N.Y. Economic Development Law § 425: Empire state jobs retention program credit

§ 425. Empire state jobs retention program credit. 1. A participant in

the empire state jobs retention program shall be eligible to claim a

credit for the impacted jobs. For a business entity that employes three

to forty-nine employees, the amount of such credit shall be equal to the

product of the gross wages paid for the impacted jobs and up to 15

percent. For a business entity that employs fifty to one hundred

employees, the amount of such credit shall be equal to the product of

the gross wages paid for the impacted jobs and up to 7.5 percent. For a

business entity that employs greater than one hundred employees, the

amount of such credit shall be equal to the product of the gross wages

paid for the impacted jobs and up to 3.75 percent. An eligible business

entity may only receive up to $500,000 in tax credits per event

triggering an emergency declaration by the governor.

2. The tax credit established in this section shall be refundable as

provided in the tax law. If a participant fails to satisfy the

eligibility criteria, it will lose the ability to claim credit. The

event of such failure shall not extend the original six-month

eligibility period.

3. The business enterprise shall be allowed to claim the credit as

prescribed in section thirty-six of the tax law.

4. A participant may be eligible for benefits under this article as

well as article seventeen of this chapter, provided the participant can

only receive benefits pursuant to subdivision two of section three

hundred fifty-five of this chapter for costs in excess of costs

recovered by insurance.