Tax-free New York explained

By Dave Sherry

Tax-free New York explained

May 24, 2013 Updated May 24, 2013 at 1:43 AM EDT

Vestal, N.Y. (WBNG Binghamton) Binghamton University hosted State Cabinet Member Brian Stratton to discuss Gov. Andrew Cuomo's tax-free New York Initiative.

The program is designed to entice businesses to come to the state, which has historically been known as the "tax capital" of the country.

The initiative will make a 200,000-square-foot tax-free area around all SUNY campuses and other state-owned properties outside of New York City.

That means no sales, property, business or corporate taxes for the companies and no income taxes for employees.

"I think anything that you can do to create business growth is ultimately going to be very, very strong. You're going to be bringing in families and companies and new people that need to buy homes, cars, goods. So it is a business growth that's going to pay tremendous dividends for us," Stratton said.

This program will only benefit new businesses creating new jobs and is not designed to simply import jobs from elsewhere.

"It's not to move jobs from one part of the state to another. It's really to support more businesses, more jobs coming into New York State so we can drive that unemployment number even lower," Stratton added.

Companies that already exist within the tax-free zone will not qualify for the program.

Some people showed concern that this program benefits new businesses without helping current companies, which have been supporting the state and economy for years.