N.Y. COM Law § 402 — New York Code / Act COM / Article 18 / Section 402
Application and approval process
Status: in_force

* § 402. Application and approval process. 1. A business entity must\nsubmit a completed application as prescribed by the commissioner by the\nlater of (a) the date that is three years after the date of the closure\nof the closed facility located in the economic transformation area in\nwhich the business entity would operate or (b) January first, two\nthousand fifteen. Provided however, in the case of a closed facility\ndescribed in paragraph (d) of subdivision eleven of section four hundred\nof this article, a business entity must submit a completed application\nas prescribed by the commissioner by September first, two thousand\nsixteen.\n  2. As part of such application, each business entity must:\n  (a) Agree to allow the department of taxation and finance to share its\ntax information with the department. However, any information shared as\na result of this agreement shall not be available for disclosure or\ninspection under the state freedom of information law.\n  (b) Agree to allow the department of labor to share its tax and\nemployer information with the department. However, any information\nshared as a result of this agreement shall not be available for\ndisclosure or inspection under the state freedom of information law.\n  (c) Agree to not participate in the excelsior jobs program, the New\nYork state empire zones program, or claim any tax credits under the\nbrownfield cleanup program if admitted into the economic transformation\nand facility redevelopment program with regard to the facility (or\nfacilities) located in the economic transformation area.\n  (d) Provide the following information to the department upon request:\n  (i) a plan outlining the schedule for meeting the job and investment\nrequirements set forth in section four hundred one of this article,\nincluding details on job titles and expected salaries;\n  (ii) the prior three years of federal and state income or franchise\ntax returns, unemployment insurance quarterly returns, real property tax\nbills and audited financial statements;\n  (iii) the amount and description of projected qualified investments\nfor which it plans to claim the economic transformation and facility\nredevelopment investment tax credit;\n  (iv) the employer identification numbers or social security numbers\nfor all related persons to the applicant, including those of any members\nof a limited liability company or partners in a partnership.\n  (e) Provide a clear and detailed presentation of all related persons\nto the applicant to assure the department that jobs are not being\nshifted within the state.\n  (f) Certify, under penalty of perjury, that it is in substantial\ncompliance with all environmental, worker protection, and local, state,\nand federal tax laws.\n  (g) Agree, to the extent practicable, to consider for employment\npersons displaced by a facility closure.\n  3. After reviewing a business entity's completed application and\ndetermining that the business entity satisfies the requirements in\nsubdivision four of section four hundred of this article and will meet\neligibility requirements set forth in section four hundred one of this\narticle, the department may, at the discretion of the commissioner,\nadmit the applicant into the program and provide the applicant with a\ncertificate of eligibility. If a participant does not start construction\non or acquire a qualified investment or create at least one net new job\nwithin one year of the issuance of its certificate of eligibility, the\nparticipant will not be eligible for any of the economic transformation\nand facility redevelopment program tax credits.\n  4. A participant may claim tax credits pursuant to section thirty-five\nof the tax law commencing in the first taxable year in which the\nparticipant creates five net new jobs. A participant may claim such\nbenefits for the next four consecutive taxable years, provided that the\nparticipant demonstrates to the commissioner of taxation and finance\nthat it continues to maintain five net new jobs. However, in no event\nmay that benefit period start later than two years after the certificate\nof eligibility is issued. The participant may also be eligible for the\neconomic transformation and facility redevelopment sales tax refund.\n  * NB Repealed December 31, 2026\n