§ 422 — Definitions

§ 422. Definitions. For the purposes of this article:\n 1. "Certificate of eligibility" means the document issued by the\ndepartment to an applicant that has completed an application to be\nadmitted into the empire state jobs retention program and has been\naccepted into the program by the department. Possession of a certificate\nof eligibility does not by itself guarantee the eligibility to claim the\ntax credit.\n 2. "Certificate of tax credit" means the document issued to a\nparticipant by the department, after the department has verified that\nthe participant has met all applicable eligibility criteria in this\narticle. The certificate shall be issued annually if such criteria are\nsatisfied and shall specify the exact amount of each tax credit under\nthis article that a participant may claim, pursuant to section four\nhundred twenty-five of this article, and shall specify the taxable year\nin which such credit may be claimed.\n 3. "Impacted jobs" means jobs at a business enterprise existing the\nday before an event leading to an emergency declaration by the governor\nat a location or locations which demonstrate substantial physical damage\nand economic harm caused by the event for which the emergency\ndeclaration was made.\n 4. "Participant" means a business entity that:\n (a) has completed an application prescribed by the department to be\nadmitted into the program;\n (b) has been issued a certificate of eligibility by the department;\n (c) has demonstrated that it meets the eligibility criteria in section\nfour hundred twenty-three and subdivision two of section four hundred\ntwenty-four of this article; and\n (d) has been certified as a participant by the commissioner.\n 5. "Preliminary schedule of benefits" means the maximum aggregate\namount of the tax credit that a participant in the empire state jobs\nretention program is eligible to receive pursuant to this article. The\nschedule shall indicate the annual amount of the credit a participant\nmay claim in its six months of eligibility. The preliminary schedule of\nbenefits shall be issued by the department when the department approves\nthe application for admission into the program. The commissioner may\namend that schedule, provided that the commissioner complies with the\ncredit caps in section three hundred fifty-nine of this chapter.\n 6. "Related person" means a related person pursuant to subparagraph\n(c) of paragraph three of subsection (b) of section four hundred\nsixty-five of the internal revenue code.\n 7. "Business entity" means a for profit business duly authorized to do\nbusiness in and in good standing in the state of New York.\n