Senate Bill S625B

2023-2024 Legislative Session

Provides a payroll tax credit for compensation of journalists; and to provide for the repeal of such provisions

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Budget And Revenue Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

co-Sponsors

2023-S625 - Details

See Assembly Version of this Bill:
A2958
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §§606 & 210-B, add §24-d, Tax L
Versions Introduced in 2021-2022 Legislative Session:
S7544, A8585

2023-S625 - Summary

Provides a one-year payroll tax credit for compensation of journalists; sets a maximum amount of the credit for journalist employers and a maximum amount of the credit statewide; provides for the repeal of such provisions upon the expiration thereof.

2023-S625 - Sponsor Memo

2023-S625 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    625
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              January 5, 2023
                                ___________
 
 Introduced  by  Sens. HOYLMAN, HINCHEY, MYRIE, SALAZAR -- read twice and
   ordered printed, and when printed to be committed to the Committee  on
   Budget and Revenue
 
 AN  ACT  to amend the tax law, in relation to providing a tax credit for
   the cost of subscriptions that  support  local  newspapers  and  other
   local  media and a payroll tax credit for compensation of journalists;
   and to provide for the repeal of such provisions upon expiration ther-
   eof
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  This  act  shall  be known and may be cited as the "local
 journalism sustainability act".
   § 2. Section 606 of the tax law is amended by adding a new  subsection
 (bbb) to read as follows:
   (BBB)  CREDIT  FOR QUALIFYING PUBLICATION SUBSCRIPTIONS. (1) ALLOWANCE
 OF CREDIT.  FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY  FIRST,  TWO
 THOUSAND  TWENTY-FOUR, A CREDIT FOR QUALIFYING PUBLICATION SUBSCRIPTIONS
 SHALL BE ALLOWED TO A RESIDENT INDIVIDUAL OF THE STATE AGAINST  THE  TAX
 IMPOSED  BY THIS ARTICLE IN AN AMOUNT EQUAL TO THE APPLICABLE PERCENTAGE
 OF AMOUNTS PAID OR INCURRED FOR SUBSCRIPTIONS TO ONE OR MORE  QUALIFYING
 PUBLICATIONS FOR THE PERSONAL USE OF THE TAXPAYER.
   (2)  APPLICATION  OF CREDIT. THE CREDIT ALLOWED UNDER PARAGRAPH ONE OF
 THIS SUBSECTION TO ANY TAXPAYER FOR ANY TAXABLE YEAR  SHALL  NOT  EXCEED
 TWO  HUNDRED  FIFTY  DOLLARS  PER  TAX  YEAR AND SHALL BE SUBJECT TO THE
 APPLICABLE PERCENTAGES DESCRIBED IN THIS SUBSECTION.
   (3) DEFINITIONS. AS USED IN THIS SUBSECTION, THE FOLLOWING TERMS SHALL
 HAVE THE FOLLOWING MEANINGS:
   (A) "APPLICABLE PERCENTAGE" MEANS: (I) IN THE FIRST  TAXABLE  YEAR  TO
 WHICH  THIS  SECTION  APPLIES,  EIGHTY  PERCENT OF THE TOTAL COST OF THE
 SUBSCRIPTION OR SUBSCRIPTIONS, AND (II) IN ANY SUBSEQUENT TAXABLE  YEAR,
 FIFTY PERCENT OF THE TOTAL COST OF THE SUBSCRIPTION OR SUBSCRIPTIONS.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02644-01-3
              

co-Sponsors

2023-S625A - Details

See Assembly Version of this Bill:
A2958
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §§606 & 210-B, add §24-d, Tax L
Versions Introduced in 2021-2022 Legislative Session:
S7544, A8585

2023-S625A - Summary

Provides a one-year payroll tax credit for compensation of journalists; sets a maximum amount of the credit for journalist employers and a maximum amount of the credit statewide; provides for the repeal of such provisions upon the expiration thereof.

2023-S625A - Sponsor Memo

2023-S625A - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  625--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              January 5, 2023
                                ___________
 
 Introduced by Sens. HOYLMAN-SIGAL, HINCHEY, MYRIE, SALAZAR -- read twice
   and ordered printed, and when printed to be committed to the Committee
   on  Budget  and Revenue -- committee discharged, bill amended, ordered
   reprinted as amended and recommitted to said committee
 
 AN ACT to amend the tax law, in relation  to  providing  a  payroll  tax
   credit  for compensation of journalists; and to provide for the repeal
   of such provisions upon expiration thereof
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  This  act  shall  be known and may be cited as the "local
 journalism sustainability act".
   § 2. The tax law is amended by adding a new section 24-d  to  read  as
 follows:
   §  24-D. PAYROLL CREDIT FOR COMPENSATION OF JOURNALISTS. (A) IN GENER-
 AL.  AN ELIGIBLE NEWS JOURNALIST EMPLOYER WHICH IS SUBJECT TO TAX  UNDER
 ARTICLE  NINE-A  OR TWENTY-TWO OF THIS CHAPTER SHALL BE ALLOWED A CREDIT
 AGAINST SUCH TAX, TO BE COMPUTED AS PROVIDED IN THIS SECTION,  FOR  EACH
 CALENDAR  QUARTER  AN AMOUNT EQUAL TO THE APPLICABLE PERCENTAGE OF WAGES
 PAID BY SUCH EMPLOYER TO NEWS JOURNALISTS FOR SUCH CALENDAR QUARTER.
   (B) LIMITATIONS.  (1) THE AMOUNT OF WAGES PAID  WITH  RESPECT  TO  ANY
 INDIVIDUAL WHICH MAY BE TAKEN INTO ACCOUNT UNDER SUBDIVISION (A) OF THIS
 SECTION  DURING  ANY  CALENDAR  QUARTER  BY THE ELIGIBLE NEWS JOURNALIST
 EMPLOYER SHALL NOT EXCEED TWELVE THOUSAND FIVE HUNDRED  DOLLARS.  CREDIT
 IS  ALLOWED  FOR  INDIVIDUALS PAID IN EXCESS OF THIS AMOUNT BUT SHALL BE
 LIMITED TO A PORTION OF THE  WAGES  PAID  UP  TO  TWELVE  THOUSAND  FIVE
 HUNDRED DOLLARS PER QUARTER.
   (2) THE PROVISIONS OF THIS SECTION SHALL ONLY APPLY TO THE FIRST TWEN-
 TY CALENDAR QUARTERS BEGINNING AFTER THE EFFECTIVE DATE OF THIS SECTION.
   (3) THE CREDIT ALLOWED BY SUBDIVISION (A) OF THIS SECTION WITH RESPECT
 TO ANY CALENDAR QUARTER SHALL NOT EXCEED THE APPLICABLE EMPLOYMENT TAXES
 (REDUCED BY ANY CREDITS ALLOWED UNDER SUBSECTIONS (E) AND (F) OF SECTION
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02644-04-3
              

co-Sponsors

2023-S625B - Details

See Assembly Version of this Bill:
A2958
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §§606 & 210-B, add §24-d, Tax L
Versions Introduced in 2021-2022 Legislative Session:
S7544, A8585

2023-S625B - Summary

Provides a one-year payroll tax credit for compensation of journalists; sets a maximum amount of the credit for journalist employers and a maximum amount of the credit statewide; provides for the repeal of such provisions upon the expiration thereof.

2023-S625B - Sponsor Memo

2023-S625B - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  625--B
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              January 5, 2023
                                ___________
 
 Introduced  by  Sens.  HOYLMAN-SIGAL,  ADDABBO,  BRESLIN, BROUK, CLEARE,
   COMRIE, COONEY,  HARCKHAM,  HINCHEY,  JACKSON,  KENNEDY,  LIU,  MYRIE,
   PALUMBO,  RIVERA, SALAZAR, SKOUFIS, STAVISKY -- read twice and ordered
   printed, and when printed to be committed to the Committee  on  Budget
   and  Revenue  -- committee discharged, bill amended, ordered reprinted
   as amended and recommitted to said committee -- committee  discharged,
   bill  amended,  ordered  reprinted  as amended and recommitted to said
   committee
 
 AN ACT to amend the tax law, in relation  to  providing  a  payroll  tax
   credit  for compensation of journalists; and to provide for the repeal
   of such provisions upon expiration thereof
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  This  act  shall  be known and may be cited as the "local
 journalism sustainability act".
   § 2. The tax law is amended by adding a new section 24-d  to  read  as
 follows:
   §  24-D. PAYROLL CREDIT FOR COMPENSATION OF JOURNALISTS. (A) IN GENER-
 AL.  AN ELIGIBLE NEWS JOURNALIST EMPLOYER WHICH IS SUBJECT TO TAX  UNDER
 ARTICLE  NINE-A  OR TWENTY-TWO OF THIS CHAPTER SHALL BE ALLOWED A CREDIT
 AGAINST SUCH TAX, TO BE COMPUTED AS PROVIDED IN THIS SECTION,  FOR  EACH
 CALENDAR  QUARTER  AN AMOUNT EQUAL TO THE APPLICABLE PERCENTAGE OF WAGES
 PAID BY SUCH EMPLOYER TO NEWS JOURNALISTS FOR SUCH CALENDAR QUARTER.
   (B) LIMITATIONS.  (1) THE AMOUNT OF WAGES PAID  WITH  RESPECT  TO  ANY
 INDIVIDUAL WHICH MAY BE TAKEN INTO ACCOUNT UNDER SUBDIVISION (A) OF THIS
 SECTION  DURING  ANY  CALENDAR  QUARTER  BY THE ELIGIBLE NEWS JOURNALIST
 EMPLOYER SHALL NOT EXCEED TWELVE THOUSAND FIVE HUNDRED  DOLLARS.  CREDIT
 IS  ALLOWED  FOR  INDIVIDUALS PAID IN EXCESS OF THIS AMOUNT BUT SHALL BE
 LIMITED TO A PORTION OF THE  WAGES  PAID  UP  TO  TWELVE  THOUSAND  FIVE
 HUNDRED DOLLARS PER QUARTER.
   (2) THE PROVISIONS OF THIS SECTION SHALL ONLY APPLY TO THE FIRST TWEN-
 TY CALENDAR QUARTERS BEGINNING AFTER THE EFFECTIVE DATE OF THIS SECTION.
   (3)  THIS  SECTION  SHALL  NOT APPLY WITH RESPECT TO ANY ELIGIBLE NEWS
 JOURNALIST EMPLOYER FOR ANY CALENDAR QUARTER IF SUCH EMPLOYER ELECTS (AT
 
              

co-Sponsors

2023-S625C - Details

See Assembly Version of this Bill:
A2958
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §§606 & 210-B, add §24-d, Tax L
Versions Introduced in 2021-2022 Legislative Session:
S7544, A8585

2023-S625C - Summary

Provides a one-year payroll tax credit for compensation of journalists; sets a maximum amount of the credit for journalist employers and a maximum amount of the credit statewide; provides for the repeal of such provisions upon the expiration thereof.

2023-S625C - Sponsor Memo

2023-S625C - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  625--C
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              January 5, 2023
                                ___________
 
 Introduced  by  Sens.  HOYLMAN-SIGAL, ADDABBO, ASHBY, BORRELLO, BRESLIN,
   BROUK, CLEARE, COMRIE, COONEY, HARCKHAM,  HINCHEY,  JACKSON,  KENNEDY,
   LIU,  MANNION,  MYRIE,  PALUMBO,  RIVERA,  SALAZAR,  SERRANO, SKOUFIS,
   STAVISKY -- read twice and ordered printed, and  when  printed  to  be
   committed  to  the  Committee  on  Budget  and  Revenue  --  committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee  --  committee  discharged,  bill  amended,  ordered
   reprinted  as amended and recommitted to said committee -- recommitted
   to the Committee on Budget and Revenue in accordance with Senate  Rule
   6,  sec. 8 -- committee discharged, bill amended, ordered reprinted as
   amended and recommitted to said committee
 
 AN ACT to amend the tax law, in relation  to  providing  a  payroll  tax
   credit  for compensation of journalists; and to provide for the repeal
   of such provisions upon expiration thereof
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  This  act  shall  be known and may be cited as the "local
 journalism sustainability act".
   § 2. The tax law is amended by adding a new section 24-d  to  read  as
 follows:
   §  24-D. PAYROLL CREDIT FOR COMPENSATION OF JOURNALISTS. (A) IN GENER-
 AL.  AN ELIGIBLE NEWS JOURNALIST EMPLOYER WHICH IS SUBJECT TO TAX  UNDER
 ARTICLE  NINE-A  OR TWENTY-TWO OF THIS CHAPTER SHALL BE ALLOWED A CREDIT
 AGAINST SUCH TAX, TO BE COMPUTED AS PROVIDED IN THIS SECTION,  FOR  EACH
 CALENDAR  QUARTER  AN AMOUNT EQUAL TO THE APPLICABLE PERCENTAGE OF WAGES
 PAID BY SUCH EMPLOYER TO NEWS JOURNALISTS FOR SUCH CALENDAR QUARTER.
   (B) LIMITATIONS.  (1) THE AMOUNT OF WAGES PAID  WITH  RESPECT  TO  ANY
 INDIVIDUAL WHICH MAY BE TAKEN INTO ACCOUNT UNDER SUBDIVISION (A) OF THIS
 SECTION  DURING  ANY  CALENDAR  QUARTER  BY THE ELIGIBLE NEWS JOURNALIST
 EMPLOYER SHALL NOT EXCEED TWELVE THOUSAND FIVE HUNDRED  DOLLARS.  CREDIT
 IS  ALLOWED  FOR  INDIVIDUALS PAID IN EXCESS OF THIS AMOUNT BUT SHALL BE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02644-10-4
              

co-Sponsors

2023-S625D (ACTIVE) - Details

See Assembly Version of this Bill:
A2958
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §§606 & 210-B, add §24-d, Tax L
Versions Introduced in 2021-2022 Legislative Session:
S7544, A8585

2023-S625D (ACTIVE) - Summary

Provides a one-year payroll tax credit for compensation of journalists; sets a maximum amount of the credit for journalist employers and a maximum amount of the credit statewide; provides for the repeal of such provisions upon the expiration thereof.

2023-S625D (ACTIVE) - Sponsor Memo

2023-S625D (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  625--D
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              January 5, 2023
                                ___________
 
 Introduced  by  Sens.  HOYLMAN-SIGAL, ADDABBO, ASHBY, BORRELLO, BRESLIN,
   BROUK, CHU, CLEARE,  COMRIE,  COONEY,  FERNANDEZ,  HARCKHAM,  HINCHEY,
   JACKSON,  KENNEDY,  LIU,  MANNION,  MARTINEZ,  MYRIE, PALUMBO, RIVERA,
   SALAZAR, SEPULVEDA, SERRANO,  SKOUFIS,  STAVISKY  --  read  twice  and
   ordered  printed, and when printed to be committed to the Committee on
   Budget and Revenue --  committee  discharged,  bill  amended,  ordered
   reprinted  as  amended  and recommitted to said committee -- committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee -- recommitted to the Committee on Budget and Reven-
   ue in accordance with Senate Rule 6, sec. 8 --  committee  discharged,
   bill  amended,  ordered  reprinted  as amended and recommitted to said
   committee -- committee discharged, bill amended, ordered reprinted  as
   amended and recommitted to said committee
 
 AN  ACT  to  amend  the  tax law, in relation to providing a payroll tax
   credit for compensation of journalists; and providing for  the  repeal
   of such provisions upon expiration thereof
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. This act shall be known and may  be  cited  as  the  "local
 journalism sustainability act".
   §  2.  The  tax law is amended by adding a new section 24-d to read as
 follows:
   § 24-D. PAYROLL CREDIT FOR COMPENSATION OF JOURNALISTS. (A) IN  GENER-
 AL.   AN ELIGIBLE NEWS JOURNALIST EMPLOYER WHICH IS SUBJECT TO TAX UNDER
 ARTICLE NINE-A OR TWENTY-TWO OF THIS CHAPTER SHALL BE ALLOWED  A  CREDIT
 AGAINST  SUCH  TAX, TO BE COMPUTED AS PROVIDED IN THIS SECTION, FOR EACH
 CALENDAR QUARTER AN AMOUNT EQUAL TO THE APPLICABLE PERCENTAGE  OF  WAGES
 PAID BY SUCH EMPLOYER TO NEWS JOURNALISTS FOR SUCH CALENDAR QUARTER.
   (B)  LIMITATIONS.    (1)  THE AMOUNT OF WAGES PAID WITH RESPECT TO ANY
 INDIVIDUAL WHICH MAY BE TAKEN INTO ACCOUNT UNDER SUBDIVISION (A) OF THIS
 SECTION DURING ANY CALENDAR QUARTER  BY  THE  ELIGIBLE  NEWS  JOURNALIST
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02644-12-4
              

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