S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7544
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             November 24, 2021
                                ___________
 
 Introduced  by  Sen. HOYLMAN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the tax law, in relation to providing a tax  credit  for
   the  cost  of  subscriptions  that  support local newspapers and other
   local media and a payroll tax credit for compensation of  journalists;
   and to provide for the repeal of such provisions upon expiration ther-
   eof
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. This act shall be known and may  be  cited  as  the  "local
 journalism sustainability act".
   §  2. Section 606 of the tax law is amended by adding a new subsection
 (nnn) to read as follows:
   (NNN) CREDIT FOR QUALIFYING PUBLICATION SUBSCRIPTIONS.  (1)  ALLOWANCE
 OF  CREDIT.   FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO
 THOUSAND TWENTY-TWO, A CREDIT FOR QUALIFYING  PUBLICATION  SUBSCRIPTIONS
 SHALL  BE  ALLOWED TO A RESIDENT INDIVIDUAL OF THE STATE AGAINST THE TAX
 IMPOSED BY THIS ARTICLE IN AN AMOUNT EQUAL TO THE APPLICABLE  PERCENTAGE
 OF  AMOUNTS PAID OR INCURRED FOR SUBSCRIPTIONS TO ONE OR MORE QUALIFYING
 PUBLICATIONS FOR THE PERSONAL USE OF THE TAXPAYER.
   (2) APPLICATION OF CREDIT. THE CREDIT ALLOWED UNDER PARAGRAPH  ONE  OF
 THIS  SUBSECTION  TO  ANY TAXPAYER FOR ANY TAXABLE YEAR SHALL NOT EXCEED
 TWO HUNDRED FIFTY DOLLARS PER TAX YEAR  AND  SHALL  BE  SUBJECT  TO  THE
 APPLICABLE PERCENTAGES DESCRIBED IN THIS SUBDIVISION.
   (3) DEFINITIONS. AS USED IN THIS SUBSECTION, THE FOLLOWING TERMS SHALL
 HAVE THE FOLLOWING MEANINGS:
   (A)  "APPLICABLE  PERCENTAGE"  MEANS: (I) IN THE FIRST TAXABLE YEAR TO
 WHICH THIS SECTION APPLIES, EIGHTY PERCENT OF  THE  TOTAL  COST  OF  THE
 SUBSCRIPTION  OR SUBSCRIPTIONS, AND (II) IN ANY SUBSEQUENT TAXABLE YEAR,
 FIFTY PERCENT OF THE TOTAL COST OF THE SUBSCRIPTION OR SUBSCRIPTIONS.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10520-04-1
 S. 7544                             2
              

 
   (B) "QUALIFYING PUBLICATION" MEANS, WITH RESPECT TO ANY CALENDAR YEAR,
 ANY PRINT OR DIGITAL PUBLICATION:
   (I)  THE  PRIMARY  PURPOSE  OF  WHICH IS TO SERVE A LOCAL COMMUNITY BY
 PROVIDING LOCAL NEWS, WHICH IS PUBLISHED  DURING  EACH  QUARTER  OF  THE
 CALENDAR  YEAR  AND  HAS BEEN PUBLISHED DURING EACH OF THE FOUR CALENDAR
 QUARTERS PRECEDING SUCH CALENDAR YEAR;
   (II) WHICH IS COVERED BY MEDIA LIABILITY INSURANCE FOR  SUCH  CALENDAR
 YEAR;
   (III)  WHICH  PUBLISHES  THE  OWNER'S  NAME  PURSUANT TO SECTION THREE
 HUNDRED THIRTY OF THE GENERAL BUSINESS  LAW,  PROVIDED  THAT  A  DIGITAL
 PUBLICATION  SHALL  PUBLISH  THE INFORMATION REQUIRED BY SUCH SECTION ON
 THE WEBSITE OF SUCH PUBLICATION; AND
   (IV) WHICH RECEIVES  SERVICES  FROM  NOT  MORE  THAN  FIFTEEN  HUNDRED
 PERSONS DURING SUCH CALENDAR QUARTER.
  (C)  (A) "LOCAL COMMUNITY" MEANS, WITH RESPECT TO ANY QUALIFYING PUBLI-
 CATION, A GEOGRAPHICALLY CONTIGUOUS AREA THAT DOES NOT EXCEED THE BOUND-
 ARIES OF:
  (I) THE METROPOLITAN OR MICROPOLITAN STATISTICAL AREA,  AS  DEFINED  BY
 THE  FEDERAL  OFFICE  OF  MANAGEMENT AND BUDGET, IN WHICH THE QUALIFYING
 PUBLICATION IS PRIMARILY DISTRIBUTED;
  (II) IF SUCH QUALIFYING PUBLICATION IS NOT PRIMARILY DISTRIBUTED  IN  A
 METROPOLITAN  OR MICROPOLITAN STATISTICAL AREA, THE COUNTY IN WHICH SUCH
 QUALIFYING PUBLICATION IS PRIMARILY DISTRIBUTED; OR
   (III) IF SUCH QUALIFYING PUBLICATION IS NOT PRIMARILY DISTRIBUTED IN A
 METROPOLITAN OR MICROPOLITAN STATISTICAL AREA OR A COUNTY, THE STATE.
   (B) A DIGITAL PUBLICATION SHALL BE CONSIDERED TO BE PRIMARILY DISTRIB-
 UTED IN THE AREA WHERE SUCH PUBLICATION IS PRIMARILY CONSUMED.
   (4) APPLICATION TO CERTAIN ORGANIZATIONS EXEMPT FROM TAX. IN THE  CASE
 OF  ANY  PRINT OR DIGITAL PUBLICATION THAT IS PUBLISHED BY ANY ORGANIZA-
 TION DESCRIBED IN SECTION 501(C) OF THE INTERNAL REVENUE  CODE  OF  1986
 AND EXEMPT FROM TAX UNDER SECTION 501(A) OF THE INTERNAL REVENUE CODE OF
 1986,  SUCH  PUBLICATION  SHALL  BE  TREATED AS A QUALIFYING PUBLICATION
 UNDER THIS SUBSECTION ONLY IF: (I) THE PUBLICATION OF PRINT AND  DIGITAL
 PUBLICATIONS  IS THE PRIMARY ACTIVITY OF SUCH ORGANIZATION; AND (II) ANY
 PERSON MAKING A CHARITABLE CONTRIBUTION (AS DEFINED IN SECTION 170(C) OF
 THE INTERNAL REVENUE CODE OF 1986) TO SUCH  ORGANIZATION  MAY  ELECT  TO
 TREAT SUCH CONTRIBUTION AS AN AMOUNT PAID OR INCURRED FOR A SUBSCRIPTION
 TO  WHICH  THIS SUBSECTION APPLIES IN LIEU OF TREATING SUCH CONTRIBUTION
 AS A CHARITABLE CONTRIBUTION FOR PURPOSES OF SECTION 170 OF THE INTERNAL
 REVENUE CODE OF 1986.
   (5) LIMITATION. THE CREDIT ALLOWABLE UNDER THIS  SUBSECTION  SHALL  BE
 ALLOWABLE  FOR  A  PERIOD  OF FIVE YEARS FROM THE EFFECTIVE DATE OF THIS
 SUBSECTION. NO CREDIT SHALL BE ALLOWED UNDER  THIS  SUBSECTION  FOR  ANY
 AMOUNT  PAID  OR  INCURRED  BY THE TAXPAYER IN A TAXABLE YEAR COMMENCING
 AFTER THE CLOSE OF THE FIVE-YEAR PERIOD.  NO  CREDIT  SHALL  BE  ALLOWED
 UNDER THIS SUBSECTION FOR ANY PORTION OF AN AMOUNT PAID OR INCURRED BY A
 TAXPAYER  IN  A  TAXABLE  YEAR FOR ANY SUBSCRIPTION OR EXTENSION THEREOF
 THAT EXTENDS BEYOND THE CLOSE OF THE FIVE-YEAR PERIOD BEGINNING  ON  THE
 EFFECTIVE DATE OF THIS SUBSECTION.
   §  3.  The  tax law is amended by adding a new section 24-d to read as
 follows:
   § 24-D. PAYROLL CREDIT FOR COMPENSATION OF JOURNALISTS. (A) IN  GENER-
 AL.   AN ELIGIBLE LOCAL NEWS JOURNALIST EMPLOYER WHICH IS SUBJECT TO TAX
 UNDER ARTICLES NINE-A OR TWENTY-TWO OF THIS CHAPTER SHALL BE  ALLOWED  A
 CREDIT AGAINST SUCH TAX, TO BE COMPUTED AS PROVIDED IN THIS SECTION, FOR
 EACH  CALENDAR  QUARTER  AN AMOUNT EQUAL TO THE APPLICABLE PERCENTAGE OF
 S. 7544                             3
 
 WAGES PAID BY SUCH EMPLOYER TO LOCAL NEWS JOURNALISTS FOR SUCH  CALENDAR
 QUARTER.
   (B) LIMITATIONS. (1) THE NUMBER OF LOCAL NEWS JOURNALISTS WHICH MAY BE
 TAKEN INTO ACCOUNT UNDER SUBDIVISION (A) OF THIS SECTION WITH RESPECT TO
 ANY  ELIGIBLE  LOCAL  NEWS  JOURNALIST EMPLOYER FOR ANY CALENDAR QUARTER
 SHALL NOT EXCEED ONE THOUSAND FIVE HUNDRED.
   (2) THE AMOUNT OF WAGES PAID WITH RESPECT TO ANY INDIVIDUAL WHICH  MAY
 BE  TAKEN  INTO ACCOUNT UNDER SUBDIVISION (A) OF THIS SECTION DURING ANY
 CALENDAR QUARTER BY THE ELIGIBLE LOCAL NEWS  JOURNALIST  EMPLOYER  SHALL
 NOT EXCEED TWELVE THOUSAND FIVE HUNDRED DOLLARS.
   (3) THE PROVISIONS OF THIS SECTION SHALL ONLY APPLY TO THE FIRST TWEN-
 TY CALENDAR QUARTERS BEGINNING AFTER THE EFFECTIVE DATE OF THIS SECTION.
   (4) THE CREDIT ALLOWED BY SUBDIVISION (A) OF THIS SECTION WITH RESPECT
 TO ANY CALENDAR QUARTER SHALL NOT EXCEED THE APPLICABLE EMPLOYMENT TAXES
 (REDUCED BY ANY CREDITS ALLOWED UNDER SUBSECTIONS (E) AND (F) OF SECTION
 3111 OF THE INTERNAL REVENUE CODE OF 1986, SECTIONS 7001 AND 7003 OF THE
 FAMILIES  FIRST  CORONAVIRUS RESPONSE ACT, AND SECTION 2301 OF THE CARES
 ACT) ON THE WAGES PAID WITH RESPECT TO THE EMPLOYMENT OF ALL THE EMPLOY-
 EES OF THE ELIGIBLE NEWSPAPER EMPLOYER FOR SUCH CALENDAR QUARTER.
   (5) THIS SECTION SHALL NOT APPLY WITH RESPECT TO  ANY  ELIGIBLE  LOCAL
 NEWS  JOURNALIST  EMPLOYER  FOR  ANY  CALENDAR  QUARTER IF SUCH EMPLOYER
 ELECTS (AT SUCH  TIME  AND  IN  SUCH  MANNER  AS  THE  COMMISSIONER  MAY
 PRESCRIBE) NOT TO HAVE THIS SECTION APPLY.
   (6)  ANY  WAGES  TAKEN  INTO ACCOUNT IN DETERMINING THE CREDIT ALLOWED
 UNDER THIS SECTION SHALL NOT BE  TAKEN  INTO  ACCOUNT  FOR  PURPOSES  OF
 DETERMINING ANY OTHER CREDIT ALLOWED UNDER THIS CHAPTER.
   (7)  THE  CREDIT ALLOWABLE UNDER THIS SECTION SHALL BE ALLOWABLE FOR A
 PERIOD OF FIVE YEARS FROM THE EFFECTIVE DATE OF THIS SECTION. NO  CREDIT
 SHALL  BE  ALLOWED UNDER THIS SECTION FOR ANY AMOUNT PAID OR INCURRED BY
 THE TAXPAYER IN A TAXABLE YEAR COMMENCING AFTER THE CLOSE OF  THE  FIVE-
 YEAR  PERIOD.  NO  CREDIT  SHALL  BE  ALLOWED UNDER THIS SECTION FOR ANY
 PORTION OF AN AMOUNT PAID OR INCURRED BY THE TAXPAYER IN A TAXABLE  YEAR
 FOR  ANY  WAGES  THAT  EXTEND  BEYOND  THE CLOSE OF THE FIVE-YEAR PERIOD
 BEGINNING ON THE EFFECTIVE DATE OF THIS SECTION.
   (C) DEFINITIONS. AS USED IN THIS SECTION, THE  FOLLOWING  TERMS  SHALL
 HAVE THE FOLLOWING MEANINGS:
   (1) "APPLICABLE PERCENTAGE" MEANS:
   (A)  IN  THE CASE OF EACH OF THE FIRST FOUR CALENDAR QUARTERS TO WHICH
 THIS SECTION APPLIES, FIFTY PERCENT; AND
   (B) IN THE CASE OF EACH CALENDAR QUARTER THEREAFTER, THIRTY PERCENT.
   (2) (A) "ELIGIBLE LOCAL NEWS JOURNALIST EMPLOYER" MEANS, WITH  RESPECT
 TO  ANY  CALENDAR  QUARTER, ANY EMPLOYER WHICH: (I) IS AN ELIGIBLE LOCAL
 NEWS ORGANIZATION OR A QUALIFYING BROADCAST STATION;  AND  (II)  EMPLOYS
 LOCAL NEWS JOURNALISTS.
   (B)  ALL  PERSONS TREATED AS A SINGLE EMPLOYER UNDER SUBSECTION (A) OR
 (B) OF SECTION 52 OF THE INTERNAL REVENUE CODE OF  1986,  OR  SUBSECTION
 (M) OR (O) OF SECTION 414 OF SUCH CODE, SHALL BE TREATED AS ONE EMPLOYER
 FOR PURPOSES OF THIS SECTION.
   (3)  "ELIGIBLE  LOCAL  NEWS  ORGANIZATION"  MEANS, WITH RESPECT TO ANY
 CALENDAR QUARTER, ANY EMPLOYER WHICH:
   (A) PUBLISHES ONE OR MORE QUALIFYING PUBLICATIONS DURING THE  CALENDAR
 QUARTER,
   (B) IS NOT A DISQUALIFIED ORGANIZATION; AND
   (C)  DID  NOT DERIVE MORE THAN FIFTY PERCENT OF ITS GROSS RECEIPTS FOR
 SUCH CALENDAR QUARTER FROM DISQUALIFIED ORGANIZATIONS.
 S. 7544                             4
 
   (4) "QUALIFYING BROADCAST STATION" MEANS, WITH RESPECT TO ANY CALENDAR
 QUARTER, ANY EMPLOYER WHICH:
   (A)  OWNS OR OPERATES A BROADCAST STATION, AS DEFINED BY SECTION THREE
 OF THE FEDERAL COMMUNICATIONS ACT OF 1934,
   (B) IS NOT A DISQUALIFIED ORGANIZATION;
   (C) DID NOT DERIVE MORE THAN FIFTY PERCENT OF ITS GROSS  RECEIPTS  FOR
 SUCH CALENDAR QUARTER FROM DISQUALIFIED ORGANIZATIONS; AND
   (D)  DISCLOSES  ITS  OWNERSHIP TO THE PUBLIC AT SUCH TIMES AND IN SUCH
 MANNER AS IDENTIFIED BY THE COMMISSIONER.
   (5) "LOCAL NEWS JOURNALIST" MEANS, WITH RESPECT TO ANY ELIGIBLE  LOCAL
 NEWS JOURNALIST FOR ANY CALENDAR QUARTER, ANY FULL TIME EMPLOYEE WHO (A)
 PROVIDES QUALIFIED SERVICES FOR AN AVERAGE OF NOT LESS THAN THIRTY HOURS
 PER  WEEK  FOR  EACH  WEEK DURING WHICH SUCH EMPLOYEE IS EMPLOYED BY THE
 ELIGIBLE LOCAL NEWS JOURNALIST EMPLOYER DURING THE CALENDAR QUARTER, AND
 (B) RESIDES WITHIN FIFTY MILES OF THE LOCAL COMMUNITY  WITH  RESPECT  TO
 THE  QUALIFYING PUBLICATION OR QUALIFYING BROADCAST STATION WITH RESPECT
 TO WHICH THE QUALIFIED SERVICES ARE PROVIDED.
   (6) "QUALIFIED SERVICES" MEANS SERVICES WHICH  CONSIST  OF  GATHERING,
 PREPARING,  DIRECTING  THE  RECORDING OF, PRODUCING, COLLECTING,  PHOTO-
 GRAPHING,   RECORDING,   WRITING,   EDITING,  REPORTING,  PRESENTING  OR
 PUBLISHING  ORIGINAL LOCAL COMMUNITY NEWS FOR DISSEMINATION TO THE LOCAL
 COMMUNITY.
   (7) "QUALIFYING PUBLICATION" MEANS, WITH RESPECT TO ANY CALENDAR QUAR-
 TER, ANY PRINT OR DIGITAL PUBLICATION:
   (A) THE PRIMARY PURPOSE OF WHICH IS TO  SERVE  A  LOCAL  COMMUNITY  BY
 PROVIDING LOCAL NEWS, WHICH IS PUBLISHED DURING THE CALENDAR QUARTER AND
 HAS  BEEN  PUBLISHED DURING EACH OF THE FOUR CALENDAR QUARTERS PRECEDING
 SUCH CALENDAR QUARTER;
   (B) WHICH IS COVERED BY MEDIA LIABILITY INSURANCE  FOR  SUCH  CALENDAR
 QUARTER;
   (C) WHICH PUBLISHES THE OWNER'S NAME PURSUANT TO SECTION THREE HUNDRED
 THIRTY  OF THE GENERAL BUSINESS LAW, PROVIDED THAT A DIGITAL PUBLICATION
 SHALL PUBLISH THE INFORMATION REQUIRED BY SUCH SECTION ON THE WEBSITE OF
 SUCH PUBLICATION; AND
   (D) WHICH RECEIVES SERVICES FROM NOT MORE THAN FIFTEEN HUNDRED PERSONS
 DURING SUCH CALENDAR QUARTER.
   (8) (A) "LOCAL COMMUNITY" MEANS, WITH RESPECT TO ANY QUALIFYING PUBLI-
 CATION, A GEOGRAPHICALLY CONTIGUOUS AREA THAT DOES NOT EXCEED THE BOUND-
 ARIES OF:
   (I) THE METROPOLITAN OR MICROPOLITAN STATISTICAL AREA, AS  DEFINED  BY
 THE  FEDERAL  OFFICE  OF  MANAGEMENT AND BUDGET, IN WHICH THE QUALIFYING
 PUBLICATION IS PRIMARILY DISTRIBUTED;
   (II) IF SUCH QUALIFYING PUBLICATION IS NOT PRIMARILY DISTRIBUTED IN  A
 METROPOLITAN  OR MICROPOLITAN STATISTICAL AREA, THE COUNTY IN WHICH SUCH
 QUALIFYING PUBLICATION IS PRIMARILY DISTRIBUTED; OR
   (III) IF SUCH QUALIFYING PUBLICATION IS NOT PRIMARILY DISTRIBUTED IN A
 METROPOLITAN OR MICROPOLITAN STATISTICAL AREA OR A COUNTY, THE STATE.
   (B) A DIGITAL PUBLICATION SHALL BE CONSIDERED TO BE PRIMARILY DISTRIB-
 UTED IN THE AREA WHERE SUCH PUBLICATION IS PRIMARILY CONSUMED.
   (9) "DISQUALIFIED ORGANIZATION" MEANS:
   (A) ANY ORGANIZATION DESCRIBED IN SECTION 501(C)(4)  OF  THE  INTERNAL
 REVENUE CODE AND EXEMPT FROM TAX UNDER SECTION 501(A) OF SUCH CODE;
   (B)  ANY ORGANIZATION DESCRIBED IN SECTION 527 OF THE INTERNAL REVENUE
 CODE; OR
 S. 7544                             5
 
   (C) ANY ORGANIZATION THAT IS CONTROLLED, DIRECTLY  OR  INDIRECTLY,  BY
 ONE  OR MORE ORGANIZATIONS DESCRIBED IN SUBPARAGRAPH (I) OR (II) OF THIS
 PARAGRAPH.
   (D)  MAXIMUM  AMOUNT  OF  CREDITS.  THE  MAXIMUM AMOUNT OF TAX CREDITS
 ALLOWED UNDER  THIS  SECTION,  SUBDIVISION  FIFTY-FIVE  OF  SECTION  TWO
 HUNDRED  TEN-B  AND  SUBSECTION  (W)  OF SECTION SIX HUNDRED SIX OF THIS
 CHAPTER IN ANY CALENDAR YEAR SHALL BE ONE MILLION DOLLARS  PER  ELIGIBLE
 NEWSPAPER EMPLOYER.
   (E)   ADMINISTRATION.   THE   COMMISSIONER  SHALL  ISSUE  SUCH  FORMS,
 INSTRUCTIONS, REGULATIONS, AND GUIDANCE AS ARE NECESSARY:
   (1) TO ALLOW THE ADVANCE PAYMENT OF THE CREDIT UNDER  SUBDIVISION  (A)
 OF  THIS  SECTION,  SUBJECT TO THE LIMITATIONS PROVIDED IN THIS SECTION,
 BASED ON SUCH INFORMATION AS THE COMMISSIONER SHALL REQUIRE;
   (2) TO PROVIDE FOR THE RECONCILIATION OF SUCH ADVANCE PAYMENT WITH THE
 AMOUNT ADVANCED AT THE TIME OF FILING THE RETURN OF TAX FOR THE APPLICA-
 BLE CALENDAR QUARTER OR TAXABLE YEAR; AND
   (3) WITH RESPECT TO THE APPLICATION OF THE  CREDIT  UNDER  SUBDIVISION
 (A)  OF  THIS  SECTION  TO  THIRD-PARTY  PAYORS  (INCLUDING PROFESSIONAL
 EMPLOYER ORGANIZATIONS, CERTIFIED PROFESSIONAL  EMPLOYER  ORGANIZATIONS,
 OR  AGENTS  UNDER  SECTION  3504  OF THE INTERNAL REVENUE CODE OF 1986),
 INCLUDING  REGULATIONS  OR  GUIDANCE  ALLOWING  SUCH  PAYORS  TO  SUBMIT
 DOCUMENTATION  NECESSARY TO SUBSTANTIATE THE ELIGIBLE EMPLOYER STATUS OF
 EMPLOYERS THAT USE SUCH PAYORS.
   (F) TREATMENT OF DEPOSITS. THE COMMISSIONER SHALL  WAIVE  ANY  PENALTY
 UNDER  THIS  CHAPTER FOR ANY FAILURE TO MAKE A DEPOSIT OF ANY APPLICABLE
 EMPLOYMENT TAXES IF THE COMMISSIONER DETERMINES THAT  SUCH  FAILURE  WAS
 DUE  TO  THE  REASONABLE  ANTICIPATION  OF THE CREDIT ALLOWED UNDER THIS
 SECTION.
   (G) CROSS-REFERENCES. FOR APPLICATION OF THE CREDIT  PROVIDED  FOR  IN
 THIS SECTION, SEE THE FOLLOWING PROVISIONS OF THIS CHAPTER:
   (1) ARTICLE 9-A: SECTION 210-B: SUBDIVISION 55.
   (2) ARTICLE 22: SECTION 606: SUBSECTIONS (I) AND (W).
   §  4. Section 210-B of the tax law is amended by adding a new subdivi-
 sion 55 to read as follows:
   55. PAYROLL CREDIT FOR COMPENSATION OF JOURNALISTS. (A)  ALLOWANCE  OF
 CREDIT.  A TAXPAYER WHO IS ELIGIBLE PURSUANT TO SECTION TWENTY-FOUR-D OF
 THIS CHAPTER SHALL BE ALLOWED A CREDIT TO BE  COMPUTED  AS  PROVIDED  IN
 SUCH SECTION AGAINST THE TAX IMPOSED BY THIS ARTICLE.
   (B)  APPLICATION  OF CREDIT. THE CREDIT ALLOWED UNDER THIS SUBDIVISION
 FOR ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO  LESS
 THAN  THE  AMOUNT  PRESCRIBED  IN  PARAGRAPH  (D)  OF SUBDIVISION ONE OF
 SECTION TWO HUNDRED TEN OF THIS ARTICLE; PROVIDED, HOWEVER, THAT IF  THE
 AMOUNT  OF  THE  CREDIT ALLOWABLE UNDER THIS SUBDIVISION FOR ANY TAXABLE
 YEAR REDUCES THE TAX TO SUCH AMOUNT OR IF THE  TAXPAYER  OTHERWISE  PAYS
 TAX BASED ON THE FIXED DOLLAR MINIMUM AMOUNT, THE EXCESS SHALL BE TREAT-
 ED  AS  AN  OVERPAYMENT  OF TAX TO BE CREDITED OR REFUNDED IN ACCORDANCE
 WITH THE PROVISIONS OF SECTION ONE THOUSAND EIGHTY-SIX OF THIS  CHAPTER;
 AND  PROVIDED, FURTHER, THAT THE PROVISIONS OF SUBSECTION (C) OF SECTION
 ONE THOUSAND EIGHTY-EIGHT OF THIS CHAPTER NOTWITHSTANDING,  NO  INTEREST
 SHALL BE PAID THEREON.
   §  5. Section 606 of the tax law is amended by adding a new subsection
 (w) to read as follows:
   (W) PAYROLL CREDIT FOR COMPENSATION OF JOURNALISTS. (1)  ALLOWANCE  OF
 CREDIT.  A TAXPAYER WHO IS ELIGIBLE PURSUANT TO SECTION TWENTY-FOUR-D OF
 THIS CHAPTER SHALL BE ALLOWED A CREDIT TO BE  COMPUTED  AS  PROVIDED  IN
 SUCH SECTION AGAINST THE TAX IMPOSED BY THIS ARTICLE.
 S. 7544                             6
 
   (2) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWABLE UNDER
 THIS SUBSECTION FOR ANY TAXABLE YEAR EXCEEDS THE TAXPAYER'S TAX FOR SUCH
 YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDIT-
 ED  OR  REFUNDED  AS  PROVIDED IN SECTION SIX HUNDRED EIGHTY-SIX OF THIS
 ARTICLE; PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON.
   §  6. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
 of the tax law is amended by adding a  new  clause  (xlvi)  to  read  as
 follows:
 (XLVI) PAYROLL CREDIT FOR            AMOUNT OF CREDIT FOR THE SUM OF
 COMPENSATION OF JOURNALISTS          PAYROLL CREDIT FOR COMPENSATION
 UNDER SUBSECTION (W)                 OF JOURNALISTS UNDER SUBDIVISION
                                      FIFTY-FIVE OF SECTION
                                      TWO HUNDRED TEN-B
   §  7.  This  act  shall take effect immediately and shall apply to tax
 years commencing on and after January 1, 2022; provided that:
   (a) this act shall expire and be deemed repealed January 1, 2027; and
   (b) the expiration and repeal of this act shall not affect  the  proc-
 essing  or  allowance of any tax credit provided in this act for any tax
 year commencing prior to January 1, 2027.
   Effective immediately, the addition, amendment and/or  repeal  of  any
 rule  or  regulation necessary for the implementation of this act on its
 effective date are authorized to be made and completed on or before such
 date.