Terms Used In N.Y. Economic Development Law Law 442

• Approved provider: means an entity meeting such criteria as shall be established by the commissioner in rules and regulations promulgated pursuant to this article, that may provide eligible training to employees of a business entity participating in the employee training incentive program; provided that, for internship programs, the business entity shall be an approved provider or an approved provider in contract with such business entity. See N.Y. Economic Development Law Law 441
• Commissioner: means the commissioner of economic development. See N.Y. Economic Development Law Law 441
• Contract: A legal written agreement that becomes binding when signed.
• Eligible training: means (a) training provided by the business entity or an approved provider that is:
  
  (i) to upgrade, retrain or improve the productivity of employees;
  
  (ii) provided to employees in connection with a significant capital investment by a participating business entity;
  
  (iii) determined by the commissioner to satisfy a business need on the part of a participating business entity;
  
  (iv) not designed to train or upgrade skills as required by a federal or state entity;
  
  (v) not training the completion of which may result in the awarding of a license or certificate required by law in order to perform a job function; and
  
  (vi) not culturally focused training; or
  
  (b) an internship program in advanced technology, life sciences, software development or clean energy approved by the commissioner and provided by the business entity or an approved provider, on or after August first, two thousand fifteen, to provide employment and experience opportunities for current students, recent graduates, and recent members of the armed forces. See N.Y. Economic Development Law Law 441
• Life sciences company: is a business entity or an organization or institution that devotes the majority of its efforts in the various stages of research, development, technology transfer and commercialization related to any life sciences field. See N.Y. Economic Development Law Law 441
• Significant capital investment: means a capital investment in new business processes or equipment, the cost of which is equal to or exceeds ten dollars for every one dollar of tax credit allowed to an eligible business entity under this program pursuant to subdivision fifty of section two hundred ten-B or subsection (ddd) of § 606 of the tax law. See N.Y. Economic Development Law Law 441
• Strategic industry: means an industry in this state, as established by the commissioner in regulations promulgated pursuant to this article, based upon the following criteria:
  
  (a) shortages of workers trained to work within the industry;
  
  (b) technological disruption in the industry, requiring significant capital investment for existing businesses to remain competitive;
  
  (c) the ability of businesses in the industry to relocate outside of the state in order to attract talent;
  
  (d) the potential to recruit minorities and women to be trained to work in the industry in which they are traditionally underrepresented;
  
  (e) the potential to create jobs in economically distressed areas, which shall be based on criteria indicative of economic distress, including poverty rates, numbers of persons receiving public assistance, and unemployment rates; or
  
  (f) such other criteria as shall be developed by the commissioner in consultation with the commissioner of labor. See N.Y. Economic Development Law Law 441