State approves Binghamton University involvement in START-UP NY

BINGHAMTON — Empire State Development (ESD), New York’s economic-development agency, has approved Binghamton University’s application to participate in START-UP NY, the school announced today.

START-UP NY is Gov. Andrew Cuomo’s offer to new or expanding companies and business ventures to operate completely tax-free in areas on or connected to campuses of the State University of New York.

Binghamton University identified space on campus and in the community that could accommodate new or expanding businesses hoping to take advantage of the state’s offer to operate tax-free for 10 years.

Eligible startups that collaborate with the university would be exempt from state income, business, and corporate taxes. They would also be exempt from sales and property taxes.

 “We want to collaborate with companies whose products and technologies align with [Binghamton] University’s research and academic missions,” Harvey Stenger, president of Binghamton University, said in a news release.

The university is targeting technology businesses with expertise in the areas of health sciences, smart energy, and microelectronics integration and packaging.

The school’s Innovative Technologies Complex in Vestal has startup suites that will soon accommodate new START-UP NY companies. Campuswide, Binghamton has 21 offices in which startup companies could operate, the school said.

Binghamton University and its foundation are also building the Southern Tier High Technology Incubator in downtown Binghamton, which will provide nearly 20,000 square feet of space that can host up to 10 new high-tech businesses, according to the school.

Binghamton University’s partnership with new or expanding companies under the START-UP NY program “can begin immediately,” the university said.

Contact Reinhardt at ereinhardt@cnybj.com