N.Y. Economic Development Law § 494 – Application and approval process | Midpage
494
N.Y. Economic Development Law § 494
Application and approval process
Effective May 16, 2025
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 a certificate of tax credit.