New York Governor Proposes Tax-Free Zones to Promote Business.

New York Governor Proposes Tax-Free Zones to Promote Business.

In his 2013 State of the State Address, Governor Andrew M. Cuomo suggested the creation of “Innovation Hot Spots” — tax free zones that would “encourage business growth in New York State.”

The governor wants the Empire State to remain “a progressive beacon of light to the rest of the nation… .”  Toward that end, ten higher education and private sector high-tech incubators will compete to be Innovation Hot Spots. The program will offer “inventors and entrepreneurs support to grow their businesses and be part of a tax-free zone, where start-ups will not be subject to business, real property, and sales taxes… .”

Governor Cuomo hopes the tax-free zones will attract high tech companies to the state. (wkbw.com).

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