Section 494 - Application and approval process1. A business entity must submit a complete application as prescribed by the commissioner.2. The commissioner shall establish procedures and a timeframe for business entities to submit applications. As part of the application, each business entity must: (a) provide evidence in a form and manner prescribed by the commissioner of their business eligibility;(b) agree to allow the department of taxation and finance to share the business entity's tax information with the department;(c) 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 program shall not be available for disclosure or inspection under the state freedom of information law;(d) allow the department and its agents access to any and all books and records the department may require to monitor compliance; and(e) agree to provide any additional information required by the department relevant to this article.3. After reviewing a business entity's completed final application and determining that the business entity meets the eligibility criteria as set forth in this article, the department may issue to that business entity a certificate of tax credit. A business entity may claim the tax credit.N.Y. Economic Development Law § 494
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.