Skip to comments.Cuomo trying to boost upstate New York’s economy with sweet new “tax-free zones”
Posted on 06/05/2013 2:03:16 PM PDT by Hojczyk
The state of New York is a hot mess of over-regulation and terrible anti-growth policies and New Yorkers pay the highest taxes in the country (the Mercatus Center has New York ranked as the absolute worst state in the union for personal and economic freedom, yikes).
Gov. Andrew Cuomo, perhaps realizing that he needs to make a change to the deep-blue playbook dragging on growth in the upstate region, is proposing to create tax-free zones around universities; new and existing businesses that open up shop near the campuses will have to pay neither corporate nor property nor sales taxes for a full decade, and both owners and employees will not be subject to any state income taxes. The Financial Times reports:
By tax-free, I mean really, really tax-free, Mr Cuomo said last week as he toured the state to promote the plan.
The plan comprises 120m square feet of space on and around dozens of State University of New York campuses and a number of private colleges, all outside Manhattan.
It is Mr Cuomos latest attempt to jump-start the sluggish upstate economy by encouraging growth in the tech sector and changing New Yorks reputation as a high-tax environment.
If you just reduced the loss of jobs, that would be a home run. We create start-up businesses. Right now we just cant keep them, Mr Cuomo told the Financial Times.
And while its perhaps nice that Gov. Cuomo can recognize that the states economically soul-crushing policies are pushing out jobs, businesses, and residents, this tax-free zone proposal is really just a tease about the more substantive types of changes the state should be making, and not at all a long-term nor effective fix. Says Scott Drenkard at the Tax Foundation:
(Excerpt) Read more at hotair.com ...
New York is a no hoper...left in 1981...the smart people have left...
IOW there are OPPRESSION zones and non oppression zones.
NYS is california without the coastal weather.
According to all of the libtards I thought taxes were good.
Anybody that falls for this trap deserves what they get.
It’s A Trap !!!
We are getting so scr**** with some of these programs....COMIDA for one.
If tax free zones are good for some areas, whey aren’t they good for all areas? And leave the internet alone.
They raise taxes so that they can lower them selectively, for a select few, as political favors.
If the NY state Constitution has anything like an equal protection clause, this is going to violate it.
Great. If new businesses do not pay property taxes, guess who pays them. Residential property owners.
This is also unfair for old businesses. Should they close and reopen under a new name just to be tax free?
Hey cuomo, how about lowering taxes for everyone.
I want the USA back ~:” They raise taxes so that they can lower them selectively, for a select few, as political favors.”
It will be interesting to see who takes advantage of the program ( as political favors ) ?
There is a lot of resentment from people who already pay taxes/own/ operate businesses in NY.
Not to mention the Unions ..
If he does this, I hope Rush Limbaugh sets up a radio broadcast studio there, LOL!
I live near Fredonia. It's a beautiful village. But the economic disparity between it and adjacent Dunkirk is striking. One might have thought about creating economic incentives in the dying towns.
“IOW there are OPPRESSION zones and non oppression zones.”
We already have them in NJ: Urban Enterprise Zones. Sales tax is half of what it is in “White New Jersey”.
“proposing to create tax-free zones around universities’
He wants to reward specific businesses that feed and support the communist monster known as universities. The state is manipulating business activity. This is Fascism 101. I expect no less from Cuomo the Goosestepper.