§ 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. The amount of such credit shall be equal to the product of the gross wages paid for the impacted jobs and 6.85 percent.
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 in any one year, it will lose the ability to claim credit for that year. The event of such failure shall not extend the original ten-year eligibility period.
3. The business enterprise shall be allowed to claim the credit as prescribed in section thirty-six of the tax law; provided, however, a business enterprise shall not be allowed to claim the credit prior to tax year two thousand twelve.
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.
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