NY’s tax-free business plan is bold but uncertain
ALBANY, N.Y. (AP) — Through much of the last century, New York built America’s locomotives, automobile parts, steel girders and more. Today, the Empire State ranks 49th on CEOs’ list of states to set up shop.
Along the way was more than four decades of economic erosion for much of the state outside New York City. The decline came even as the state offered tax breaks which yielded more political scandal than economic turnaround.
Now Gov. Andrew Cuomo is proposing to waive taxes for high tech companies and entrepreneurs for up to 10 years if they move to New York and partner with a college campus.
Policy experts agree it’s an aggressive and unique approach but warn it could backfire and actually hurt the state’s economy.