A new budget projection suggests the job incentive program being shopped around New York State by Governor Andrew Cuomo could end up costing the state hundreds of millions of dollars in lost revenue.

The Start-Up NY initiative looks to give new companies and their employees a break from business, income and other taxes for 10 years if the new businesses set up at participating colleges and universities.

Cuomo has said the program would not cost anything for New York taxpayers since the business are new, so already are not contributing to the tax base.

The new projection shows a loss of $323 million in anticipated revenue over three years.