For the purposes of this article:

1. 1. "Certificate of eligibility" means the document issued by the department to an applicant that has completed an application to be admitted into the semiconductor research and development project program and has been accepted into the program by the department. Possession of a certificate of eligibility does not by itself guarantee the eligibility to claim the tax credit.
2. 2. "Certificate of tax credit" means the document issued to a participant by the department, after the department has verified that the participant has met all applicable eligibility criteria in this article. The certificate shall be issued annually if such criteria are satisfied and shall specify the exact amount of the tax credit under this article that a participant may claim and shall specify the taxable year in which such credit may be claimed.

3. 3. "Participant" means a business entity that:

   1. (a) has completed an application prescribed by the department to be admitted into the program;
   2. (b) has been issued a certificate of eligibility by the department;
   3. (c) has demonstrated that it meets the eligibility criteria in section three hundred fifty-nine-d and subdivision two of section three hundred fifty-nine-e of this article; and
   4. (d) has been certified as a participant by the commissioner.
4. 4. "Preliminary schedule of benefits" means the aggregate amount of the tax credit that a participant in the semiconductor research and development project program may be eligible to receive pursuant to this article. The schedule shall indicate the annual amount of the credit a participant may claim in each of its ten years of eligibility. The preliminary schedule of benefits shall be issued by the department when the department approves the application for admission into the program.

5. 5. "Qualified investment" means an investment in tangible property (including a building or a structural component of a building) owned by a business enterprise which:

   1. (a) is depreciable pursuant to section one hundred sixty-seven of the internal revenue code;
   2. (b) has a useful life of four years or more;
   3. (c) is acquired by purchase as defined in section one hundred seventy-nine (d) of the internal revenue code;
   4. (d) has a situs in this state; and
   5. (e) is placed in service in the state on or after the date the certificate of eligibility is issued to the business enterprise.
6. 6. "Semiconductor research and development project" means a project for a physical research and development facility, deemed by the commissioner as being primarily aimed at supporting research and development within the semiconductor manufacturing and related equipment and material supplier sector. Such project shall incur at least one hundred million dollars in qualified investment in New York state. Such project must lead to the establishment and operation of a research and development facility separate and apart from new or existing semiconductor or semiconductor supply chain manufacturing facilities.