§ 495 — Newspaper and broadcast media jobs tax credit

§ 495. Newspaper and broadcast media jobs tax credit. 1. A business\nentity that meets the eligibility requirements of section four hundred\nninety-three of this article, and meets any additional eligibility\ncriteria as articulated in regulations established pursuant to this\nsection, and demonstrates a net employee increase, may be issued a\ncertificate of tax credit equal to five thousand dollars per each\nfull-time net employee increase as defined in section four hundred\nninety-two of this article. A business entity, including a partnership,\nlimited liability company and subchapter S corporation, may not receive\nin excess of twenty thousand dollars in tax credits for each print media\nbusiness or broadcast media business under this program.\n 2. A business entity that meets the eligibility requirements of\nsection four hundred ninety-three of this article, and meets any\nadditional eligibility criteria as articulated in regulations\nestablished pursuant to this section, may be issued a certificate of tax\ncredit equal to fifty percent of annual wages of an eligible employee.\nThe calculation of such a credit shall only be applied to up to fifty\nthousand dollars in wages paid annually per eligible employee. A\nbusiness entity, including a partnership, limited liability company and\nsubchapter S corporation, may not receive in excess of three hundred\nthousand dollars in tax credits for each print media business or\nbroadcast media business under this program.\n 3. The total amount of tax credits listed on certificates of tax\ncredit issued by the commissioner pursuant to this article may not\nexceed thirty million dollars for each year the credit is available.\nWithin this amount, the newspaper and broadcast media new job creation\ncomponent of the credit may not exceed four million dollars per year and\nthe newspaper and broadcast media existing jobs component of the credit\nmay not exceed twenty-six million dollars per year. Fifty percent of the\nnewspaper and broadcast media existing jobs component credits will be\nset-aside for eligible businesses with one hundred or fewer employees.\nFifty percent of the newspaper and broadcast media existing jobs\ncomponent credits will be set-aside for eligible businesses with over\none hundred employees. In both instances the cap will be three hundred\nthousand dollars under this program.\n 4. The credit shall be allowed as provided in section forty-nine of\nthe tax law.\n