§ 492 — Definitions

§ 492. Definitions. For the purposes of this article:\n 1. "Average full-time employment" shall mean the average number of\nfull-time positions employed by an eligible business in an eligible\nindustry during a given period.\n 2. "Average starting full-time employment" shall be calculated as the\naverage number of full-time positions employed by an eligible business\nin an eligible industry during a timeframe to be determined by the\ndepartment of economic development.\n 3. "Average ending full-time employment" shall be calculated as the\naverage number of full-time positions employed by an eligible business\nin an eligible industry during a timeframe to be determined by the\ndepartment of economic development.\n 4. "Certificate of tax credit" means the document issued to an\neligible business by the department after the department has verified\nthat the eligible business has met all applicable eligibility criteria\nin this article. The certificate shall specify the exact amount of the\ntax credit under this article that an eligible business may claim,\npursuant to section four hundred ninety-five and section four hundred\nninety-six of this article.\n 5. "Commissioner" shall mean commissioner of economic development.\n 6. "Department" shall mean the department of economic development.\n 7. "Eligible business" shall mean a print media or broadcast media\nbusiness operating within an eligible industry, which also carries media\nliability insurance. For the purposes of this subdivision, each print\nmedia publication serving a separate market, as determined by the\ndepartment, shall be treated as a separate print media business.\n 8. "Eligible employee" shall mean an employee working full-time at an\neligible business, as determined by the department.\n 9. "Eligible industry" means an eligible business operating\npredominantly in the newspaper publishing sector or the broadcast media\nsector, as determined by the department.\n 10. "Net employee increase" means an increase of at least one\nfull-time employee between the average starting full-time employment and\nthe average ending full-time employment of an eligible business, as\ndefined by the department.\n 11. "Newspaper and broadcast media jobs tax credit" shall mean a tax\ncredit which shall provide a credit to eligible businesses operating\nwithin eligible industries. The newspaper and broadcast media jobs tax\ncredit shall have two components. The newspaper and broadcast media new\njob creation component shall allow a credit of five-thousand dollars per\nnet new job created at eligible businesses operating within eligible\nindustries. The newspaper and broadcast media existing jobs component\nshall allow a tax credit available to support the costs related to\nretention of existing jobs at eligible businesses operating within\neligible industries.\n 12. (a)"Broadcast media business" means any broadcast station which:\n (i) has been broadcasting for at least one year prior to the tax year\nfor which it is applying for a credit;\n (ii) owns or operates a broadcast station, as defined by section three\nof the federal communications act of 1934; and\n (iii) discloses its ownership to the public at such times and in such\nmanner as identified by the commissioner.\n (b) For purposes of this paragraph each FCC licensed broadcast station\nserving a separate market shall be treated as a separate broadcast media\nbusiness.\n 13. "Independently owned" shall mean a business entity that is not a\npublicly traded entity or no more than five percent of the beneficial\nownership of which is owned, directly or indirectly by a publicly traded\nentity.\n