§ 359-E — Application and approval process

§ 359-e. Application and approval process. 1. A business enterprise\nmust submit a completed application as prescribed by the commissioner.\n 2. As part of such application, each business enterprise must:\n (a) Agree to allow the department of taxation and finance to share the\nbusiness enterprise's tax information with the department. However, any\ninformation shared as a result of this agreement shall not be available\nfor disclosure or inspection under the state freedom of information law;\n (b) Agree to allow the department of labor to share its employer\ninformation with the department. However, any information shared as a\nresult of this agreement shall not be available for disclosure or\ninspection under the state freedom of information law;\n (c) Allow the department and its agents access to any and all books\nand records the department may require to monitor compliance;\n (d) Provide to the department, upon request, a plan outlining the\nschedule for meeting the investment requirements as set forth in\nsubdivision six of section three hundred fifty-nine-c of this article.\nSuch plan must include the amount and description of projected qualified\ninvestments for which it plans to claim the semiconductor research and\ndevelopment tax credit;\n (e) Agree to allow the department and the department of taxation and\nfinance to share and exchange information contained in or derived from\nthe applications for admission into the semiconductor research and\ndevelopment project program and the credit claim forms submitted to the\ndepartment of taxation and finance. However, any information shared as a\nresult of this agreement shall not be available for disclosure or\ninspection under the state freedom of information law.\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 3. After reviewing a business enterprise's completed application and\ndetermining that the business enterprise will meet the condition set\nforth in subdivision six of section three hundred fifty-nine-c of this\narticle, the department may admit the applicant into the program and\nprovide the applicant with a certificate of eligibility and a\npreliminary schedule of benefits by year based on the applicant's\nprojections as set forth in its application. This preliminary schedule\nof benefits delineates the maximum possible benefits an applicant may\nreceive.\n 4. In order to become a participant in the program, an applicant must\nsubmit evidence that it satisfies the eligibility criteria specified in\nsection three hundred fifty-nine-d of this article and subdivision two\nof this section in such form as the commissioner may prescribe. After\nreviewing such evidence and finding it sufficient, the department shall\ncertify the applicant as a participant and issue to that participant a\ncertificate of tax credit for one taxable year. To receive a certificate\nof tax credit for subsequent taxable years, the participant must submit\nto the department a performance report demonstrating that the\nparticipant continues to satisfy the eligibility criteria specified in\nthis article.\n 5. A participant may claim tax benefits commencing in the first\ntaxable year that the business enterprise receives a certificate of tax\ncredit. A participant may claim such benefits for the next nine\nconsecutive taxable years, provided that the participant demonstrates to\nthe department that it continues to satisfy the eligibility criteria\nspecified in section three hundred fifty-nine-d of this article and\nsubdivision two of this section in each of those taxable years.\n