Cuomo Unveils Tax Break Plan for Businesses on, Around SUNY Campuses

By Christine Sampson

An initiative announced last week by Gov. Andrew Cuomo may give a 10-year tax break to new businesses that open on or in close proximity to SUNY campuses, including Stony Brook Southampton in Shinnecock Hills.

Under the potential program, known as "Tax-Free NY," such businesses would be exempt from sales tax, property taxes and business and corporate taxes for 10 years.

Cuomo said eligible businesses are those with a relationship to the university's academic mission; businesses that create new jobs or expand operations while maintaining existing jobs; and out-of-state businesses that relocate to New York. Employees of businesses that take advantage of the Tax-Free New York program would not have to pay income tax.