START-UP NY Approved for Binghamton University

Published 04/08 2014 04:39PM

Updated 04/08 2014 05:15PM

It's official: Binghamton University has been approved as a site for Governor Cuomo's tax-free Start Up New York program.

The incentive waives all state taxes for new and expanding businesses that locate on or near qualifying universities. Those businesses must have a research relationship with the school.

B.U. has already identified a variety of office suites available at the Innovative Technology Campus.

Four companies have already been identified as possible participants, including an out-of-state business run by a B.U. alum.

"That's what we are really hoping that not only will we start more companies coming out of the university, we will also be able to recruit companies coming from out of state to this area and then create more jobs in this community," said Per Stromhaug, executive eirector of B.U.'s Entrepreneurship and Innovation Partnerships.

Stromhaug says, if everything goes smoothly, they could start moving into the B.U. facilities within a month.

The next step is for the companies to submit their applications to the state.

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