§ 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.