January 17, 2012

Cuomo Budget Includes $250 Million For NanoCollege

By: Larry Rulison, Business Writer

Source: Times Union

Gov. Andrew Cuomo’s budget proposal unveiled today includes $250 million for the University at Albany’s College of Nanoscale Science and Engineering – money that will go to fund his previously-announced $4.4 billion computer chip research initiative that includes the industry’s move to 450 millimeter wafers.

The governor’s $1 billion plan for Buffalo’s economy really boils down to $200 million in grants and tax breaks over the next two years. Cuomo’s proposal says the rest of the $1 billion will come from “other state programs.”

Cuomo’s budget also provides the state’s 10 regional economic development councils with an additional $200 million in grants and tax breaks to compete for against one another.

An additional $32 million will also be used for high-tech research programs that will be disbursed by the Department of Economic Development’s Division of Science, Technology and Innovation, formerly NYSTAR.

Cuomo’s previously announced solar initiative, NY-SUN Solar, will provide sales tax exemptions for solar system purchases by commercial customers. And homeowners who lease a solar system will be allowed to take a personal income tax credit equal to 12.5 percent of their annual leasing costs.