* § 35. Economic transformation and facility redevelopment program tax\ncredit. (a) General. (1) A taxpayer which is a participant or the owner\nof a participant in the economic transformation and facility\nredevelopment program under article eighteen of the economic development\nlaw that is subject to tax under article nine-A, twenty-two or\nthirty-three of this chapter shall be allowed the sum of following\ncomponents against such tax, pursuant to the provisions referenced in\nsubdivision (f) of this section.\n (A) the economic transformation and facility redevelopment program\njobs tax credit component;\n (B) the economic transformation and facility redevelopment program\ninvestment tax credit component;\n (C) the economic transformation and facility redevelopment program job\ntraining credit component; and\n (D) the economic transformation and facility redevelopment program\nreal property tax credit component.\n (2) A taxpayer which is a participant in the economic transformation\nand facility redevelopment program under article eighteen of the\neconomic development law, or such participant's contractor, shall be\nallowed a sales tax refund as provided in subdivision (f) of section one\nthousand one hundred nineteen of this chapter.\n (3) To be eligible for the economic transformation and facility\nredevelopment program tax credit, the taxpayer must meet all the\nfollowing requirements.\n (A) The taxpayer must be a participant or the owner of a participant\nin the economic transformation and facility development program. The\ncommissioner of economic development must have issued a certificate of\neligibility pursuant to section four hundred two of the economic\ndevelopment law to the taxpayer or to an entity in which the taxpayer is\nan owner. A copy of the certificate shall be attached to the taxpayer's\nreport or return.\n (B) The taxpayer or the entity in which the taxpayer is an owner must\nbe a qualified new business as defined in subdivision (e) of this\nsection.\n (C) The taxpayer or the entity in which the taxpayer is an owner must\ncreate and maintain at least five net new jobs in the economic\ntransformation area.\n (4) The benefit period for the tax credits under articles nine,\nnine-A, twenty-two, thirty-two and thirty-three of this chapter is five\nconsecutive taxable years, beginning with the first taxable year in\nwhich the five net new jobs are created. However, in no event may that\nbenefit period start later than two years after the certificate of\neligibility is issued. If, in any year of the benefit period, the\ntaxpayer fails to maintain the required level of five net new jobs\n(measured quarterly), the taxpayer will not be allowed a credit for that\nyear. Such failure to be allowed a credit will not extend the taxpayer's\nbenefit period.\n (b) Election of credit. No cost or expense paid or incurred by the\ntaxpayer or the entity in which the taxpayer is an owner that is the\nbasis for any of the above named credits shall be the basis for any\nother tax credit under this chapter. If a taxpayer elects to claim an\neconomic transformation and facility redevelopment program tax credit,\nthe election is irrevocable.\n (c) Information sharing. (1) Notwithstanding any provision of this\nchapter, employees and officers of the department of economic\ndevelopment and the department shall be allowed and are directed to\nshare and exchange:\n (A) information derived from tax returns or reports that is relevant\nto a taxpayer's eligibility to participate in the economic\ntransformation and facility redevelopment program;\n (B) information regarding the credits applied for, allowed, or claimed\npursuant to this section and taxpayers who are applying for the credits\nor who are claiming the credits; and\n (C) information contained in or derived from credit claim forms\nsubmitted to the department and applications for admission into the\neconomic transformation and facility redevelopment program.\n (2
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