N.Y.
Economic Development Law Section 359-E
Application and approval process
1.
A business enterprise must submit a completed application as prescribed by the commissioner.2.
As part of such application, each business enterprise must:(a)
Agree to allow the department of taxation and finance to share the business enterprise’s 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 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)
Allow the department and its agents access to any and all books and records the department may require to monitor compliance;(d)
Provide to the department, upon request, a plan outlining the schedule for meeting the investment requirements as set forth in subdivision six of § 359-C (Definitions)section three hundred fifty-nine-c of this article. Such plan must include the amount and description of projected qualified investments for which it plans to claim the semiconductor research and development tax credit;(e)
Agree to allow the department and the department of taxation and finance to share and exchange information contained in or derived from the applications for admission into the semiconductor research and development project program and the credit claim forms submitted to the department of taxation and finance. 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.(f)
Certify, under penalty of perjury, that it is in substantial compliance with all environmental, worker protection, and local, state, and federal tax laws.3.
After reviewing a business enterprise’s completed application and determining that the business enterprise will meet the condition set forth in subdivision six of § 359-C (Definitions)section three hundred fifty-nine-c of this article, the department may admit the applicant into the program and provide the applicant with a certificate of eligibility and a preliminary schedule of benefits by year based on the applicant’s projections as set forth in its application. This preliminary schedule of benefits delineates the maximum possible benefits an applicant may receive.4.
In order to become a participant in the program, an applicant must submit evidence that it satisfies the eligibility criteria specified in § 359-D (Eligibility criteria)section three hundred fifty-nine-d of this article and subdivision two of this section in such form as the commissioner may prescribe. After reviewing such evidence and finding it sufficient, the department shall certify the applicant as a participant and issue to that participant a certificate of tax credit for one taxable year. To receive a certificate of tax credit for subsequent taxable years, the participant must submit to the department a performance report demonstrating that the participant continues to satisfy the eligibility criteria specified in this article.5.
A participant may claim tax benefits commencing in the first taxable year that the business enterprise receives a certificate of tax credit. A participant may claim such benefits for the next nine consecutive taxable years, provided that the participant demonstrates to the department that it continues to satisfy the eligibility criteria specified in § 359-D (Eligibility criteria)section three hundred fifty-nine-d of this article and subdivision two of this section in each of those taxable years.
Source:
Section 359-E — Application and approval process, https://www.nysenate.gov/legislation/laws/COM/359-E (updated May 16, 2025; accessed May 24, 2025).
