NY S09371

Employers with more than 25 employees receiving state or local economic development benefits must file semiannual employee residency reports by February 1 and August 1 each year with the Department of Economic Development or Authorities Budget Office

Reports must include total employee counts, work hours, and average wages broken down by whether employees reside in the same zip code as the project location versus outside the project area

The Authorities Budget Office must maintain a searchable public database displaying economic development benefits awarded to businesses, including job creation/retention data, NAICS industry codes, and compliance information such as benefit reductions or recaptures

Qualified participants must retain records supporting their reports for seven years (state programs) or 24 months (local authority programs), and false certifications may result in enforcement actions

COVID-19 capital costs tax credits are exempt from these reporting requirements