N.Y. Comp. Codes R. & Regs. tit. 5 § 260.1
The purpose of these regulations is to set forth the administrative process governing the life sciences research and development tax credit program (the program) and specifically to establish an application process, due dates for such applications, eligibility standards for qualified life sciences companies, standards for application evaluation and the documentation that will be provided to taxpayers to substantiate to the Department of Taxation and Finance the amount of credits allocated to such taxpayers. Chapter 59 of the Laws of 2017 establishes the program and grants the Commissioner of the Department of Economic Development the authority to promulgate regulations to establish procedures for the allocation of tax credits under the program.
N.Y. Comp. Codes R. & Regs. Tit. 5 § 260.1