S 6756: Includes not-for-profit corporations and public television or radio corporations in the definition of business entity; allows such entities to claim the newspaper and broadcast media jobs tax credit.

  
  STATE OF NEW YORK ________________________________________________________________________ 6756 2025-2026 Regular Sessions  IN SENATE March 24, 2025 ___________ Introduced by Sen. HOYLMAN-SIGAL -- read twice and ordered printed, and when printed to be committed to the Committee on Commerce, Economic Development and Small Business 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: 1 Section 1. Section 492 of the economic development law is amended by 2 adding a new subdivision 14 to read as follows: 3 14. "Business entity" shall include a not-for-profit corporation and a 4 public television or radio corporation. 5 § 2. Subdivision (a) of section 49 of the tax law, as added by section 6 3 of part AAA of chapter 56 of the laws of 2024, is amended to read as 7 follows: 8 (a) Allowance of credit. A taxpayer subject to tax under article 9 nine-A or article twenty-two of this chapter shall be allowed a credit 10 against such tax, pursuant to the provisions referenced in subdivision 11 (e) of this section. The amount of the credit is equal to the amount 12 determined pursuant to article twenty-seven of the economic development 13 law. Notwithstanding that a taxpayer is not subject to tax under arti- 14 cle nine-A or article twenty-two of this chapter, if the taxpayer is a 15 corporation to which article one of the not-for-profit corporation law 16 applies, or a public television or a radio corporation under section two 17 hundred thirty-six of the education law, it shall be allowed a credit 18 against the tax provided in this section. A taxpayer that is a partner 19 in a partnership, member of a limited liability company or shareholder 20 in a subchapter S corporation shall be allowed its pro-rata share of the 21 credit allowed for the partnership, limited liability company or 22 subchapter S corporation. No cost or expense paid or incurred that is EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11212-01-5 
 S. 6756 2 1 included as part of the calculation of this credit shall be the basis of 2 any other tax credit allowed under this chapter. 3 § 3. Subparagraph 2 of subsection (ppp) of section 606 of the tax law, 4 as added by section 5 of part AAA of chapter 56 of the laws of 2024, is 5 amended to read as follows: 6 (2) Application of credit. If the amount of the credit allowed under 7 this subsection for the taxable year exceeds the taxpayer's tax for such 8 year, or, if the taxpayer is a corporation to which article one of the 9 not-for-profit corporation law applies or a public television or a radio 10 corporation under section two hundred thirty-six of the education law, 11 and has no tax for the credit allowed herein to offset, the excess shall 12 be treated as an overpayment of tax to be credited or refunded in 13 accordance with the provisions of section six hundred eighty-six of this 14 article, provided, however, that no interest will be paid thereon. 15 § 4. This act shall take effect immediately and shall apply to tax 16 years commencing on and after January 1, 2026.