N.Y.
Economic Development Law Section 503
Application and approval process
1.
A business entity must submit a completed application in such form and with such information as prescribed by the commissioner.2.
As part of such application, each business entity must:(a)
provide such documentation as the commissioner may require in order for the commissioner to determine that the business entity intends to conduct eligible training or procure eligible training for its employees from an approved provider;(b)
agree to allow the department of taxation and finance to share its 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;(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 agreement 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 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 manufacturing workforce training incentive 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.3.
The commissioner may approve an application from a business entity upon determining that such business entity meets the eligibility criteria established in § 502 (Eligibility criteria)section five hundred two of this article. Following approval by the commissioner of an application by a business entity to participate in the semiconductor manufacturing workforce training incentive program, the commissioner shall issue a certificate of tax credit to the business entity upon its demonstrating successful completion of such eligible training to the satisfaction of the commissioner. For eligible training as defined by subdivision two of § 501 (Definitions)section five hundred one of this article the amount of the credit shall be equal to seventy-five percent of wages, salaries or other compensation, training costs, and wrap around services, up to a credit of twenty-five thousand dollars per employee receiving eligible training, up to one million dollars per eligible non-semiconductor manufacturing business and up to five million dollars per eligible semiconductor manufacturing business. The tax credits shall be claimed by the qualified employer as specified in subdivision sixty-two of section two hundred ten-B and subsection (rrr) of Tax Law § 606 (Credits against tax)section six hundred six of the tax law.
Source:
Section 503 — Application and approval process, https://www.nysenate.gov/legislation/laws/COM/503 (updated May 16, 2025; accessed Jun. 21, 2025).
