N.Y. Tax Law § 49: Newspaper and broadcast media jobs tax credit

* § 49. Newspaper and broadcast media jobs tax credit. (a) Allowance

of credit. A taxpayer subject to tax under article nine-A or twenty-two

of this chapter shall be allowed a credit against such tax, pursuant to

the provisions referenced in subdivision (e) of this section. The amount

of the credit is equal to the amount determined pursuant to article

twenty-seven of the economic development law and shall be based on the

certificates of tax credit issued to eligible businesses owned by the

taxpayer or by an entity of which the taxpayer is a partner or

shareholder. A taxpayer that is a partner in a partnership, member of a

limited liability company or shareholder in a subchapter S corporation

shall be allowed its pro-rata share of the credit allowed for the

partnership, limited liability company or subchapter S corporation. No

cost or expense paid or incurred that is included as part of the

calculation of this credit shall be the basis of any other tax credit

allowed under this chapter.

(b) Eligibility. To be eligible to claim the newspaper and broadcast

media jobs tax credit the eligible businesses owned by the taxpayer or

by an entity of which the taxpayer is a partner or shareholder shall

have been issued a certificate of tax credit by the department of

economic development pursuant to article twenty-seven of the economic

development law, which certificate or certificates shall set forth the

amount of the credit that may be claimed for the taxable year. The

taxpayer shall be allowed to claim only the amount or amounts listed on

the certificate or certificates of tax credit issued to eligible

businesses owned by the taxpayer or by an entity of which the taxpayer

is a partner or shareholder for that taxable year.

(c) Tax return requirement. The taxpayer shall be required to attach

to its tax return, in the form prescribed by the commissioner, proof of

receipt of its certificate or certificates of tax credit issued by the

commissioner of the department of economic development.

(d) Credit recapture. If a certificate of tax credit issued by the

department of economic development under article twenty-seven of the

economic development law is revoked by such department, the amount of

credit described in this section and claimed by the taxpayer prior to

that revocation shall be added back to tax in the taxable year in which

any such revocation becomes final.

(e) Cross references. For application of the credit provided in this

section see the following provisions of this chapter:

(1) article 9-A: section 210-B, subdivision 60.

(2) article 22: section 606, subsection (ppp).

* NB There are two § 49's