N.Y. Economic Development Law § 422: Definitions

§ 422. Definitions. For the purposes of this article:

1. "Certificate of eligibility" means the document issued by the

department to an applicant that has completed an application to be

admitted into the empire state jobs retention program and has been

accepted into the program by the department. Possession of a certificate

of eligibility does not by itself guarantee the eligibility to claim the

tax credit.

2. "Certificate of tax credit" means the document issued to a

participant by the department, after the department has verified that

the participant has met all applicable eligibility criteria in this

article. The certificate shall be issued annually if such criteria are

satisfied and shall specify the exact amount of each tax credit under

this article that a participant may claim, pursuant to section four

hundred twenty-five of this article, and shall specify the taxable year

in which such credit may be claimed.

3. "Impacted jobs" means jobs at a business enterprise existing the

day before an event leading to an emergency declaration by the governor

at a location or locations which demonstrate substantial physical damage

and economic harm caused by the event for which the emergency

declaration was made.

4. "Participant" means a business entity that:

(a) has completed an application prescribed by the department to be

admitted into the program;

(b) has been issued a certificate of eligibility by the department;

(c) has demonstrated that it meets the eligibility criteria in section

four hundred twenty-three and subdivision two of section four hundred

twenty-four of this article; and

(d) has been certified as a participant by the commissioner.

5. "Preliminary schedule of benefits" means the maximum aggregate

amount of the tax credit that a participant in the empire state jobs

retention program is eligible to receive pursuant to this article. The

schedule shall indicate the annual amount of the credit a participant

may claim in its six months of eligibility. The preliminary schedule of

benefits shall be issued by the department when the department approves

the application for admission into the program. The commissioner may

amend that schedule, provided that the commissioner complies with the

credit caps in section three hundred fifty-nine of this chapter.

6. "Related person" means a related person pursuant to subparagraph

(c) of paragraph three of subsection (b) of section four hundred

sixty-five of the internal revenue code.

7. "Business entity" means a for profit business duly authorized to do

business in and in good standing in the state of New York.