N.Y. Comp. Codes R. & Regs. tit. 5 § 280.3

Current through Register Vol. 46, No. 53, December 31, 2024

Section 280.3 - Application and approval process

(a) An applicant must submit a complete application as prescribed by the commissioner. An application shall not be approved by the department unless the department determines, in its discretion, that the following criteria are met:

(1) the application is complete;

(2) the applicant provided evidence of their business eligibility in a form and manner prescribed by the commissioner;

(3) the applicant agreed to allow the Department of Taxation and Finance to share the applicant"s tax information with the department. However, any information shared as a result of this program shall not be available for disclosure or inspection under the State Freedom of Information Law;

(4) the applicant agreed 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 program shall not be available for disclosure or inspection under the State Freedom of Information Law;

(5) the applicant agreed to allow the department and its agents access to any and all books and records the department may require to monitor compliance;

(6) the applicant certified, under penalty of perjury, that it is in substantial compliance with all emergency orders or public health regulations currently required of such entity and local, and State tax laws; and

(7) the applicant agreed to provide any additional information required by the department relevant to this program.

(b) After reviewing an applicant's completed application and determining that the applicant meets the eligibility criteria as set forth in section 280.4 of this Part, the department may admit the applicant into the program and issue them a certificate of tax credit. An applicant that does not meet the eligibility criteria set forth in section 280.4 of this Part shall not be accepted into the program.

(c)Allocation of credits.

For applicants that are accepted into the program, credits will be allocated based upon the date an application is submitted provided it is also deemed complete by the department. Applicants will be notified if an application is incomplete and will be provided five business days to submit additional information or documentation. If an applicant provides the requested additional information or documentation within five business days such that the application is complete, the date the applicant originally submitted its application shall be used for allocating credits. If an applicant does not provide a complete application within five business days of being notified, the date that the remainder of the requested information or documentation is submitted, such that the application is complete, will be used for allocating credits. The department will notify the person identified in the application as the contact and such notification will be via email.

N.Y. Comp. Codes R. & Regs. Tit. 5 § 280.3

Adopted New York State Register December 22, 2021/Volume XLIII, Issue 51, eff. 12/22/2021