One of government's most significant responsibilities is to create an environment that fosters common welfare — and a crucial means to this is through economic growth and stability.
The same goal of common welfare is embraced by the State University of New York and other institutions of higher education. Education exists to provide for the creative and applied intellectual growth of individuals, and to bring them to a greater consciousness of what it means to be a global citizen. From a practical perspective, this means equipping them with the skills necessary to compete for the best jobs, while creating meaningful and satisfying careers.
The missions of higher education and the state coincide here. What it boils down to is the economy.
Gov. Andrew Cuomo recently announced Tax-Free NY, a new upstate economic development plan that will provide 10-year, tax-free havens for partnerships and investments between private enterprise and higher education. The plan outlines a path for the SUNY system to become the backbone of an economic renaissance that will rejuvenate moribund regional economies throughout the state.
With SUNY campuses and the state's private colleges designated part of the Tax-Free NY initiative, the program cuts a wide swath across upstate New York, an area desperately in need of economic revitalization.
The plan is simple in its execution and carries little risk. Each campus and up to 200,000 square feet of adjacent property would be designated commercial areas free from all taxes for businesses that create new jobs. Aligning with the educational assets, research and development strengths, and intellectual property of New York's colleges and universities, these businesses would create and expand capacity under the state's tax-free promise.
I serve as co-chair of the Capital Region Economic Development Council, an entity that is working with community, business, academic and government leaders to help enhance the region's economic vitality. A predominant theme echoed across our Regional Council is the need to promote partnerships. Tax-Free NY will enable key public-private partnership opportunities on our university and college campuses. In addition to advancing new learning, research and discovery, these collaborations will create jobs for New York's ready and eager college graduates, helping to keep our best and brightest in the Empire State.
With Tax-Free NY, the University at Albany is poised and ready to create new success stories, just like we did with our global-leading College of Nanoscale Science and Engineering.
Take for example our pioneering RNA Institute, which last week opened the doors to its new laboratories. As New York's national resource for RNA science and technology development and the only R&D hub of its kind in the world, the Institute has already attracted $32.7 million in funding in only three years.
With the global RNA Interference (RNAi) market alone expected to grow into a $4 billion industry by 2017, the RNA Institute is well positioned under the governor's Tax-Free NY initiative to serve as a magnet for new private sector investment for research, innovation, commercialization and job creation.
Without incentives like Tax-Free NY, the state is at risk of losing future private sector investment for research initiatives like the RNA Institute to other states and countries around the world.
It's not a hard or taxing concept. The Tax-Free NY plan will benefit higher education, business, and for the economic security of New York.
Robert Jones is president of the University at Albany.