N.Y. Economic Development Law § 492: Definitions

§ 492. Definitions. For the purposes of this article:

1. "Average full-time employment" shall mean the average number of

full-time positions employed by an eligible business in an eligible

industry during a given period.

2. "Average starting full-time employment" shall be calculated as the

average number of full-time positions employed by an eligible business

in an eligible industry during a timeframe to be determined by the

department of economic development.

3. "Average ending full-time employment" shall be calculated as the

average number of full-time positions employed by an eligible business

in an eligible industry during a timeframe to be determined by the

department of economic development.

4. "Certificate of tax credit" means the document issued to an

eligible business by the department after the department has verified

that the eligible business has met all applicable eligibility criteria

in this article. The certificate shall specify the exact amount of the

tax credit under this article that an eligible business may claim,

pursuant to section four hundred ninety-five and section four hundred

ninety-six of this article.

5. "Commissioner" shall mean commissioner of economic development.

6. "Department" shall mean the department of economic development.

7. "Eligible business" shall mean a print media or broadcast media

business operating within an eligible industry, which also carries media

liability insurance. For the purposes of this subdivision, each print

media publication serving a separate market, as determined by the

department, shall be treated as a separate print media business.

8. "Eligible employee" shall mean an employee working full-time at an

eligible business, as determined by the department.

9. "Eligible industry" means an eligible business operating

predominantly in the newspaper publishing sector or the broadcast media

sector, as determined by the department.

10. "Net employee increase" means an increase of at least one

full-time employee between the average starting full-time employment and

the average ending full-time employment of an eligible business, as

defined by the department.

11. "Newspaper and broadcast media jobs tax credit" shall mean a tax

credit which shall provide a credit to eligible businesses operating

within eligible industries. The newspaper and broadcast media jobs tax

credit shall have two components. The newspaper and broadcast media new

job creation component shall allow a credit of five-thousand dollars per

net new job created at eligible businesses operating within eligible

industries. The newspaper and broadcast media existing jobs component

shall allow a tax credit available to support the costs related to

retention of existing jobs at eligible businesses operating within

eligible industries.

12. (a)"Broadcast media business" means any broadcast station which:

(i) has been broadcasting for at least one year prior to the tax year

for which it is applying for a credit;

(ii) owns or operates a broadcast station, as defined by section three

of the federal communications act of 1934; and

(iii) discloses its ownership to the public at such times and in such

manner as identified by the commissioner.

(b) For purposes of this paragraph each FCC licensed broadcast station

serving a separate market shall be treated as a separate broadcast media

business.

13. "Independently owned" shall mean a business entity that is not a

publicly traded entity or no more than five percent of the beneficial

ownership of which is owned, directly or indirectly by a publicly traded

entity.