N.Y. Economic Development Law § 503: Application and approval process

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

submit a completed application in such form and with such information as

prescribed by the commissioner.

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

(a) provide such documentation as the commissioner may require in

order for the commissioner to determine that the business entity intends

to conduct eligible training or procure eligible training for its

employees from an approved provider;

(b) 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;

(c) 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;

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

and records the department may require to monitor compliance; and

(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 manufacturing

workforce training incentive 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.

3. The commissioner may approve an application from a business entity

upon determining that such business entity meets the eligibility

criteria established in section five hundred two of this article.

Following approval by the commissioner of an application by a business

entity to participate in the semiconductor manufacturing workforce

training incentive program, the commissioner shall issue a certificate

of tax credit to the business entity upon its demonstrating successful

completion of such eligible training to the satisfaction of the

commissioner. For eligible training as defined by subdivision two of

section five hundred one of this article the amount of the credit shall

be equal to seventy-five percent of wages, salaries or other

compensation, training costs, and wrap around services, up to a credit

of twenty-five thousand dollars per employee receiving eligible

training, up to one million dollars per eligible non-semiconductor

manufacturing business and up to five million dollars per eligible

semiconductor manufacturing business. The tax credits shall be claimed

by the qualified employer as specified in subdivision sixty-two of

section two hundred ten-B and subsection (rrr) of section six hundred

six of the tax law.