(a) Advanced technology means the research, development, and manufacturing of goods and their applications in the areas of advanced materials and processing technologies, integrated electronics, optics, biotechnology, information and communication technologies, automation and robotics, electronics packaging, imaging technology, remanufacturing, and such other areas as the commissioner shall determine.

(b) Approved provider of eligible training means an entity that provides training in methods, processes, or the use of equipment which meets the following criteria to the satisfaction of the commissioner:

(c) Approved provider of an eligible internship program means a business entity providing internship training in advanced technology or life sciences, or an entity providing internship training in advanced technology pursuant to a contract with a business entity employing the intern receiving training in advanced technology or life sciences, which meets the following criteria to the satisfaction of the commissioner:

(d) Business need means the absence of a method, a process, or equipment related to the revenue-generating activities of a business entity.

(e) Capital investment means an investment in tangible property (including, a building or a structural component of a building) owned by a business entity that is depreciable pursuant to section 167 of title 26 of the United States Code; is acquired by purchase as defined in section 179(d) of title 26 of the United States Code; and has a situs in this State. Capital investments do not include operating expenses such as office supplies, training expenses, utilities, rent, and other recurring expenses. Section 167 and section 179(d) of title 26 of the United States Code are available for public inspection and copying at the following address: New York State Department of Economic Development, 625 Broadway, 8th Floor, Albany, NY 12245.

(f) Certificate of tax credit means a certificate issued by the department which states the amount of the employee training incentive program tax credit that a business entity has qualified for, based upon the department’s analysis under section 443 of the Economic Development Law and the provisions of this Part. Such certificate may include, but is not limited to, the following information: name and address of the business entity, the amount of the tax credit to be received by the business entity, and a disclaimer stating that actual receipt of the tax credit is subject to the statutory maximum amount of credits that are allocated for the program.

(g) Commissioner means the Commissioner of Economic Development.

(h) Culturally focused training means training intended to provide knowledge about, or skills in interacting with, persons identifying with demographic characteristics including, but not limited to, race, nationality, gender, age, gender identity, or sexual orientation.

(i) Current student means a person enrolled, at the time of the commencement of such person’s participation in an eligible internship program, on a full-time basis at a university or college in the State of New York in a course of study leading to a bachelor’s degree or post-graduate degree in advanced technology.

(j) Department means the New York State Department of Economic Development.

(k) Eligible internship program means an internship program providing internship training in advanced technology, or providing internship training in life sciences at a life sciences company, that is approved by the commissioner and provided by an approved provider of internship training on or after August 1, 2015.

(l) Eligible training means training provided by an approved provider that is:

(m) Internship training means work-based learning opportunities in advanced technology or life sciences that:

(n) Life sciences means agricultural biotechnology, biogenerics, bioinformatics, biomedical engineering, biopharmaceuticals, academic medical centers, biotechnology, chemical synthesis, chemistry technology, medical diagnostics, genomics, medical image analysis, marine biology, medical devices, medical nanotechnology, natural product pharmaceuticals, proteomics, regenerative medicine, RNA interference, stem cell research, medical and neurological clinical trials, health robotics, and veterinary science.

(o) 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.

(p) Program means the employee training incentive program.

(q) Recent graduate means a person who has earned a bachelor’s degree or post-graduate degree in advanced technology from a university or college no more than 12 months prior to the date such person commences participation in an eligible internship program.

(r) Recent member of the Armed Forces means a person who has received honorable or general discharge from the army, navy, air force, marines, coast guard or reserves of the United States no more than 12 months prior to the date such person commences participation in an eligible internship program.

(s) Related person means a “related person” as such term is defined in section 465(b)(3)(C) of title 26 of the United States Code as of November 17, 2015. Section 465(b)(3)(C) of title 26 of the United States Code is available for public inspection and copying at the following address: New York State Department of Economic Development, 625 Broadway, 8th Floor, Albany, NY 12245.

(t) Significant capital investment means a capital investment in new business processes or equipment, the cost of which is equal to or exceeds $10 for every $1 of tax credit allowed to an eligible business entity under this program pursuant to subdivision 50 of section 210-B or subsection (ddd) of section 606 of the Tax Law.

(u) Stipend means monetary compensation paid to an intern for his or her participation in an eligible internship program. Stipend shall not include deferred compensation or any non-monetary benefit or form of remuneration.

(v) Strategic industry means an industry approved by the commissioner to participate in the program, based upon the following criteria as demonstrated by business entities applying to the program: