N.Y. Economic Development Law Law § 421
Statement of legislative findings and declaration
New York · New York Economic Development Law Law · Status: effective · Effective 2025-05-16
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- N.Y. Economic Development Law Law § 421, Statement of legislative findings and declaration, New York, version 1 as recorded 2026-07-25, yourstate.us, https://yourstate.us/provision/1097013
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§ 421. Statement of legislative findings and declaration. It is hereby
found and declared that New York state needs, as a matter of public
policy, to create competitive financial incentives to retain businesses,
including small businesses and jobs that are at risk of leaving the
state or closing operations due to the impact on its business operations
of an event leading to an emergency declaration by the governor. The
empire state jobs retention program is created to support the retention
of the state's businesses, including small businesses in the event of an
emergency.
This legislation creates a jobs tax credit for each job of a business,
including a small business directly impacted by an emergency and
protects state taxpayers' dollars by ensuring that New York provides tax
benefits only to businesses that can demonstrate substantial physical
damage and economic harm resulting from an event leading to an emergency
declaration by the governor.