Governor Andrew Cuomo is set to give his 2014 budget presentation and discuss his plans for economic development at a special event hosted by the Westchester County Association this Wednesday, April 9, 2014, 9:30 a.m. at the Westchester Marriott in Tarrytown, New York. During his presentation—his only budget address to Westchester’s business community—Gov. Cuomo is expected to discuss his efforts to build New York’s economy and create jobs for the 21st century.
Here’s an important message to entrepreneurs frustrated by the lack of affordable lab and office space in Silicon Valley, Silicon Alley, and Williamsburg: Look north to the land of opportunity just across the New York City border: Westchester County. Westchester is cultivating a vibrant innovation economy fueled by global companies such as Regeneron Pharmaceuticals and IBM, a thriving network of small businesses, and a growing number of entrepreneurial ventures that call Westchester home. A medtech incubator, business accelerator network, and networking group for entrepreneurs are supporting the next generation of innovators, too. To call attention to all that Westchester has to offer entrepreneurial growth companies and health tech startups, the Westchester County Association and its economic development arm, The BLUEPRINT for Westchester, has organized HealthTech ’14: Fueling Innovation in Westchester, a groundbreaking two-day conference with content and a pitch contest for entrepreneurs and early-stage companies ready to take root in Westchester...
Many Westchester businesses are focused on the upcoming healthcare employer mandate—that is, beginning next year, large employers must offer affordable health insurance to full-time employees and their dependents or be subject to penalties. (This applies to employers with 50 or more full-time employees and will be phased in over two years, depending on employer size). What employers also need to focus on—though it won’t take effect until 2018—is the excise tax, also known as the “Cadillac Tax.” The tax applies to what the government considers “high-cost” employer health-benefit plans — for most workers, more than $10,200 annually for individuals and $27,500 for families. Employers will have to pay 40 cents of tax for every dollar of health-care costs that exceed those amounts.
Score another home run for Westchester! Acorda Therapeutics is embarking upon a $6 million expansion on the Ardsley Park life science campus in Westchester County, which will culminate in the creation of 90 new jobs, in addition to the company’s current workforce of 282 people, according to today’s Westchester Business Journal.