Section 60C: Certification as eligible business facility; application; taxable year; term limit; real estate affected and jobs created; revocation
[ Text of section added by 2023, 7, Sec. 91 effective May 30, 2023. See 2023, 7, Sec. 298.]
Section 60C. (a) Any corporation, with respect to any business facility which it owns or operates may file with the office of business development an application for a certificate that such facility is an eligible business facility. Such application shall be in such form and shall contain such information, exhibits and supporting data as the office may prescribe. If the office finds that a business facility described in an application for a certificate of eligibility meets the requirements established in regulation, it shall issue such certificate; provided, however, that no such certificate shall be issued for a facility which is located in a commercial center revitalization district unless the director of the office of business development shall have certified the facility to be consistent with the plan establishing that district.
(b) Such certificate shall specify, for the purposes of the corporation excise law, the taxable year to which it relates. The facility described in a certificate of eligibility shall not be deemed an eligible business facility for the purposes of said law in any subsequent taxable year unless the certificate is renewed to relate to such subsequent year. A renewal may be granted for more than 1 year and successive renewals may be granted.
(c) The maximum number of years for which eligibility may be certified under any certificate, including all renewals, shall be 10.
(d) A certificate of eligibility and any renewal thereof shall specify and identify the real estate of the eligible business facility to which it relates and, by appropriate designation, the jobs created or retained in an eligible area by the business facility described in such certificate, during the taxable year to which such certificate or renewal relates.
(e) The office of business development shall transmit a copy of every certificate of eligibility and every renewal thereof to the commissioner of revenue.
(f) The office of business development may, after a hearing, revoke a certificate of eligibility if the office finds that the facility therein described fails in any respect to meet the eligibility criteria. Such revocation may be ordered if the application for the certificate and other information supplied by the applicant failed to fully and fairly disclose the facts relevant to such requirements, or if there has been a material change in circumstances since the date when the certificate of eligibility was issued. In revoking any certificate of eligibility the office shall determine whether the facility was an eligible business facility for any period of time, and if so it shall specify such period of time in its determination, or it may determine that such facility was not an eligible business facility at any time. When a certificate of eligibility is revoked or modified the office shall forthwith notify the commissioner of revenue.