(b) The credit in year one shall be equal to fifty percent of the eligible real property taxes on the real property comprising the regionally significant project or located in the investment zone. In the remaining years the credit shall be computed according to the following schedule: Year two: forty-five percent of eligible real property taxes on the real property comprising the regionally significant project or located in the investment zone; Year three: forty percent of eligible real property taxes on the real property comprising the regionally significant project or located in the investment zone; Year four: thirty-five percent of eligible real property taxes on real property comprising the regionally significant project or located in the investment zone; Year five: thirty percent of eligible real property taxes on the real property comprising the regionally significant project or located in the investment zone; Year six: twenty-five percent of eligible real property taxes on the real property comprising the regionally significant project or located in the investment zone; Year seven: twenty percent of eligible real property taxes on the real property comprising the regionally significant project or located in the investment zone; Year eight: fifteen percent of eligible real property taxes on the real property comprising the regionally significant project or located in the investment zone; Year nine: ten percent of eligible real property taxes on the real property comprising the regionally significant project or located in the investment zone; and Year ten: five percent of eligible real property taxes on the real property comprising the regionally significant project or located in the investment zone.

(c) For purposes of this credit, the term "eligible real property taxes" shall have the same meaning as in subdivision (e) of section fifteen of the tax law, provided that such subdivision (e) shall be read as if it specifically referenced the excelsior jobs program and participants in that program.

(d) In calculating the excelsior real property tax credit and determining the maximum aggregate amount of such credit component in the preliminary schedule of benefits, the commissioner shall include any improvements projected to be made by the taxpayer to the property comprising the regionally significant project or located in the investment zone as listed in its application for participation in the excelsior jobs program. 5. Refundability of credits. The tax credit components established in this section shall be refundable as provided in the tax law. If a participant fails to satisfy the eligibility criteria in any one year, it will lose the ability to claim credit for that year. The event of such failure shall not extend the original ten-year eligibility period. 6. Claim of tax credit. The business enterprise shall be allowed to claim the credit as prescribed in section thirty-one of the tax law. No costs used by an entertainment company as the basis for the allowance of a tax credit described in this section shall be used by such entertainment company to claim any other credit allowed pursuant to the tax law. 7. For availability of special excelsior jobs program rates governing the provision of gas or electric service, see subdivision twelve-d of section sixty-six of the public service law. Such special excelsior jobs program rates may remain available to participants as defined in this article for a period of up to ten years commencing in the first taxable year that the participant receives a certificate of tax credit, or the first taxable year listed on its preliminary schedule of benefits, whichever is later. Provided however, if a participant is removed from the excelsior jobs program pursuant to this article, the excelsior jobs program rates may be denied.