ยง 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 strategic
businesses and jobs that are at risk of leaving the state 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 most strategic
businesses in the event of an emergency.
This legislation creates a jobs tax credit for each job of a strategic
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.