* § 400. Definitions. For the purposes of this article:\n 1. "Benefit-cost ratio" means the following calculation: the numerator\nis the sum of (i) the value of all remuneration projected to be paid for\nall net new jobs during the period of participation in the program, and\n(ii) the cost of qualified investments to be made by the business entity\nduring the period of participation in the program, and the denominator\nis the amount of total tax benefits under this article that is projected\nto be used and refunded.\n 2. "Certificate of eligibility" means the document issued by the\ndepartment to an applicant that demonstrates that the applicant has been\nadmitted as a participant into the economic transformation and facility\nredevelopment program by the department. Possession of a certificate of\neligibility does not by itself guarantee the eligibility of the\nparticipant to claim the tax credits allowed pursuant to section\nthirty-five of the tax law.\n 3. "Net new jobs" means jobs created in the economic transformation\narea that:\n (a) are new to the area;\n (b) have not been transferred from employment in this state with the\nparticipant or with a related person in this state, and are not\nreplacing jobs with similar titles or job responsibilities;\n (c) are either full-time wage-paying jobs or equivalent to a full-time\nwage-paying job requiring at least thirty-five hours per week;\n (d) are filled for more than six months in a taxable year;\n (e) are not general executive officers of the participant; and\n (f) may not be filled with individuals having the familial\nrelationship defined in section 267(c)(4) of the internal revenue code\nwith any owner of the participant.\n 4. "Participant" means a business entity that:\n (a) is a new business as defined in subdivision nine of this section.\n (b) has completed an application prescribed by the department to be\nadmitted into the program;\n (c) has demonstrated how it plans to meet the eligibility criteria in\nsection four hundred one of this article; and\n (d) has been issued a certificate of eligibility by the department.\n (e) provided, however that the requirement in paragraph (a) of this\nsubdivision that the participant be a new business shall not apply to a\nclosed facility as defined in paragraph (d) of subdivision eleven of\nthis section.\n 5. "Preliminary schedule of benefits" means the estimated aggregate\namount of the tax credits that a participant in the economic\ntransformation and facility redevelopment program is eligible to receive\npursuant to section thirty-five of the tax law. The schedule shall\nindicate the annual amount of each credit a participant expects to claim\nin each of its five years of eligibility.\n 6. "Qualified investment" means an investment in tangible property\n(including a building or a structural component of a building) owned by\na business entity which:\n (a) is depreciable pursuant to section one hundred sixty-seven of the\ninternal revenue code;\n (b) has a useful life of four years or more;\n (c) is acquired by purchase as defined in section one hundred\nseventy-nine (d) of the internal revenue code;\n (d) has a situs in an economic transformation area in this state in\nwhich it is certified; and\n (e) is placed in service in an economic transformation area in the\nstate on or after the date the certificate of eligibility is issued to\nthe business entity.\n 7. "Related person" means a "related person" pursuant to subparagraph\n(c) of paragraph three of subsection (b) of section four hundred\nsixty-five of the internal revenue code.\n 8. "Remuneration" means wages paid to and benefits received by an\nemployee by a participant in the economic transformation and facility\nredevelopment program.\n 9. "New business" means a business entity that satisfies all of the\nfollowing tests:\n (a) the business entity must not be currently operating or located\nwithin the economic transformation area in which it is
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