Vestal, NY (WBNG Binghamton) New legislation signed by Gov. Andrew Cuomo Monday makes Binghamton University and SUNY Broome a tax-free area.
Cuomo signed SUNY Tax-Free Areas to Revitalize and Transform Upstate NY (or START-UP NY) at Binghamton University.
The legislation makes SUNY campuses and some private colleges across the state virtually tax-free.
"You have a start up business? Stay on Binghamton University," said Cuomo. "We'll find you office space. Grow here. You won't pay income tax to the state. We'll figure that out."
The start-up businesses would be exempt from taxes for 10 years, including from property, business and sales taxes.
"This over night will equalize the playing field," said Cuomo."The lowest tax rate any state has is zero. We will have zero on the SUNY campuses and on these schools and for a start-up business, we will be as competitive as any state out there."
The governor said START-UP NY's goal is to create jobs and boost the economy across the state by having companies invest on college campuses.
Cuomo said New York needed a radical change to kick-start the state's current economy.