The purpose of these regulations is to set forth the application process by which a qualified musical and theatrical production company may apply for benefits under the Empire State Musical and Theatrical Production Tax Credit Program established by chapter 59 of the Laws of 2014. These regulations establish procedures for the allocation of such credits, including, but not limited to, the application process, standards for evaluating applications, and such other provisions deemed necessary and appropriate. The New York State department of Economic Development shall administer the program, including the issuance of tax credit certificates.