§ 425 — Empire state jobs retention program credit

§ 425. Empire state jobs retention program credit. 1. A participant in\nthe empire state jobs retention program shall be eligible to claim a\ncredit for the impacted jobs. For a business entity that employes three\nto forty-nine employees, the amount of such credit shall be equal to the\nproduct of the gross wages paid for the impacted jobs and up to 15\npercent. For a business entity that employs fifty to one hundred\nemployees, the amount of such credit shall be equal to the product of\nthe gross wages paid for the impacted jobs and up to 7.5 percent. For a\nbusiness entity that employs greater than one hundred employees, the\namount of such credit shall be equal to the product of the gross wages\npaid for the impacted jobs and up to 3.75 percent. An eligible business\nentity may only receive up to $500,000 in tax credits per event\ntriggering an emergency declaration by the governor.\n 2. The tax credit established in this section shall be refundable as\nprovided in the tax law. If a participant fails to satisfy the\neligibility criteria, it will lose the ability to claim credit. The\nevent of such failure shall not extend the original six-month\neligibility period.\n 3. The business enterprise shall be allowed to claim the credit as\nprescribed in section thirty-six of the tax law.\n 4. A participant may be eligible for benefits under this article as\nwell as article seventeen of this chapter, provided the participant can\nonly receive benefits pursuant to subdivision two of section three\nhundred fifty-five of this chapter for costs in excess of costs\nrecovered by insurance.\n