Governor Cuomo Proposes New "Tax-Free" Program for Businesses

May 22, 2013 Updated May 22, 2013 at 7:02 PM EDT

By Hilary Lane

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May 22, 2013 Updated May 22, 2013 at 7:02 PM EDT

BUFFALO, N.Y.- Governor Cuomo introduced the "Tax-Free NY" initiative Wednesday at the University of Buffalo.

The program would allow businesses to operate tax-free on all SUNY Campuses outside of New York City and designated private colleges north of Westchester.

That means no business or corporation taxes and no sales, property, franchise, or income taxes for owners or employees who do business on campus.

Businesses eligible for "Ta -Free NY" include companies with a relationship to the academic mission of the university and companies creating new jobs.

The businesses can be brand new, out-of-state companies that relocate to New York, or existing businesses that expand their New York operations while maintaining their existing jobs.

"We want to bring jobs here, keeps jobs here, and bring young people here," said Governor Cuomo. "That is what it is all about."

The Governor said he chose SUNY campuses for the program because 93% of New Yorkers live within 15 miles of a SUNY campus and 100% of New Yorkers live within 30 miles of a SUNY campus.

Cuomo's office says the program comes at no cost to the state.

"Tax-Free NY" is a proposal at the time. Cuomo says he hopes it passes through the legislature this session.