Businesses taking part in the program are eligible for four types of refundable tax credits and can claim them for up to 10 years as laid out by the program's schedule of benefits, according to the program's website. The emergency rule, published in the state register, extends an emergency rule published in October. The rule allows the state to provide relief to businesses participating in the program and affected by the economic downturn caused by COVID-19, the illness caused by the novel coronavirus.
The emergency rule gives the program discretion to let affected businesses have their 2020 benefits, and the commitments associated with them, be deferred to 2021. Businesses would need to provide information to show they have been harmed by the COVID-19 emergency, the rule said.
Tax credits are awarded if a business meets and maintains certain job or investment requirements, the website said.
This emergency adoption is valid for 90 days or less and expires on March 22, 2021.
--Editing by Vincent Sherry.
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