§ 401 — Eligibility criteria

* § 401. Eligibility criteria. 1. In order to be eligible for benefits\nin the economic transformation and facility redevelopment program, a\nparticipant must satisfy the following criteria:\n (a) must create and maintain at least five net new jobs in an economic\ntransformation area, and must demonstrate that its benefit-cost ratio is\nat least ten to one; and\n (b) must be in compliance with all worker protection and environmental\nlaws and regulations; and\n (c) must not owe past due federal or state taxes or local property\ntaxes, unless those taxes are being paid pursuant to an executed payment\nplan; and\n (d) the location of the participant's operations for which it seeks\ntax benefits must be wholly located within the economic transformation\narea.\n 2. A business entity that is primarily operated as a retail business\nis not eligible to participate in the economic transformation and\nfacility redevelopment program if their application is for any facility\nor business location that will be primarily used in making retail sales\nto customers who personally visit such facilities. A business entity\nthat is engaged in offering professional services licensed by the state\nor by the courts of this state is not eligible to participate in the\neconomic transformation and facility redevelopment program. In addition,\na business entity that is or will be principally operated as a real\nestate holding company or landlord for retail businesses or entities\noffering professional services licensed by the state or by the courts of\nthis state shall not be eligible to participate in the economic\ntransformation and facility redevelopment program. Provided however that\nthe commissioner may determine that such a business entity described in\nthe preceding three sentences may be eligible to participate at the site\nof a closed facility if it is pursuant to an adaptive reuse plan for a\nsubstantial portion of such facility.\n 3. Additional eligibility criteria may be developed pursuant to\nregulations promulgated by the commissioner. The additional eligibility\ncriteria may include, but not be limited to, alignment with any adaptive\nreuse plan for a closed facility developed by the department.\n 4. A business entity must continue to satisfy the employment\nrequirements in subdivision one of this section in each year in which it\nclaims the economic transformation and facility redevelopment tax\ncredits. Prior to claiming the economic transformation and facility\nredevelopment tax credits in the final year of its five year benefit\nperiod, a business entity must demonstrate to the commissioner that it\nhas created the jobs and made the qualified investments necessary to\nmeet a benefit-cost ratio of at least ten to one.\n * NB Repealed December 31, 2026\n