Start-Up NY initiative announces first eight campuses to benefit from tax free zones for startups.

Eight campuses in New York state have been given tax-free zones surrounding the institutions in a bid to promote new businesses.

Announced last year by Governor Andrew Cuomo, the Start-Up NY initiative will create zones around colleges and universities which will provide generous tax breaks for 10 years to startups either forming, relocating, or expanding near to selected campuses.

Approved institutions include Cornell University and the University of Buffalo, as well as SUNY Albany, SUNY Downstate in Brooklyn and Stony Brook state University on Long Island.

Donald Katt, president of SUNY Ulster, said: “We’re very excited about the program because a part of our mission is we are really pledging to help in the economic vitality of our county, and we have been doing that principally through our small business development centre. This new program will give us an opportunity to impact even more in attracting new businesses and expanding businesses to consider locating in Ulster County.”