Section 493 - Eligibility criteria To be eligible for the tax credit established under this section, a business entity must:
1. be an eligible business operating within an eligible industry;2. be independently owned or, in the case of a print media business, demonstrate a reduction in circulation or in the number of full-time equivalent employees of at least twenty percent over the previous five years; and3. operate predominantly in an eligible industry, and be located within the state of New York. The department, in its regulations promulgated pursuant to this article, shall have the authority to list certain types of establishments as ineligible.N.Y. Economic Development Law § 493
Added by New York Laws 2024, ch. 56,Sec. AAA-2, eff. 4/20/2024, op. to tax years beginning on or after 1/1/2025 and ending before 1/1/2028.