N.Y. COM Law § 359-C

§ 359-c. Definitions. For the purposes of this article:\n 1. "Certificate of eligibility" means the document issued by the\ndepartment to an applicant that has completed an application to be\nadmitted into the semiconductor research and development project program\nand has been accepted into the program by the department. Possession of\na certificate of eligibility does not by itself guarantee the\neligibility to claim the tax credit.\n 2. "Certificate of tax credit" means the document issued to a\nparticipant by the department, after the department has verified that\nthe participant has met all applicable eligibility criteria in this\narticle. The certificate shall be issued annually if such criteria are\nsatisfied and shall specify the exact amount of the tax credit under\nthis article that a participant may claim and shall specify the taxable\nyear in which such credit may be claimed.\n 3. "Participant" means a business entity that:\n (a) has completed an application prescribed by the department to be\nadmitted into the program;\n (b) has been issued a certificate of eligibility by the department;\n (c) has demonstrated that it meets the eligibility criteria in section\nthree hundred fifty-nine-d and subdivision two of section three hundred\nfifty-nine-e of this article; and\n (d) has been certified as a participant by the commissioner.\n 4. "Preliminary schedule of benefits" means the aggregate amount of\nthe tax credit that a participant in the semiconductor research and\ndevelopment project program may be eligible to receive pursuant to this\narticle. The schedule shall indicate the annual amount of the credit a\nparticipant may claim in each of its ten years of eligibility. The\npreliminary schedule of benefits shall be issued by the department when\nthe department approves the application for admission into the program.\n 5. "Qualified investment" means an investment in tangible property\n(including a building or a structural component of a building) owned by\na business enterprise 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 this state; and\n (e) is placed in service in the state on or after the date the\ncertificate of eligibility is issued to the business enterprise.\n 6. "Semiconductor research and development project" means a project\nfor a physical research and development facility, deemed by the\ncommissioner as being primarily aimed at supporting research and\ndevelopment within the semiconductor manufacturing and related equipment\nand material supplier sector. Such project shall incur at least one\nhundred million dollars in qualified investment in New York state. Such\nproject must lead to the establishment and operation of a research and\ndevelopment facility separate and apart from new or existing\nsemiconductor or semiconductor supply chain manufacturing facilities.\n