Albany- State Senator Michael Nozzolio and his Senate colleagues have unveiled the Upstate Now agenda, a comprehensive job creation and economic growth plan to transform and revitalize the upstate economy, generate billions of dollars in new investment, and create thousands of new jobs for New Yorkers.
The comprehensive plan would invest a total of more than $3.7 billion into economic development initiatives over the next three years, including new tax relief and incentives, new and existing capital investments and private sector matching funds. More than $2 billion would be invested in the first year of the program.
"Through our investments in high-tech industrial development and utilization of the resources provided by our world-class universities, such as Cornell and the University of Rochester, we are positioning New York to become a leader in the economy of the 21st century,” said Senator Nozzolio. “The aggressive agenda outlined by the State Senate will create more good-paying jobs and revitalize New York's economy."
The Senate's comprehensive plan will: reduce taxes, energy and health care costs for employers; provide upstate with a 21st century economic infrastructure; strengthen small businesses, manufacturing, agriculture, tourism and other key industries throughout the State; make upstate an international leader in new and emerging technologies; revitalize downtowns and local communities throughout the region; support clean, renewable energy initiatives; strengthen our workforce; and enact sweeping reforms to make the upstate region more business-friendly and economically competitive.
The Senate’s Upstate Now plan includes more than $2.6 billion in tax cuts and incentives, when fully implemented in three years; as well as $300 million in existing venture capital funds that will generate an additional $300 million in private sector matching funds; and $58 million in new economic development program investments.
The Upstate Now strategic plan has a broad, comprehensive and integrated 10 point plan:
1. Reducing Taxes for Small Businesses, Manufacturers and Key Industries
2. Building and Investing in a 21st Century Infrastructure for the Upstate Economy
3. Making Upstate an International Powerhouse in New and Emerging Technologies
4. Reducing Energy Costs for Employers and Promote Energy Independence
5. Reducing Health Care Costs for Small Businesses to Insure More Families
6. Creating Thriving Main Streets
7. Winning the Global Competition for Manufacturing Plants
8. Preparing the Finest Workforce in the Nation
9. Providing Around the Clock Access to the State's Economic Development Programs
10. Marketing Upstate's Outstanding Recreational, Cultural and Tourism Opportunities
“This exciting new initiative has the potential to transform our entire region for the 21st Century, creating new jobs and generating billions of dollars in new investments in communities all across our State,” concluded Senator Nozzolio.
To learn more details of the Upstate Now agenda, please click here.