N.Y. Economic Development Law § 424: Application and approval process

§ 424. Application and approval process. 1. A business entity must

submit a completed application as prescribed by the commissioner. Such

completed application must be submitted to the commissioner within one

hundred eighty days of the declaration of an emergency by the governor

in the county in which the business enterprise is located; provided,

however, that the eligibility period for the credit shall begin upon the

date of declaration of an emergency by the governor covering the county

in which the business entity is located.

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) allow the department and its agents access to any and all books

and records the department may require to monitor compliance.

(d) agree to be permanently disqualified for empire zone tax benefits

at any location or locations that qualify for empire state jobs

retention program benefits if admitted into the empire state jobs

retention program.

(e) provide the following information to the department upon request:

(i) a plan outlining the schedule for meeting the jobs retention

requirements as set forth in subdivision one of section four hundred

twenty-three of this article. Such plan must include details on jobs

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; and

(iii) the employer identification 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.

(f) 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.

(g) 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 conditions set

forth in subdivision one of section four hundred twenty-three 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 four hundred twenty-three 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.

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

taxable year that the business enterprise receives a certificate of tax

credit or the first taxable year listed on its preliminary schedule of

benefits, whichever is later.