§ 401. Eligibility criteria.
435 words·~2 min read·
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* § 401. Eligibility criteria. 1. In order to be eligible for benefits
in the economic transformation and facility redevelopment program, a
participant must satisfy the following criteria:
(a)must create and maintain at least five net new jobs in an economic
transformation area, and must demonstrate that its benefit-cost ratio is
at least ten to one; and
(b)must be in compliance with all worker protection and environmental
laws and regulations; and
(c)must not owe past due federal or state taxes or local property
taxes, unless those taxes are being paid pursuant to an executed payment
plan; and
(d)the location of the participant's operations for which it seeks
tax benefits must be wholly located within the economic transformation
area.
2. A business entity that is primarily operated as a retail business
is not eligible to participate in the economic transformation and
facility redevelopment program if their application is for any facility
or business location that will be primarily used in making retail sales
to customers who personally visit such facilities. A business entity
that is engaged in offering professional services licensed by the state
or by the courts of this state is not eligible to participate in the
economic transformation and facility redevelopment program. In addition,
a business entity that is or will be principally operated as a real
estate holding company or landlord for retail businesses or entities
offering professional services licensed by the state or by the courts of
this state shall not be eligible to participate in the economic
transformation and facility redevelopment program. Provided however that
the commissioner may determine that such a business entity described in
the preceding three sentences may be eligible to participate at the site
of a closed facility if it is pursuant to an adaptive reuse plan for a
substantial portion of such facility.
3. Additional eligibility criteria may be developed pursuant to
regulations promulgated by the commissioner. The additional eligibility
criteria may include, but not be limited to, alignment with any adaptive
reuse plan for a closed facility developed by the department.
4. A business entity must continue to satisfy the employment
requirements in subdivision one of this section in each year in which it
claims the economic transformation and facility redevelopment tax
credits. Prior to claiming the economic transformation and facility
redevelopment tax credits in the final year of its five year benefit
period, a business entity must demonstrate to the commissioner that it
has created the jobs and made the qualified investments necessary to
meet a benefit-cost ratio of at least ten to one.
* NB Repealed December 31, 2026