S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1865
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             January 14, 2025
                                ___________
 
 Introduced  by Sen. MARTINEZ -- read twice and ordered printed, and when
   printed to be committed to the Committee on Commerce, Economic  Devel-
   opment and Small Business
 
 AN ACT to amend the economic development law and the tax law in relation
   to  enacting  the  lift  our  communities  advertise  locally  (LOCAL)
   program; and providing for the repeal of such provisions upon  expira-
   tion thereof
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Short title. This act shall be known and may  be  cited  as
 the "lift our communities advertise locally (LOCAL) program".
   §  2.  The economic development law is amended by adding a new article
 28 to read as follows:
                                ARTICLE 28
              LIFT OUR COMMUNITIES ADVERTISE LOCALLY PROGRAM
 SECTION 500. SHORT TITLE.
         501. DEFINITIONS.
         502. APPLICATION AND APPROVAL PROCESS.
         503. LOCAL NEWSPAPER AND BROADCAST  MEDIA  BUSINESS  ADVERTISING
                TAX CREDIT.
         504. POWERS AND DUTIES OF THE COMMISSIONER.
   §  500.  SHORT  TITLE. THIS ARTICLE SHALL BE KNOWN AND MAY BE CITED AS
 THE "LIFT OUR COMMUNITIES ADVERTISE LOCALLY (LOCAL) PROGRAM".
   § 501. DEFINITIONS. FOR THE PURPOSES OF THIS ARTICLE:
   1. "CERTIFICATE OF TAX CREDIT" SHALL MEAN THE DOCUMENT  ISSUED  TO  AN
 ELIGIBLE  BUSINESS  BY  THE DEPARTMENT AFTER THE DEPARTMENT HAS VERIFIED
 THAT SUCH ELIGIBLE BUSINESS HAS MET ALL APPLICABLE ELIGIBILITY  CRITERIA
 UNDER  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 FIVE HUNDRED THREE AND SECTION FIVE HUNDRED FOUR OF
 THIS ARTICLE.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02719-01-5
              

 S. 1865                             2
 
   2. "ELIGIBLE BUSINESS" SHALL MEAN A MINORITY-OWNED BUSINESS ENTERPRISE
 AS DEFINED IN SECTION THREE HUNDRED TEN OF THE EXECUTIVE LAW,  A  WOMEN-
 OWNED BUSINESS ENTERPRISE AS DEFINED IN SECTION THREE HUNDRED TEN OF THE
 EXECUTIVE  LAW,  A  CERTIFIED  SERVICE-DISABLED  VETERAN-OWNED  BUSINESS
 ENTERPRISE AS DEFINED IN SECTION FORTY OF THE VETERANS' SERVICES LAW, OR
 A SMALL BUSINESS AS DEFINED IN THIS SECTION.
   3. "EXCLUDED ORGANIZATION" SHALL MEAN:
   (A)  AN  ORGANIZATION  DESCRIBED  IN  SUBSECTION  FOUR, FIVE OR SIX OF
 SECTION 501(C) OF THE UNITED STATES INTERNAL REVENUE CODE;
   (B) A POLITICAL ORGANIZATION AS  DEFINED  IN  SECTION  527(E)  OF  THE
 UNITED STATES INTERNAL REVENUE CODE; OR
   (C)  ANY  ORGANIZATIONS  THAT  RECEIVED MORE THAN ONE HUNDRED THOUSAND
 DOLLARS, IN THE AGGREGATE, FROM ORGANIZATIONS DESCRIBED IN PARAGRAPH (A)
 OR (B) OF THIS SUBDIVISION.
   4. "LOCAL NEWS JOURNALIST" SHALL MEAN ANY RESIDENT OF THE STATE OF NEW
 YORK WHO REGULARLY GATHERS, PREPARES, PRODUCES, COLLECTS, EDITS,  PHOTO-
 GRAPHS, RECORDS, DIRECTS THE RECORDING OF, WRITES, PRESENTS, BROADCASTS,
 PRINTS,  PUBLISHES OR REPORTS NEWS OR INFORMATION THAT CONCERNS LOCAL OR
 CURRENT EVENTS OF A NEW YORK  STATE  COUNTY,  TOWN,  VILLAGE,  CITY,  OR
 HAMLET, OR ANY COMBINATION THEREOF.
   5. "LOCAL NEWSPAPER" SHALL MEAN A PRINT OR DIGITAL PUBLICATION THAT:
   (A)  PUBLISHES  NEWS  CONTENT  THAT  IS  PRIMARILY FOCUSED ON LOCAL OR
 CURRENT EVENTS OF A NEW YORK  STATE  COUNTY,  TOWN,  VILLAGE,  CITY,  OR
 HAMLET,  OR ANY COMBINATION THEREOF, OTHERWISE KNOWN AS SUCH LOCAL NEWS-
 PAPER'S PRIMARY COVERAGE AREA;
   (B) EMPLOYS AT LEAST ONE FULL-TIME LOCAL NEWS JOURNALIST THAT  RESIDES
 IN, OR WITHIN FIFTY MILES OF, THE PUBLICATION'S PRIMARY COVERAGE AREA;
   (C)  PUBLISHES  AND DISTRIBUTES LOCAL NEWS CONTENT NOT LESS FREQUENTLY
 THAN ONCE PER WEEK, AND HAS  DONE  SO  CONTINUOUSLY  FOR  THE  PRECEDING
 TWELVE-MONTH PERIOD;
   (D) CARRIES VALID LIBEL OR MEDIAL LIABILITY INSURANCE; AND
   (E)  FOR  A LOCAL NEWSPAPER THAT DISTRIBUTES IN ONLY A DIGITAL FORMAT,
 (I) EARNED REVENUE OF AT LEAST  ONE  HUNDRED  THOUSAND  DOLLARS  IN  THE
 PRECEDING TAXABLE YEAR AND (II) DERIVES AT LEAST THIRTY-THREE PERCENT OF
 ITS  AUDIENCE, AVERAGED OVER THE PRECEDING TWELVE-MONTH PERIOD, FROM ITS
 PRIMARY COVERAGE AREA.
   5-A. FOR THE PURPOSES OF THIS SECTION, A PRINT OR DIGITAL  PUBLICATION
 SHALL NOT BE CONSIDERED A LOCAL NEWSPAPER OR BROADCAST MEDIA BUSINESS IF
 SUCH PUBLICATION IS:
   (A)  DISTRIBUTED OR MADE AVAILABLE PRIMARILY FOR ADVERTISING OR ENTER-
 TAINMENT PURPOSES; OR
   (B) MAJORITY OWNED BY, OR DERIVES AT LEAST FIFTY PERCENT OF ITS REVEN-
 UE FROM, EXCLUDED ORGANIZATIONS.
   6. "BROADCAST MEDIA BUSINESS" SHALL MEAN ANY BROADCAST STATION WHICH:
   (A) OWNS OR OPERATES A BROADCAST STATION, AS DEFINED BY SECTION  THREE
 OF THE FEDERAL COMMUNICATIONS ACT OF 1934;
   (B)  DISCLOSES  ITS  OWNERSHIP TO THE PUBLIC AT SUCH TIMES AND IN SUCH
 MANNER AS IDENTIFIED BY THE COMMISSIONER;
   (C) BROADCASTS NEWS CONTENT THAT IS  PRIMARILY  FOCUSED  ON  LOCAL  OR
 CURRENT  EVENTS  OF  A  NEW  YORK  STATE COUNTY, TOWN, VILLAGE, CITY, OR
 HAMLET, OR ANY COMBINATION THEREOF, OTHERWISE KNOWN  AS  SUCH  BROADCAST
 MEDIA BUSINESS' PRIMARY COVERAGE AREA;
   (D)  EMPLOYS AT LEAST ONE FULL-TIME LOCAL NEWS JOURNALIST THAT RESIDES
 IN, OR WITHIN FIFTY MILES OF,  THE  BROADCAST  MEDIA  BUSINESS'  PRIMARY
 COVERAGE AREA;
 S. 1865                             3
 
   (E)  BROADCASTS  LOCAL  NEWS CONTENT NOT LESS FREQUENTLY THAN ONCE PER
 WEEK, AND HAS DONE SO CONTINUOUSLY FOR THE PRECEDING TWELVE-MONTH  PERI-
 OD;
   (F) CARRIES VALID LIBEL OR MEDIA LIABILITY INSURANCE; AND
   (G)  FOR A BROADCAST MEDIA BUSINESS THAT DISTRIBUTES IN ONLY A DIGITAL
 FORMAT: (I) EARNED REVENUE OF AT LEAST ONE HUNDRED THOUSAND  DOLLARS  IN
 THE  PRECEDING  TAXABLE  YEAR;  AND  (II)  DERIVES AT LEAST THIRTY-THREE
 PERCENT OF ITS AUDIENCE, AVERAGED OVER THE PRECEDING TWELVE-MONTH  PERI-
 OD, FROM ITS PRIMARY COVERAGE AREA.
   6-A.  FOR  THE PURPOSES OF THIS SECTION, A BROADCAST STATION SHALL NOT
 BE CONSIDERED A BROADCAST MEDIA BUSINESS IF SUCH BROADCAST  STATION  IS:
 (A)  BROADCAST  PRIMARILY  FOR ADVERTISING OR ENTERTAINMENT PURPOSES; OR
 (B) MAJORITY OWNED BY, OR DERIVES AT LEAST FIFTY PERCENT OF ITS  REVENUE
 FROM, EXCLUDED ORGANIZATIONS.
   7.  "ADVERTISING"  SHALL MEAN PROVIDING CONSIDERATION FOR THE PUBLICA-
 TION, BROADCAST, DISSEMINATION, SOLICITATION, OR CIRCULATION OF  VISUAL,
 AURAL,  SPOKEN,  OR WRITTEN COMMUNICATION TO DIRECTLY OR INDIRECTLY: (A)
 INDUCE ANY PERSON OR ORGANIZATION TO PURCHASE A GOOD, PROGRAM,  PRODUCT,
 OR SERVICE, OR TO CONTRIBUTE FINANCIALLY TO A CAUSE; OR (B) RAISE AWARE-
 NESS OF A BRAND, GOOD, PROGRAM, PRODUCT, SERVICE, OR ISSUE.
   8."QUALIFIED  LOCAL  MEDIA ADVERTISING EXPENSES" MEANS AMOUNTS PAID OR
 INCURRED IN THE ORDINARY COURSE OF A TRADE OR BUSINESS  FOR  ADVERTISING
 USING  A  PRODUCT,  SERVICE,  OR  OTHER OFFERING THAT IS FULLY OWNED AND
 OPERATED BY A LOCAL NEWSPAPER  OR  BROADCAST  MEDIA  BUSINESS.  FOR  THE
 PURPOSES  OF  THIS  SECTION,  ADVERTISING  DISTRIBUTED IN A PROGRAMMATIC
 FASHION IN A DIGITAL FORMAT SHALL  NOT  BE  CONSIDERED  QUALIFIED  LOCAL
 MEDIA ADVERTISING EXPENSES.
   9.  "SMALL  BUSINESS"  SHALL  MEAN TEN EMPLOYEES OR FEWER AND SHALL BE
 DEEMED TO BE ONE WHICH IS RESIDENT IN THIS  STATE,  INDEPENDENTLY  OWNED
 AND OPERATED AND NOT DOMINANT IN ITS FIELD.
   § 502. APPLICATION AND APPROVAL PROCESS. 1. AN ELIGIBLE BUSINESS SHALL
 SUBMIT A COMPLETE APPLICATION AS PRESCRIBED BY THE COMMISSIONER.
   2.  THE  COMMISSIONER  SHALL  ESTABLISH PROCEDURES AND A TIMEFRAME FOR
 ELIGIBLE BUSINESSES TO SUBMIT APPLICATIONS. AS PART OF THE  APPLICATION,
 EACH ELIGIBLE BUSINESS SHALL:
   (A)  PROVIDE  EVIDENCE  IN A FORM AND MANNER PRESCRIBED BY THE COMMIS-
 SIONER OF THEIR STATUS AS AN ELIGIBLE BUSINESS;
   (B) AGREE TO ALLOW THE DEPARTMENT OF TAXATION AND FINANCE TO SHARE THE
 ELIGIBLE BUSINESS'S TAX INFORMATION WITH THE DEPARTMENT;
   (C) AGREE TO ALLOW THE DEPARTMENT  OF  LABOR  TO  SHARE  ITS  TAX  AND
 EMPLOYER INFORMATION WITH THE DEPARTMENT PROVIDED, HOWEVER, ANY INFORMA-
 TION  SHARED  AS  A  RESULT  OF  THIS PROGRAM SHALL NOT BE AVAILABLE FOR
 DISCLOSURE OR INSPECTION UNDER THE STATE FREEDOM OF INFORMATION LAW;
   (D) ALLOW THE DEPARTMENT AND ITS AGENTS ACCESS TO ANY  AND  ALL  BOOKS
 AND RECORDS THE DEPARTMENT MAY REQUIRE TO MONITOR COMPLIANCE; AND
   (E)  AGREE  TO  PROVIDE  ANY  ADDITIONAL  INFORMATION  REQUIRED BY THE
 DEPARTMENT RELEVANT TO THIS ARTICLE.
   3. AFTER REVIEWING AN ELIGIBLE BUSINESS'S COMPLETED FINAL  APPLICATION
 AND DETERMINING THAT SUCH ELIGIBLE BUSINESS MEETS THE ELIGIBILITY CRITE-
 RIA  AS  SET  FORTH  IN  THIS  ARTICLE, THE DEPARTMENT MAY ISSUE TO SUCH
 ELIGIBLE BUSINESS A CERTIFICATE OF TAX CREDIT. AN ELIGIBLE BUSINESS  MAY
 CLAIM SUCH TAX CREDIT.
   §  503.  LOCAL  NEWSPAPER AND BROADCAST MEDIA BUSINESS ADVERTISING TAX
 CREDIT. 1. AN ELIGIBLE BUSINESS THAT MEETS THE ELIGIBILITY  REQUIREMENTS
 OF  THIS  ARTICLE,  AND  MEETS  ANY  ADDITIONAL  ELIGIBILITY CRITERIA AS
 PRESCRIBED BY REGULATIONS ESTABLISHED PURSUANT TO THIS SECTION,  MAY  BE
 S. 1865                             4
 
 ELIGIBLE  TO  CLAIM  A  CREDIT  EQUALING EIGHTY PERCENT OF SUCH ELIGIBLE
 BUSINESS'S  EXPENDITURES  TOWARDS  QUALIFIED  LOCAL  MEDIA   ADVERTISING
 EXPENSES.  SUCH  EXPENDITURES  TOWARDS QUALIFIED LOCAL MEDIA ADVERTISING
 EXPENSES  USED  TO  CALCULATE SUCH CREDIT SHALL NOT EXCEED FIVE THOUSAND
 DOLLARS.
   2. THE TOTAL AMOUNT OF TAX CREDITS LISTED ON CERTIFICATES OF TAX CRED-
 IT ISSUED BY THE COMMISSIONER PURSUANT TO THIS ARTICLE SHALL NOT  EXCEED
 TEN  MILLION  DOLLARS FOR EACH YEAR THE CREDIT IS AVAILABLE PER ELIGIBLE
 BUSINESS FOR THE TAXABLE YEAR. WITHIN THIS AMOUNT, SIX  MILLION  DOLLARS
 SHALL BE SET ASIDE FOR MINORITY-OWNED BUSINESS ENTERPRISES AS DEFINED IN
 SECTION  THREE  HUNDRED  TEN  OF THE EXECUTIVE LAW, WOMEN-OWNED BUSINESS
 ENTERPRISES AS DEFINED IN SECTION THREE HUNDRED TEN OF THE EXECUTIVE LAW
 AND CERTIFIED  SERVICE-DISABLED  VETERAN-OWNED  BUSINESS  ENTERPRISE  AS
 DEFINED  IN SECTION FORTY OF THE VETERANS' SERVICES LAW AND FOUR MILLION
 DOLLARS SHALL BE SET ASIDE FOR SMALL BUSINESSES AS  DEFINED  IN  SECTION
 FIVE HUNDRED ONE OF THIS ARTICLE. ALLOCATIONS MAY BE UTILIZED ACROSS THE
 ABOVE REFERENCED BUSINESSES SHOULD EITHER ONE BE UNDER-ALLOCATED.
   3. THE CREDIT SHALL BE ALLOWED AS PROVIDED IN SECTION FIFTY OF THE TAX
 LAW.
   §  504.  POWERS  AND  DUTIES  OF THE COMMISSIONER. 1. THE COMMISSIONER
 SHALL PROMULGATE REGULATIONS ESTABLISHING  AN  APPLICATION  PROCESS  AND
 ELIGIBILITY  CRITERIA, THAT WILL BE APPLIED CONSISTENT WITH THE PURPOSES
 OF THIS ARTICLE, SO AS NOT TO EXCEED THE ANNUAL CAP ON TAX  CREDITS  SET
 FORTH  IN  THIS  SECTION  WHICH,  NOTWITHSTANDING  ANY PROVISIONS TO THE
 CONTRARY IN THE STATE ADMINISTRATIVE PROCEDURE ACT, MAY BE ADOPTED ON AN
 EMERGENCY BASIS.
   2. THE COMMISSIONER SHALL, IN  CONSULTATION  WITH  THE  DEPARTMENT  OF
 TAXATION  AND FINANCE, DEVELOP A CERTIFICATE OF TAX CREDIT THAT SHALL BE
 ISSUED BY THE COMMISSIONER  TO  ELIGIBLE  BUSINESSES.  SUCH  CERTIFICATE
 SHALL CONTAIN SUCH INFORMATION AS REQUIRED BY THE DEPARTMENT OF TAXATION
 AND FINANCE.
   3.  THE  COMMISSIONER  SHALL  SOLELY  DETERMINE THE ELIGIBILITY OF ANY
 APPLICANT APPLYING FOR SUCH TAX CREDIT.
   § 3. The tax law is amended by adding a new  section  50  to  read  as
 follows:
   §  50.  LOCAL  NEWSPAPER  AND BROADCAST MEDIA BUSINESS ADVERTISING 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-EIGHT OF  THE  ECONOMIC  DEVELOPMENT  LAW.  A
 TAXPAYER THAT IS A PARTNER IN A PARTNERSHIP, MEMBER OF A LIMITED LIABIL-
 ITY  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 LOCAL NEWSPAPER OR BROAD-
 CAST MEDIA BUSINESS ADVERTISING TAX CREDIT THE TAXPAYER SHALL HAVE  BEEN
 ISSUED  A CERTIFICATE OF TAX CREDIT BY THE DEPARTMENT OF ECONOMIC DEVEL-
 OPMENT PURSUANT TO ARTICLE TWENTY-EIGHT OF THE ECONOMIC DEVELOPMENT LAW,
 WHICH CERTIFICATE 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 LISTED ON THE CERTIFICATE OF TAX CREDIT FOR THAT TAXABLE
 YEAR.
 S. 1865                             5
 
   (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 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-EIGHT  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 61.
   (2) ARTICLE 22: SECTION 606, SUBSECTION (QQQ).
   §  4. Section 210-B of the tax law is amended by adding a new subdivi-
 sion 61 to read as follows:
   61. LOCAL NEWSPAPER AND BROADCAST MEDIA BUSINESS ADVERTISING TAX CRED-
 IT. (A) ALLOWANCE OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE
 COMPUTED AS PROVIDED IN SECTION FIFTY OF THIS CHAPTER, AGAINST THE TAXES
 IMPOSED BY THIS ARTICLE.
   (B) APPLICATION OF CREDIT. THE CREDIT ALLOWED UNDER  THIS  SUBDIVISION
 FOR  THE TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS
 THAN THE AMOUNT PRESCRIBED  IN  PARAGRAPH  (D)  OF  SUBDIVISION  ONE  OF
 SECTION TWO HUNDRED TEN OF THIS ARTICLE. HOWEVER, IF THE AMOUNT OF CRED-
 IT ALLOWABLE UNDER THIS SUBDIVISION FOR THE TAXABLE YEAR REDUCES THE TAX
 TO  SUCH AMOUNT OR IF THE TAXPAYER OTHERWISE PAYS TAX BASED ON THE FIXED
 DOLLAR MINIMUM AMOUNT, ANY AMOUNT OF CREDIT THUS NOT DEDUCTIBLE IN  SUCH
 TAXABLE YEAR SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR
 REFUNDED  IN  ACCORDANCE  WITH  THE  PROVISIONS  OF SECTION ONE THOUSAND
 EIGHTY-SIX  OF  THIS  CHAPTER.  PROVIDED,  HOWEVER,  THE  PROVISIONS  OF
 SUBSECTION  (C)  OF  SECTION  ONE  THOUSAND EIGHTY-EIGHT OF THIS CHAPTER
 NOTWITHSTANDING, NO INTEREST WILL BE PAID THEREON.
   § 5. Section 606 of the tax law is amended by adding a new  subsection
 (qqq) to read as follows:
   (QQQ)  LOCAL  NEWSPAPER  AND  BROADCAST MEDIA BUSINESS ADVERTISING TAX
 CREDIT. (1) ALLOWANCE OF CREDIT. A TAXPAYER SHALL BE ALLOWED  A  CREDIT,
 TO BE COMPUTED AS PROVIDED IN SECTION FIFTY OF THIS CHAPTER, AGAINST THE
 TAX IMPOSED BY THIS ARTICLE.
   (2)  APPLICATION  OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER
 THIS SUBSECTION FOR THE TAXABLE YEAR EXCEEDS THE TAXPAYER'S TAX FOR SUCH
 YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDIT-
 ED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX  HUNDRED
 EIGHTY-SIX  OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST WILL BE
 PAID THEREON.
   § 6. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
 of  the  tax  law  is  amended  by  adding a new clause (lii) to read as
 follows:
 (LII) LOCAL NEWSPAPER ADVERTISING    AMOUNT OF CREDIT UNDER
 UNDER SUBSECTION (QQQ)               SUBDIVISION SIXTY-ONE OF SECTION
                                      TWO HUNDRED TEN-B
   § 7. This act shall take effect immediately and  shall  apply  to  tax
 years  beginning on or after January 1, 2026 and shall expire January 1,
 2030 when upon such date the provisions of  this  act  shall  be  deemed
 repealed.