On the Buffalo State College campus Monday morning, Governor Andrew Cuomo signed the recently-passed Start-Up NY legislation into law.
Under the bill, companies that locate on SUNY campuses will not pay any taxes for ten years and their employees will not pay income taxes for five years.
Critics say property owners outside the tax-free zones will have to pick-up the cost of providing services to companies in the program. But Cuomo says SUNY campuses are already tax-exempt.
The governor says adding more jobs benefits the entire region.
"If you're bringing jobs into a community, those jobs help everyone. They're not paying income tax; all that means is the state isn't getting any money," Cuomo says.
"If a person is in the community with a job, they're buying a house. That means the real estate broker is getting a commission. They're going to buy food in the grocery store... They're going to buy a car," Cuomo says. "Having people with jobs is helpful to everyone."
The program bans businesses that would compete with existing companies outside the tax-free area. And it will not be open to retail, wholesale businesses, and restaurants.