New York Codes, Rules and Regulations
Title 5 - DEPARTMENT OF ECONOMIC DEVELOPMENT
Chapter II - ECONOMIC DEVELOPMENT ZONES
Part 16 - Zone Capital Credits
Section 16.4 - Criteria of eligibility
Universal Citation: 5 NY Comp Codes Rules and Regs ยง 16.4
Current through Register Vol. 46, No. 12, March 20, 2024
(a) In order for a qualified direct equity investment to be certified by the commissioner to be eligible for economic development zone capital tax credits, it must be demonstrated that:
(1) the
investment in a certified zone business will contribute, significantly, to an
activity having tangible economic benefits, such as start-up, expansion or
industrial modernization of the certified zone business;
(2) the certified zone business has the
potential to create jobs; and
(3)
the direct equity investment is necessary to increase the amount of capital
available to the certified zone business, provided, however, that such
investment is not intended nor will be used to refinance existing debt or
replace existing equity in such zone business.
(b) In order for a qualified contribution to a community development project to be certified for the purpose of becoming eligible for empire zone capital tax credits, it must be demonstrated that it will advance the zone development plan designed to promote the development of new business and the expansion of existing business within the zone where the contribution is proposed.
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