§ 493. Eligibility criteria. To be eligible for the tax credit
established under this section, a business entity must:

1. be an eligible business operating within an eligible industry;

2. be independently owned or, in the case of a print media business,
demonstrate a reduction in circulation or in the number of full-time
equivalent employees of at least twenty percent over the previous five
years; and

3. operate predominantly in an eligible industry, and be located
within the state of New York. The department, in its regulations
promulgated pursuant to this article, shall have the authority to list
certain types of establishments as ineligible.