2021 New York Laws
COM - Economic Development Law
Article 18 - Economic Transformation and Facility Redevelopment Program
402 - Application and Approval Process.

* §  402.  Application and approval process. 1. A business entity must
submit a completed application as prescribed by the commissioner by  the
later  of (a) the date that is three years after the date of the closure
of the closed facility located in the economic  transformation  area  in
which  the  business  entity  would  operate  or  (b) January first, two
thousand fifteen. Provided however, in the case  of  a  closed  facility
described in paragraph (d) of subdivision eleven of section four hundred
of  this  article, a business entity must submit a completed application
as prescribed by the  commissioner  by  September  first,  two  thousand
sixteen.
  2. As part of such application, each business entity must:
  (a) Agree to allow the department of taxation and finance to share its
tax  information with the department. However, any information shared as
a result of this agreement shall not  be  available  for  disclosure  or
inspection under the state freedom of information law.
  (b)  Agree  to  allow  the  department  of  labor to share its tax and
employer information  with  the  department.  However,  any  information
shared  as  a  result  of  this  agreement  shall  not  be available for
disclosure or inspection under the state freedom of information law.
  (c) Agree to not participate in the excelsior jobs  program,  the  New
York  state  empire  zones  program,  or claim any tax credits under the
brownfield cleanup program if admitted into the economic  transformation
and  facility  redevelopment  program  with  regard  to the facility (or
facilities) located in the economic transformation area.
  (d) Provide the following information to the department upon request:
  (i) a plan outlining the schedule for meeting the job  and  investment
requirements  set  forth  in  section  four hundred one of this article,
including details on job titles and expected salaries;
  (ii) the prior three years of federal and state  income  or  franchise
tax returns, unemployment insurance quarterly returns, real property tax
bills and audited financial statements;
  (iii)  the  amount  and description of projected qualified investments
for which it plans to claim the  economic  transformation  and  facility
redevelopment investment tax credit;
  (iv)  the  employer  identification numbers or social security numbers
for all related persons to the applicant, including those of any members
of a limited liability company or partners in a partnership.
  (e) Provide a clear and detailed presentation of all  related  persons
to  the  applicant  to  assure  the  department  that jobs are not being
shifted within the state.
  (f) Certify, under penalty of  perjury,  that  it  is  in  substantial
compliance  with all environmental, worker protection, and local, state,
and federal tax laws.
  (g) Agree, to the  extent  practicable,  to  consider  for  employment
persons displaced by a facility closure.
  3.  After  reviewing  a  business  entity's  completed application and
determining that the  business  entity  satisfies  the  requirements  in
subdivision  four  of section four hundred of this article and will meet
eligibility requirements set forth in section four hundred one  of  this
article,  the  department  may,  at  the discretion of the commissioner,
admit the applicant into the program and provide the  applicant  with  a
certificate of eligibility. If a participant does not start construction
on  or acquire a qualified investment or create at least one net new job
within one year of the issuance of its certificate of  eligibility,  the
participant  will not be eligible for any of the economic transformation
and facility redevelopment program tax credits.
  4. A participant may claim tax credits pursuant to section thirty-five
of the tax law commencing  in  the  first  taxable  year  in  which  the

participant  creates  five  net  new  jobs. A participant may claim such
benefits for the next four consecutive taxable years, provided that  the
participant  demonstrates  to  the  commissioner of taxation and finance
that  it  continues  to maintain five net new jobs. However, in no event
may that benefit period start later than two years after the certificate
of eligibility is issued. The participant may also be eligible  for  the
economic transformation and facility redevelopment sales tax refund.
  * NB Repealed December 31, 2026