The rate of tax payable by an eligible company and each of its eligible subsidiaries for any taxable year ending on or after July 1, 1995, on its net income pursuant to the applicable income tax provisions of the general laws, including the provisions of §§ 44-11-2(a), 44-14-3(a), 44-14-4 and 44-17-1, or on its gross earnings pursuant to § 44-13-4(4), shall be reduced by the amount specified in § 42-64.5-4; this rate reduction shall be applied annually once to those eligible companies which are permitted by law to file a consolidated state tax return or as part of a combined group and in the case of eligible companies not required by law to file as part of a combined group, then the rate reduction shall be applied annually to each eligible company and its eligible subsidiaries; provided, however, except as provided in § 42-64.5-7, should any eligible company fail to maintain in any taxable year after 1997 or, if applicable, the third taxable year following the base employment period election set forth in § 42-64.5-5, the number of units of new employment it reported for its 1997 tax year or, if applicable, the third taxable year following the base employment period election set forth in § 42-64.5-5; the rate reduction provided for in this chapter shall expire permanently.