(a) The commissioner may revoke the certification of a business enterprise upon a finding of any one of the following:

1. (1) the business enterprise made material misrepresentations of fact on its application for certification or on a business annual report, or the business enterprise failed to disclose facts in its application for certification that would constitute grounds for not issuing a certification;
2. (2) the business enterprise has failed to construct, expand, rehabilitate, invest in or operate its facility substantially in accordance with the representations contained in its application for certification;
3. (3) the business enterprise has failed to create new employment or prevent a loss of employment in the empire zone;
4. (4) the business enterprise has failed to submit an annual report pursuant to section 11.7 of this Part by the deadline established by the commissioner after it has applied for zone tax benefits or program assistance based on new hires or investments or failed to submit other information;
5. (5) the business enterprise has changed ownership or moved its operations out of the empire zone; or
6. (6) the business enterprise has failed to pay the projected wages and benefits and to make the projected capital investments as set forth in the cost benefit analysis provided on the business enterprise's application for certification.

(c) The commissioner shall revoke the certification of a business enterprise upon a finding that:

1. (1) if certified prior to the first day of August 2002, the business enterprise caused individuals to transfer from existing employment with another business enterprise with similar ownership and located in New York State to similar employment with the certified business enterprise or if the enterprise acquired, purchased, leased, or had transferred to it real property previously owned by an entity with similar ownership regardless of form of incorporation or organization; or

2. (2) a business enterprise that has submitted at least three years of business annual reports has failed to provide economic returns to the State in the form of total remuneration to its employees (i.e., wages and benefits) and investments in its facility that add to a greater value than the tax benefits the business enterprise used and had refunded to it; a business enterprise that has submitted at least three years of business annual reports shall have failed this analysis if the sum of: provided, however, if the commissioner makes the finding described in paragraph (1) of this subdivision or the business enterprise fails the analysis described in paragraph (2) of this subdivision, the commissioner may consider, after consultation with the Director of the Budget, and in his or her sole discretion, other economic, social and environmental factors when evaluating the benefits of a project in the State and whether continued certification is warranted based on such factors. The effective date of decertification pursuant to this subdivision shall be January 1, 2008.

   1. (i) the actual value of all wages and benefits paid to all employees of the business enterprise in the zone, as indicated in the business enterprise's business annual reports submitted and reporting for any of the years from and including 2001 through and including 2007; and
   2. (ii) the value of capital investments in the zone, as indicated in the business enterprise's business annual reports submitted and reporting for any of the years from and including 2001 through and including 2007, does not exceed the total amount of State tax benefits the business enterprise used and had refunded to it or its members, partners or shareholders under the empire zones program as indicated in the business annual reports submitted and reporting for any of the years from and including 2001 through and including 2007;