1. (a) In the case of a certificate of eligibility for tax credits, no such certificate shall be issued until after the close of the applicant's taxable year.
2. (b) In the case of a certificate of eligibility for real property tax exemptions, such certificate may be issued at any time before the applicable taxable status date. The board shall issue a certificate of eligibility for real property tax exemptions only when a local law or resolution has been adopted in the eligible area of the eligible business facility pursuant to section 485 of the Real Property Tax Law.

The board shall issue, revoke or modify a certificate of eligibility after satisfactory verification of the affidavit of compliance and any other information that the board may deem pertinent.