(a) In the case of a certificate of eligibility for tax credits, no such certificate shall be issued until after the close of the applicant's taxable year.

(b) In the case of a certificate of eligibility for real property tax exemptions, such certificate may be issued at any time before the applicable taxable status date. The board shall issue a certificate of eligibility for real property tax exemptions only when a local law or resolution has been adopted in the eligible area of the eligible business facility pursuant to section 485 of the Real Property Tax Law.