(1) An authorized applicant shall submit an initial application to the department prior to commencement of the technical period of a qualified musical and theatrical production for which it seeks a tax credit under this article. The purpose of the initial application is to notify the department of its intent to produce a qualified musical and theatrical production in a qualified production facility and submit a final application for the Empire State Musical and Theatrical Production Tax Credit.

(2) The department shall evaluate the initial application based upon the completeness of the application and whether it was submitted in accordance with paragraph (1) of this subdivision.

(3) After review of the initial application, the department shall notify the authorized applicant of its eligibility and may issue a certificate of conditional eligibility to the authorized applicant.

(1) An applicant may submit a final application to the department following the completion of a qualified touring production.

(2) Upon receipt of a final application, the department may request additional documentation, including copies of receipts of qualified musical and theatrical production expenditures, to determine if the production qualifies for the Empire State Musical and Theatrical Production Tax Credit. The department shall approve or disapprove the final application based upon criteria set forth in section 240.6 of this Part. If the final application is approved, the department shall issue a certificate of tax credit to the approved applicant. The department shall provide a copy of such certificate of tax credit to the Department of Taxation and Finance. If the final application is disapproved, the department shall provide the applicant with a notice of disapproval which shall state the reasons therefor. Such disapproval shall be a rejection of the applicant’s final application. A disapproved applicant may appeal such decision pursuant to section 240.8 of this Part, or reapply pursuant to the provisions of this Part.