N.Y. COM Law § 425

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