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Cuomo wants to rename, tweak Start-Up NY program

January 19, 2017 05:08 AM

ALBANY, N.Y. (AP) - Democratic Gov. Andrew Cuomo wants to tweak one of his signature economic development programs.

Under a proposal contained in Cuomo's state budget plan Start-Up NY would be renamed the Excelsior Business Program. It would also get new rules intended to make it more successful.

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Start-Up was created to jumpstart new and innovative companies but has had only modest success so far. A report issued last year showed the program generated 408 new jobs in its first two years.

Participating businesses partner with colleges and universities and don't have to pay taxes for 10 years.

A spokesman for the state economic development agency said Wednesday that the proposed changes amount to "adjustments." He says Cuomo's administration remains "firmly" committed to the Start-Up model.

Lawmakers must sign off on the changes.

Credits

AP

(Copyright 2017 by The Associated Press. All Rights Reserved.)

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