional work setting.
How Does SUNY Cortland Connect with Start-Up NY? With SUNY Cortland’s recently approved Start-Up NY plan established, college administrators are seeking potential businesses that will further the college’s mission while effecting positive economic impact on the surrounding Cortland County community. Two campus buildings, Winchell Hall and the MacDonald Building, are being designated for building and office space for interested businesses. SUNY Cortland hopes to cultivate partnerships with these businesses that will ultimately grow into strong relationships benefiting all involved.