§ 359-E. Application and approval process.
556 words·~3 min read·
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§ 359-e. Application and approval process. 1. A business enterprise
must submit a completed application as prescribed by the commissioner.
2. As part of such application, each business enterprise must:
(a)Agree to allow the department of taxation and finance to share the
business enterprise's 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;
(b)Agree to allow the department of labor to share its 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;
(c)Allow the department and its agents access to any and all books
and records the department may require to monitor compliance;
(d)Provide to the department, upon request, a plan outlining the
schedule for meeting the investment requirements as set forth in
subdivision six of section three hundred fifty-nine-c of this article.
Such plan must include the amount and description of projected qualified
investments for which it plans to claim the semiconductor research and
development tax credit;
(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 research and
development project 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.
(f)Certify, under penalty of perjury, that it is in substantial
compliance with all environmental, worker protection, and local, state,
and federal tax laws.
3. After reviewing a business enterprise's completed application and
determining that the business enterprise will meet the condition set
forth in subdivision six of section three hundred fifty-nine-c of this
article, the department may admit the applicant into the program and
provide the applicant with a certificate of eligibility and a
preliminary schedule of benefits by year based on the applicant's
projections as set forth in its application. This preliminary schedule
of benefits delineates the maximum possible benefits an applicant may
receive.
4. In order to become a participant in the program, an applicant must
submit evidence that it satisfies the eligibility criteria specified in
section three hundred fifty-nine-d of this article and subdivision two
of this section in such form as the commissioner may prescribe. After
reviewing such evidence and finding it sufficient, the department shall
certify the applicant as a participant and issue to that participant a
certificate of tax credit for one taxable year. To receive a certificate
of tax credit for subsequent taxable years, the participant must submit
to the department a performance report demonstrating that the
participant continues to satisfy the eligibility criteria specified in
this article.
5. A participant may claim tax benefits commencing in the first
taxable year that the business enterprise receives a certificate of tax
credit. A participant may claim such benefits for the next nine
consecutive taxable years, provided that the participant demonstrates to
the department that it continues to satisfy the eligibility criteria
specified in section three hundred fifty-nine-d of this article and
subdivision two of this section in each of those taxable years.