New York Governor Andrew Cuomo announced Wednesday the proposed tax-free NY Program, which would provide a tax-free environment on and around state university campuses.

State Senator Jim Seward says a bold and innovative approach like this is needed to revive and advance the economy.

"Conceptually, the plan has several positive attribute that will really help attract emplyers, create jobs, and boost our overall economy," Seward said. "The proposal also brings together developing companies with our SUNY graduates. That's a perfect marriage."

This program would create zones on all SUNY campuses outside New York City and at designated private campuses north of Westchester.