Loans made under section 52-02.1-04 for program costs must be repaid by receipt of new jobs credit from withholding as follows:

1.    New jobs credit from withholding must be based upon the wages paid to the new employees.

2.    The North Dakota income tax withholding on wages paid by the employer to each new employee participating in a project must be credited from the withholding payments made by the employer pursuant to section 57-38-60. The tax commissioner shall transmit the equivalent credit payment amount to the state treasurer to be allocated to a special fund for payment to the department, community, or both, as the case may be, of principal and interest on loans issued pursuant to section 52-02.1-04, or for reimbursing employers participating in the cost reimbursement option provided in section 52-02.1-06. All moneys deposited in the fund are hereby appropriated for the    purposes of this section. When the principal and interest on the loans have been repaid or the employer’s self-financed training costs have been reimbursed, the employer credits must cease and any money received after the loans have been repaid must be remitted by the tax commissioner to the general fund of the state.

3.    The employer shall provide such other information the tax commissioner may require.

4.    A new employee participating in a project must receive full credit for the amount withheld as provided in section 57-38-59.

5.    The tax commissioner and state treasurer shall administer this section and may adopt rules consistent with and necessary for the administration of this section.

6.    The provisions of chapter 57-38 pertaining to the administration of the income tax withholding, including provisions for refund or credit, not in conflict with the provisions of this chapter, shall govern the administration of the credit provided by this chapter.