BUSINESS ENTITY SHALL PROVIDE WRITTEN NOTIFICATION TO THE COUNTY OR
MUNICIPAL CORPORATION IN WHICH THE NEW OR EXPANDED PREMISES ARE
LOCATED:

(I) THAT IT INTENDS TO CLAIM THE PROPERTY TAX CREDIT OR
ENHANCED PROPERTY TAX CREDIT;

(II) IF IT INTENDS TO CLAIM THE ENHANCED PROPERTY TAX
CREDIT, HOW IT EXPECTS TO MEET THE REQUIREMENTS TO QUALIFY FOR THE
ENHANCED PROPERTY TAX CREDIT; AND

(III) WHEN IT EXPECTS TO OBTAIN THE NEW OR EXPANDED
PREMISES AND HIRE THE REQUIRED NUMBER OF EMPLOYEES IN THE NEW
PERMANENT FULL-TIME POSITIONS.

(7) IF A BUSINESS ENTITY MEETS THE REQUIREMENTS FOR A TAX
CREDIT UNDER THIS SECTION, THE COUNTY OR MUNICIPAL CORPORATION SHALL
CERTIFY TO THE DEPARTMENT AND THE DEPARTMENT OF BUSINESS AND
ECONOMIC DEVELOPMENT THAT THE BUSINESS ENTITY HAS MET THE
REQUIREMENTS FOR THE TAX CREDIT FOR THE TAXABLE YEAR THAT FOLLOWS THE
DATE ON WHICH IT MET THE REQUIREMENTS.

(C) (1) TO QUALIFY FOR A PROPERTY TAX CREDIT UNDER THIS
SUBSECTION, A BUSINESS ENTITY SHALL:

(I) OBTAIN AT LEAST 5,000 SQUARE FEET OF NEW OR EXPANDED
PREMISES BY PURCHASING NEWLY CONSTRUCTED PREMISES, CONSTRUCTING NEW
PREMISES, CAUSING NEW PREMISES TO BE CONSTRUCTED, OR LEASING NEWLY
CONSTRUCTED PREMISES; AND

(II) EMPLOY AT LEAST 25 INDIVIDUALS IN NEW PERMANENT
FULL-TIME POSITIONS DURING A 24-MONTH PERIOD, DURING WHICH PERIOD THE
BUSINESS ENTITY MUST ALSO OBTAIN AND OCCUPY THE NEW OR EXPANDED
PREMISES.

[(e) (1)](2)[The governing body of] IF A BUSINESS ENTITY MEETS THE
REQUIREMENTS OF PARAGRAPH (1) OF THIS SUBSECTION AND SUBSECTION (B) OF
THIS SECTION AND OF ANY APPLICABLE LOCAL LAW ADOPTED UNDER SUBSECTION
(B)(1) OF THIS SECTION, the county or municipal corporation shall compute the
amount of the property tax credit granted under THIS subsection [(b)(1) of this
section] for new or expanded premises and the personal property located on those
premises that may be claimed against the county or municipal corporation property
taxes that would otherwise be due to equal a percentage of the amount of property tax
imposed on the [assessed value] ASSESSMENT of the new or expanded premises, as
follows:

(i) 52% for the 1st and 2nd taxable years;

(ii) 39% in the 3rd and 4th taxable years;

(iii) 26% in the 5th and 6th taxable years; and