§ 484 — Application and approval process

New York § 484

• Jurisdiction: New York
• Law COM: Economic Development Law
• Art. 26: Covid-19 Capital Costs Tax Credit Program

Text

§ 484. Application and approval process. 1. A business entity must\nsubmit a complete application as prescribed by the commissioner.\n 2. The commissioner shall establish procedures and a timeframe for\nbusiness entities to submit applications. As part of the application,\neach business entity must:\n (a) provide evidence in a form and manner prescribed by the\ncommissioner of their business eligibility;\n (b) agree to allow the department of taxation and finance to share the\nbusiness entity's tax information with the department. However, any\ninformation shared as a result of this program shall not be available\nfor disclosure 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) certify, under penalty of perjury, that it is in substantial\ncompliance with all emergency orders or public health regulations\ncurrently required of such entity, and local, and state tax laws;\n (e) certify, under penalty of perjury, that it did not include any\ncost paid for with other COVID-19 grant funds as determined by the\ncommissioner in its application for a tax credit under the COVID-19\ncapital costs tax credit program; and\n (f) agree to provide any additional information required by the\ndepartment relevant to this article.\n 3. After reviewing a business entity's completed final application and\ndetermining that the business entity meets the eligibility criteria as\nset forth in this article, the department may issue to that business\nentity a certificate of tax credit.\n 4. The business entity must submit its application by September\nthirtieth, two thousand twenty-three.\n