Both Buffalo State and the University at Buffalo have been approved to be tax-free areas under Governor Andrew Cuomo’s START-UP NY program. The program enables universities to identify areas for expanding and allows for new businesses to operate tax free for up to 10 years.
The inclusion of the areas in the plan will allow NYS businesses within the boundaries to avoid business, corporate, income, sales, property or franchise taxes.
UB has more than 3 dozen companies interested in the program already and will focus on companies with products and services that have an academic interest.
“As one of the nation’s leading public research universities, UB is ready to partner with entrepreneurs and companies to create new opportunities for business growth and commercialization of faculty research,” said Alexander N. Cartwright, UB’s vice president for research and economic development.
Buffalo State will also focus on businesses that offer products and services that align with an academic focus.
Buffalo State plans on offering 24,000 square feet in Buckham Hall (image) for approved START-UP NY businesses, and also wants them to be aligned with the college’s academic mission. Participating businesses will be required to offer internships and learning experiences for Buffalo State students and use the expertise of the college’s Small Business Development Center.
Buffalo State College Interim President Howard Cohen said the college has been in contact with at least 35 interested companies.
The $1.6 million rehabilitation project for surge space on Buckham Hall (lead and inset images) began in Fall 2013 and is anticipated to be finished by the end of the spring semester of 2014.
Lead image: Start-Up NY | Inset image: Buffalo State