Skip to comments.Finch: Flaws with Start-Up NY, but program could succeed
Posted on 06/24/2013 4:36:07 PM PDT by neverdem
The state Legislature passed the Start-Up NY plan Friday -- an initiative Gov. Andrew Cuomo called "the boldest economic development program for upstate New York, ever" during an interview this week.
Assemblyman Gary Finch, R-Springport, voted for the Start-Up NY legislation. While he has some concerns with the program and how it will affect existing businesses, Finch said Start-Up NY has potential.
"Recognizing the need for action, I have cast my vote in favor of the Start-Up NY and Excelsior Jobs programs. I do feel there are problems with the Start-Up NY program, however. The provision removing income taxes for new businesses and their employees will subsequently cause their tax burdens to fall on the backs of the other taxpayers and existing businesses of New York," Finch said in a statement Friday. "Despite this concern, I'm optimistic about its potential ability to succeed. Binghamton University has applied this start-up methodology to fairly good effect in recent years and I hope the same will happen in other areas for the sake of resuscitating our economy. Fortunately, the Excelsior program does cast a more inclusive net of tax credits for our existing businesses, which will also play a pivotal role in reviving our economy."
The Start-Up NY program will establish tax-free zones on SUNY and private college campuses. Businesses that set up shop in a tax-free zone won't have to pay corporate, property or sales taxes for 10 years. Employees working at businesses in tax-free zones won't have to pay state income taxes for five years.
The agreement between Cuomo and legislative leaders also included incentives for existing businesses. A change was made to the Excelsior Jobs program, a state initiative that provides tax credits to businesses. The bill reduced by half the job creation requirements for businesses receiving tax credits through...
(Excerpt) Read more at auburnpub.com ...
Meanwhile, established businesses are fleeing the state.
It's the sound of New Yawk being drained of its tax base and patriotic Americans....
If the people can't assert their authority there....
See you on I-95
I have a great idea for a jobs plan. Eliminate most regulation, eliminate taxes, and severely weaken unions...bam...jobs
Cuomo is brilliant in his ignorance. He knows that businesses will never come to NY in part because of the hostile business climate. Yeah for a brief moment of clarity! Too bad that is soon to end. He snaps into action and temporarily removes punitive taxes on new companies but forces the tax burden on the people and companies that are already hear. He then wonders why things go awry. Just like when NYC raises tobacco taxes and revenue drops. It bewilders them every time. We have some of the most educated morons that exist on the planet, outside of DC that is.
New York The DUMPire State
Hey Cuomo, how about approving fracking? You wouldn’t need the rest of your ineffectual nonsense.
Well, at some point the only thing left to tax will be the NYSE, providing they don’t move overseas.