N.Y. Economic Development Law § 402: Application and approval process

* § 402. Application and approval process. 1. A business entity must

submit a completed application as prescribed by the commissioner by the

later of (a) the date that is three years after the date of the closure

of the closed facility located in the economic transformation area in

which the business entity would operate or (b) January first, two

thousand fifteen. Provided however, in the case of a closed facility

described in paragraph (d) of subdivision eleven of section four hundred

of this article, a business entity must submit a completed application

as prescribed by the commissioner by September first, two thousand

sixteen.

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

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

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 tax and

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) Agree to not participate in the excelsior jobs program, the New

York state empire zones program, or claim any tax credits under the

brownfield cleanup program if admitted into the economic transformation

and facility redevelopment program with regard to the facility (or

facilities) located in the economic transformation area.

(d) Provide the following information to the department upon request:

(i) a plan outlining the schedule for meeting the job and investment

requirements set forth in section four hundred one of this article,

including details on job titles and expected salaries;

(ii) the prior three years of federal and state income or franchise

tax returns, unemployment insurance quarterly returns, real property tax

bills and audited financial statements;

(iii) the amount and description of projected qualified investments

for which it plans to claim the economic transformation and facility

redevelopment investment tax credit;

(iv) the employer identification numbers or social security numbers

for all related persons to the applicant, including those of any members

of a limited liability company or partners in a partnership.

(e) Provide a clear and detailed presentation of all related persons

to the applicant to assure the department that jobs are not being

shifted within the state.

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

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

and federal tax laws.

(g) Agree, to the extent practicable, to consider for employment

persons displaced by a facility closure.

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

determining that the business entity satisfies the requirements in

subdivision four of section four hundred of this article and will meet

eligibility requirements set forth in section four hundred one of this

article, the department may, at the discretion of the commissioner,

admit the applicant into the program and provide the applicant with a

certificate of eligibility. If a participant does not start construction

on or acquire a qualified investment or create at least one net new job

within one year of the issuance of its certificate of eligibility, the

participant will not be eligible for any of the economic transformation

and facility redevelopment program tax credits.

4. A participant may claim tax credits pursuant to section thirty-five

of the tax law commencing in the first taxable year in which the

participant creates five net new jobs. A participant may claim such

benefits for the next four consecutive taxable years, provided that the

participant demonstrates to the commissioner of taxation and finance

that it continues to maintain five net new jobs. However, in no event

may that benefit period start later than two years after the certificate

of eligibility is issued. The participant may also be eligible for the

economic transformation and facility redevelopment sales tax refund.

* NB Repealed December 31, 2026