N.Y. Comp. Codes R. & Regs. Tit. 5 § 213.2 - Refundability of credits
(a) The Empire
State Jobs Retention Program 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.
(b) The event of
such failure shall not extend the original 10-year eligibility
period.
(c) The business enterprise
shall be allowed to claim the credit as prescribed in section
36 of the Tax Law; provided, however, a
business enterprise shall not be allowed to claim the credit prior to tax year
2012.
(d) A participant may be
eligible for benefits under this article as well as article 17 of the Economic
Development Law, provided the participant can only receive benefits pursuant to
subdivision 2 of section
355 of
the Economic Development Law for costs in excess of costs recovered by
insurance.
Notes
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