N.Y. Economic Development Law § 493

§ 493. Eligibility criteria. To be eligible for the tax credit\nestablished under this section, a business entity must:\n 1. be an eligible business operating within an eligible industry;\n 2. be independently owned or, in the case of a print media business,\ndemonstrate a reduction in circulation or in the number of full-time\nequivalent employees of at least twenty percent over the previous five\nyears; and\n 3. operate predominantly in an eligible industry, and be located\nwithin the state of New York. The department, in its regulations\npromulgated pursuant to this article, shall have the authority to list\ncertain types of establishments as ineligible.\n