§ 16-v. New York state business incubator and innovation hot spot\nsupport act. 1. (a) The corporation is authorized, within available\nappropriations, to issue requests for proposals once per fiscal year to\nprovide grants pursuant to subdivisions five and six of this section for\nthe purposes established under this act. The corporation may designate\nentities, which upon application meet the requirements of subdivision\ntwo of this section as New York state incubators, and may provide grants\nand assistance as provided under subdivisions five and six of this\nsection to such designated entities. "New York state incubator" shall\nmean a business incubation program which also provides physical space or\nwhich is a virtual incubation program that has been designated upon\napplication by the corporation as a New York state incubator pursuant to\nsubdivisions two and three of this section and which thereby becomes\neligible for benefits, support, services, and programs available\npursuant to such designation. Provided however, that virtual incubators\nwhich provide assistance to eligible businesses not in residence in one\nphysical location, shall submit a plan of operation which sets forth the\nmaximum number of eligible businesses to be served and their geographic\ndistribution.\n (b) From among the qualified "New York state incubators", the\ncorporation is further authorized, within available appropriations, to\ndesignate applicants as "New York state innovation hot spots." An\nincubator receiving a "New York state innovation hot spot" designation\nshall be eligible for the benefits under section thirty-eight of the tax\nlaw, subparagraph eighteen of paragraph (a) of subdivision nine of\nsection two hundred eight of the tax law, subdivision eleven of section\ntwo hundred nine of the tax law, paragraph thirty-nine of subsection (c)\nof section six hundred twelve of the tax law, paragraph one of\nsubdivision (d) of section one thousand one hundred nineteen of the tax\nlaw, and paragraph thirty-five of subdivision (c) of section 11-1712 of\nthe administrative code of the city of New York.\n 2. Requirements for designation. (a) An entity wishing to be\ndesignated as a New York state innovation hot spot or as a New York\nstate incubator pursuant to this section shall be located in New York\nstate and shall have been in existence or otherwise in operation for a\nperiod of at least three fiscal years prior to the current fiscal year,\nor demonstrate continuity of staffing, program, and purpose showing\ncontinuation through another auspice or governing entity, and shall have\ndemonstrated a connection to regional sources of innovation and\nexpertise, and that it meets the goals of creating jobs and incubating\nbusinesses with survival rates in excess of average startups, and that\nthe program has a strategic plan to continue to meet such goals for the\nthree years succeeding designation and that commits the program to\nimplementing best practices. Such demonstration shall include a\ncommitment by the sponsor to continue to maintain the program for at\nleast three years after such designation, and to provide any reporting\ninformation that the corporation shall require.\n (b) In determining whether an entity shall be designated as a New York\nstate innovation hot spot or New York state incubator, the corporation\nshall require that the entity meet the requirements of subparagraphs (i)\nand (ii) of this paragraph and may consider whether the entity has\ndeveloped the programs, services, and attributes in subparagraphs (iii)\nthrough (xvi) of this paragraph:\n (i) institutional stability and long term viability, indicated by: the\nsponsor's commitment to financially and programmatically maintaining the\nincubator for at least two years in addition to the current fiscal year;\nreceipt of non-state public and private grant and/or other revenue\nsources including property rentals and program fees that are or have\nproven to be predictab
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