(a) The purpose of these regulations is to set forth the administrative process governing the Empire State Jobs Retention Program (program) and specifically to establish an application process, standards for application evaluation and procedures for businesses claiming the tax credit under this program. Chapter 56 of the Laws of 2011 establishes the program and grants the commissioner of the Department of Economic Development the authority to promulgate regulations to establish procedures for the allocation of the Empire State Jobs Retention Program tax credit.