Sec. 200.1. Purpose and general description

(a) Chapter 61 of the Laws of 2011 establishes the Economic Transformation and Facility Redevelopment Program (the program). The purpose of these regulations is to set forth the administrative process governing the certification of participants in the program and specifically to establish an application process, eligibility criteria and requirements for participants to remain certified in the program. The program enables participants to claim the Economic Transformation and Facility Redevelopment Program Tax Credit, as defined in section 35 of the Tax Law, which consists of four components: the Economic Transformation and Facility Redevelopment Program Jobs Tax Credit Component, the Economic Transformation and Facility Redevelopment Program Investment Tax Credit Component, the Economic Transformation and Facility Redevelopment Program Job Training Tax Credit Component, and the Economic Transformation and Facility Redevelopment Program Real Property Tax Credit Component. In addition, participants may be eligible for a sales tax refund pursuant to section 35 of the Tax Law and a Real Property Tax exemption pursuant to section 485-p of the Real Property Tax Law.