§ 503. Application and approval process. 1. A business entity must
submit a completed application in such form and with such information as
prescribed by the commissioner.

2. As part of such application, each business entity must:

(a) provide such documentation as the commissioner may require in
order for the commissioner to determine that the business entity intends
to conduct eligible training or procure eligible training for its
employees from an approved provider;

(b) agree to allow the department of taxation and finance to share its
tax information with the department. However, any information shared as
a result of this agreement shall not be available for disclosure or
inspection under the state freedom of information law;

(c) agree to allow the department of labor to share its tax and
employer information with the department. However, any information
shared as a result of this agreement shall not be available for
disclosure or inspection under the state freedom of information law;

(d) allow the department and its agents access to any and all books
and records the department may require to monitor compliance; and

(e) agree to allow the department and the department of taxation and
finance to share and exchange information contained in or derived from
the applications for admission into the semiconductor manufacturing
workforce training incentive program and the credit claim forms
submitted to the department of taxation and finance. However, any
information shared as a result of this agreement shall not be available
for disclosure or inspection under the state freedom of information law.

3. The commissioner may approve an application from a business entity
upon determining that such business entity meets the eligibility
criteria established in section five hundred two of this article.
Following approval by the commissioner of an application by a business
entity to participate in the semiconductor manufacturing workforce
training incentive program, the commissioner shall issue a certificate
of tax credit to the business entity upon its demonstrating successful
completion of such eligible training to the satisfaction of the
commissioner. For eligible training as defined by subdivision two of
section five hundred one of this article the amount of the credit shall
be equal to seventy-five percent of wages, salaries or other
compensation, training costs, and wrap around services, up to a credit
of twenty-five thousand dollars per employee receiving eligible
training, up to one million dollars per eligible non-semiconductor
manufacturing business and up to five million dollars per eligible
semiconductor manufacturing business. The tax credits shall be claimed
by the qualified employer as specified in subdivision sixty-two of
section two hundred ten-B and subsection (rrr) of section six hundred
six of the tax law.