Developed by Andrew Cuomo, the Innovation Vouchers Bill seeks to facilitate the struggle small businesses and startups undergo. In trying to raise the money for their R&D work, they need backing. At the same time, educational institutions have the resources for the development of these ideas but lack the projects in real life. This venture from Cuomo puts the two groups together.
In other New York tax-related news, members of the city council showed support for retailers in the region with their approval for an action that would decrease the city’s Commercial Rent Tax. With this reduction, around 2,700 Manhattan SMB owners will benefit. As well, elected officials seeking to assist independent neighborhood retailers will positively impact quality of life in New York City. Once the neighborhoods become more attractive, there is an increase in property values and tax revenues in the region.