N.Y. Economic Development Law § 495: Newspaper and broadcast media jobs tax credit

§ 495. Newspaper and broadcast media jobs tax credit. 1. A business

entity that meets the eligibility requirements of section four hundred

ninety-three of this article, and meets any additional eligibility

criteria as articulated in regulations established pursuant to this

section, and demonstrates a net employee increase, may be issued a

certificate of tax credit equal to five thousand dollars per each

full-time net employee increase as defined in section four hundred

ninety-two of this article. A business entity, including a partnership,

limited liability company and subchapter S corporation, may not receive

in excess of twenty thousand dollars in tax credits for each print media

business or broadcast media business under this program.

2. A business entity that meets the eligibility requirements of

section four hundred ninety-three of this article, and meets any

additional eligibility criteria as articulated in regulations

established pursuant to this section, may be issued a certificate of tax

credit equal to fifty percent of annual wages of an eligible employee.

The calculation of such a credit shall only be applied to up to fifty

thousand dollars in wages paid annually per eligible employee. A

business entity, including a partnership, limited liability company and

subchapter S corporation, may not receive in excess of three hundred

thousand dollars in tax credits for each print media business or

broadcast media business under this program.

3. The total amount of tax credits listed on certificates of tax

credit issued by the commissioner pursuant to this article may not

exceed thirty million dollars for each year the credit is available.

Within this amount, the newspaper and broadcast media new job creation

component of the credit may not exceed four million dollars per year and

the newspaper and broadcast media existing jobs component of the credit

may not exceed twenty-six million dollars per year. Fifty percent of the

newspaper and broadcast media existing jobs component credits will be

set-aside for eligible businesses with one hundred or fewer employees.

Fifty percent of the newspaper and broadcast media existing jobs

component credits will be set-aside for eligible businesses with over

one hundred employees. In both instances the cap will be three hundred

thousand dollars under this program.

4. The credit shall be allowed as provided in section forty-nine of

the tax law.