S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6756--A
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                              March 24, 2025
                                ___________
 
 Introduced  by Sens. HOYLMAN-SIGAL, MAY -- read twice and ordered print-
   ed, and when printed to be committed to  the  Committee  on  Commerce,
   Economic  Development and Small Business -- committee discharged, bill
   amended, ordered reprinted as amended and recommitted to said  commit-
   tee

 AN  ACT  to amend the economic development law, in relation to the defi-
   nition of business entity; and to amend the tax law,  in  relation  to
   the  allowance  and  application  of the newspaper and broadcast media
   jobs tax credit
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section 492 of the economic development law is amended by
 adding a new subdivision 14 to read as follows:
   14. "BUSINESS ENTITY" SHALL INCLUDE, BUT NOT BE LIMITED TO, A NOT-FOR-
 PROFIT CORPORATION AND A PUBLIC TELEVISION OR RADIO CORPORATION.
   § 2. Subdivision (a) of section 49 of the tax law, as added by section
 3 of part AAA of chapter 56 of the laws of 2024, is amended to  read  as
 follows:
   (a)  Allowance  of  credit.  A  taxpayer  subject to tax under article
 nine-A or ARTICLE 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.  NOTWITHSTANDING THAT A TAXPAYER IS NOT SUBJECT TO TAX UNDER  ARTI-
 CLE  NINE-A  OR ARTICLE TWENTY-TWO OF THIS CHAPTER, IF THE TAXPAYER IS A
 CORPORATION TO WHICH ARTICLE ONE OF THE NOT-FOR-PROFIT  CORPORATION  LAW
 APPLIES, OR A PUBLIC TELEVISION OR A RADIO CORPORATION UNDER SECTION TWO
 HUNDRED  THIRTY-SIX  OF  THE EDUCATION LAW, IT SHALL BE ALLOWED A CREDIT
 AGAINST THE TAX PROVIDED IN THIS SECTION. 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11212-02-5
              

 S. 6756--A                          2
 
 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.
   § 3. Subparagraph 2 of subsection (ppp) of section 606 of the tax law,
 as  added by section 5 of part AAA of chapter 56 of the laws of 2024, is
 amended to read as follows:
   (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,  OR,  IF THE TAXPAYER IS A CORPORATION TO WHICH ARTICLE ONE OF THE
 NOT-FOR-PROFIT CORPORATION LAW APPLIES OR A PUBLIC TELEVISION OR A RADIO
 CORPORATION UNDER SECTION TWO HUNDRED THIRTY-SIX OF THE  EDUCATION  LAW,
 AND HAS NO TAX FOR THE CREDIT ALLOWED HEREIN TO OFFSET, the excess shall
 be  treated  as  an  overpayment  of  tax  to be credited 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.
   § 4. This act shall take effect immediately and  shall  apply  to  tax
 years commencing on and after January 1, 2026.