§ 424 — Application and approval process

§ 424. Application and approval process. 1. A business entity must\nsubmit a completed application as prescribed by the commissioner. Such\ncompleted application must be submitted to the commissioner within one\nhundred eighty days of the declaration of an emergency by the governor\nin the county in which the business enterprise is located; provided,\nhowever, that the eligibility period for the credit shall begin upon the\ndate of declaration of an emergency by the governor covering the county\nin which the business entity is located.\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) allow the department and its agents access to any and all books\nand records the department may require to monitor compliance.\n (d) agree to be permanently disqualified for empire zone tax benefits\nat any location or locations that qualify for empire state jobs\nretention program benefits if admitted into the empire state jobs\nretention program.\n (e) provide the following information to the department upon request:\n (i) a plan outlining the schedule for meeting the jobs retention\nrequirements as set forth in subdivision one of section four hundred\ntwenty-three of this article. Such plan must include details on jobs\ntitles 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; and\n (iii) the employer identification or social security numbers for all\nrelated persons to the applicant, including those of any members of a\nlimited liability company or partners in a partnership.\n (f) 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 (g) 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 conditions set\nforth in subdivision one of section four hundred twenty-three 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 four hundred twenty-three of this article and subdivision two of\nthis 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.\n 5. A participant may claim tax benefits commencing in the first\ntaxable year that the business enterprise receives a certificate of tax\ncredit or the first taxable year listed on its preliminary schedule of\nbenefits, whichever is later.\n