Benefits Western New York and college students
Assemblyman John Ceretto, R-C-I-Lewiston, today voted in favor Gov. Cuomo's economic development plan for upstate New York, titled Start-Up NY. Ceretto called the plan another step in the right direction for economic development in Western New York and particularly beneficial for college students and recent graduates who are currently struggling through the recession.
Start-UP NY establishes tax-free zones around SUNY and CUNY campuses for new start-up businesses for 10 years. Employees of these businesses will also be exempt from state income taxes for 10 years, with exceptions after five years for high-income earners. The new businesses will not be approved if they directly compete with another established business.
Ceretto issued the following statement:
"Start-Up NY is a good program that will bring new businesses and jobs to Western New York. In particular, I am excited about the potential business opportunities on campuses at Niagara University, Niagara Community College and its culinary school, and other universities in the area.
"New start-ups that can offer students and residents jobs where they don't have to pay income taxes are great for our college students and recent graduates who are disproportionately affected by the recession. My constituents constantly tell me that their top concern is the lack of jobs in Western New York. This program can help create those jobs and new opportunities for the recent college graduates and families of Western New York."