N.Y. Economic Development Law § 421: Statement of legislative findings and declaration

§ 421. Statement of legislative findings and declaration. It is hereby

found and declared that New York state needs, as a matter of public

policy, to create competitive financial incentives to retain businesses,

including small businesses and jobs that are at risk of leaving the

state or closing operations due to the impact on its business operations

of an event leading to an emergency declaration by the governor. The

empire state jobs retention program is created to support the retention

of the state's businesses, including small businesses in the event of an

emergency.

This legislation creates a jobs tax credit for each job of a business,

including a small business directly impacted by an emergency and

protects state taxpayers' dollars by ensuring that New York provides tax

benefits only to businesses that can demonstrate substantial physical

damage and economic harm resulting from an event leading to an emergency

declaration by the governor.