TODAY'S PAPER
41° Good Evening
41° Good Evening
Business

Cuomo proposes $220M in grants and tax credits for expanding businesses

Gov. Andrew Cuomo presents his 2014-2915 budget for

Gov. Andrew Cuomo presents his 2014-2915 budget for the state Tuesday in Albany. (Jan. 21, 2014) Credit: Albany Times Union

Gov. Andrew M. Cuomo proposed $220 million in capital grants and tax credits for expanding businesses on Tuesday.

The funds, along with $500 million from the coffers of state agencies, will be distributed in another competition between 10 Regional Economic Development Councils across the state, he said in his proposed 2014-15 budget.

Since Cuomo established the councils in 2011, more than $2.2 billion in state business aid has been awarded to projects expected to maintain and create 75,000 jobs. The Long Island council has secured $244.3 million; it was a big winner last year and in 2011.

Officials said the state judging panel that will determine how the $220 million is allocated would be looking for the councils to promote more exporting activity and foreign investment in the state.

Cuomo, in his State of the State speech two weeks ago, unveiled a Global NY initiative aimed at helping New York businesses to increase the amount of goods and services they sell overseas. His budget proposal on Tuesday included money for advertisements in foreign countries.

They will likely tout START-UP NY, a program launched last year to create tax-free zones on college campuses. Cuomo also has proposed an amendment to refund the telecommunications excise tax paid by companies in the zones.

Kevin Law, council co-vice chairman and president of the Long Island Association business group, said Cuomo's spending plan contained “a lot of good news for Long Island taxpayers.” He urged the State Legislature to adopt the proposed cuts to business, state, energy and property taxes “and spur economic growth in our region.”

Cuomo and lawmakers face a March 31 deadline for budget adoption.
 

More news