N.Y. Economic Development Law § 359-e: Application and approval process

§ 359-e. Application and approval process. 1. A business enterprise

must submit a completed application as prescribed by the commissioner.

2. As part of such application, each business enterprise must:

(a) Agree to allow the department of taxation and finance to share the

business enterprise's tax information with the department. However, any

information shared as a result of this agreement shall not be available

for disclosure or inspection under the state freedom of information law;

(b) Agree to allow the department of labor to share its employer

information with the department. However, any information shared as a

result of this agreement shall not be available for disclosure or

inspection under the state freedom of information law;

(c) Allow the department and its agents access to any and all books

and records the department may require to monitor compliance;

(d) Provide to the department, upon request, a plan outlining the

schedule for meeting the investment requirements as set forth in

subdivision six of section three hundred fifty-nine-c of this article.

Such plan must include the amount and description of projected qualified

investments for which it plans to claim the semiconductor research and

development tax credit;

(e) Agree to allow the department and the department of taxation and

finance to share and exchange information contained in or derived from

the applications for admission into the semiconductor research and

development project program and the credit claim forms submitted to the

department of taxation and finance. However, any information shared as a

result of this agreement shall not be available for disclosure or

inspection under the state freedom of information law.

(f) Certify, under penalty of perjury, that it is in substantial

compliance with all environmental, worker protection, and local, state,

and federal tax laws.

3. After reviewing a business enterprise's completed application and

determining that the business enterprise will meet the condition set

forth in subdivision six of section three hundred fifty-nine-c of this

article, the department may admit the applicant into the program and

provide the applicant with a certificate of eligibility and a

preliminary schedule of benefits by year based on the applicant's

projections as set forth in its application. This preliminary schedule

of benefits delineates the maximum possible benefits an applicant may

receive.

4. In order to become a participant in the program, an applicant must

submit evidence that it satisfies the eligibility criteria specified in

section three hundred fifty-nine-d of this article and subdivision two

of this section in such form as the commissioner may prescribe. After

reviewing such evidence and finding it sufficient, the department shall

certify the applicant as a participant and issue to that participant a

certificate of tax credit for one taxable year. To receive a certificate

of tax credit for subsequent taxable years, the participant must submit

to the department a performance report demonstrating that the

participant continues to satisfy the eligibility criteria specified in

this article.

5. A participant may claim tax benefits commencing in the first

taxable year that the business enterprise receives a certificate of tax

credit. A participant may claim such benefits for the next nine

consecutive taxable years, provided that the participant demonstrates to

the department that it continues to satisfy the eligibility criteria

specified in section three hundred fifty-nine-d of this article and

subdivision two of this section in each of those taxable years.