N.Y. Economic Development Law § 401: Eligibility criteria

* § 401. Eligibility criteria. 1. In order to be eligible for benefits

in the economic transformation and facility redevelopment program, a

participant must satisfy the following criteria:

(a) must create and maintain at least five net new jobs in an economic

transformation area, and must demonstrate that its benefit-cost ratio is

at least ten to one; and

(b) must be in compliance with all worker protection and environmental

laws and regulations; and

(c) must not owe past due federal or state taxes or local property

taxes, unless those taxes are being paid pursuant to an executed payment

plan; and

(d) the location of the participant's operations for which it seeks

tax benefits must be wholly located within the economic transformation

area.

2. A business entity that is primarily operated as a retail business

is not eligible to participate in the economic transformation and

facility redevelopment program if their application is for any facility

or business location that will be primarily used in making retail sales

to customers who personally visit such facilities. A business entity

that is engaged in offering professional services licensed by the state

or by the courts of this state is not eligible to participate in the

economic transformation and facility redevelopment program. In addition,

a business entity that is or will be principally operated as a real

estate holding company or landlord for retail businesses or entities

offering professional services licensed by the state or by the courts of

this state shall not be eligible to participate in the economic

transformation and facility redevelopment program. Provided however that

the commissioner may determine that such a business entity described in

the preceding three sentences may be eligible to participate at the site

of a closed facility if it is pursuant to an adaptive reuse plan for a

substantial portion of such facility.

3. Additional eligibility criteria may be developed pursuant to

regulations promulgated by the commissioner. The additional eligibility

criteria may include, but not be limited to, alignment with any adaptive

reuse plan for a closed facility developed by the department.

4. A business entity must continue to satisfy the employment

requirements in subdivision one of this section in each year in which it

claims the economic transformation and facility redevelopment tax

credits. Prior to claiming the economic transformation and facility

redevelopment tax credits in the final year of its five year benefit

period, a business entity must demonstrate to the commissioner that it

has created the jobs and made the qualified investments necessary to

meet a benefit-cost ratio of at least ten to one.

* NB Repealed December 31, 2026