§ 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 eligible to
claim a 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 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 eligible to claim a 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 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 business entities with one hundred or fewer
employees. Fifty percent of the newspaper and broadcast media existing
jobs component credits will be set-aside for eligible business entities
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.