economic development

Office of Governor Andrew M. Cuomo

 

New York lawmakers are sharply criticizing Democratic Gov. Andrew Cuomo's big economic development programs after reports showed only modest success.

An Assembly Committee on Wednesday grilled Howard Zemsky, Cuomo's top economic development official, asking him to explain why programs like Start-Up NY haven't created more jobs.

Start-Up uses tax-free zones at colleges and universities to attract companies.

Office of Governor Andrew M. Cuomo

Colleges on Long Island are not just centers of learning: many are taking advantage of statewide programs, such as Start-Up NY, to bolster the economy in their area.

SUNY Old Westbury is the latest school to receive approval to open a Start-Up NY tax-free zone to attract companies to open or expand on Long Island. 

Officials are set to announce that a neighborhood in Hamden, Conn., has won $1.5 million in federal money to kick start business development. The town plans to use the money to turn an abandoned school into a business space for the Newhall neighborhood.

Malloy signs $400M tax credit deal for UTC

May 9, 2014

Connecticut Governor Dannel Malloy signed a law Friday  establishing a $400 million tax credit deal with United Technologies Corporation. The company can redeem the earned research and development tax credits at an accelerated rate. In return, UTC must spend up to $500 million to upgrade and expand facilities at Pratt & Whitney in East Hartford, Sikorsky in Stratford and UTC Aerospace in Windsor Locks.

The Connecticut Senate has approved a bill that would allow United Technologies Corporation to use $500 million in state tax credits to upgrade and expand its facilities in the state. The bill passed by a vote of 34 to 2 on Thursday.

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