N.Y. Economic Development Law Section 494
Application and approval process

1.

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.

Source: Section 494 — Application and approval process, https://www.­nysenate.­gov/legislation/laws/COM/494 (updated May 3, 2024; accessed Jan. 18, 2025).

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Accessed:
Jan. 18, 2025

Last modified:
May 3, 2024

§ 494’s source at nysenate​.gov

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