Assembly Actions -
Senate Actions - UPPERCASE
|Jan 05, 2022||
referred to budget and revenue
|Nov 24, 2021||
referred to rules
Senate Bill S7544
2021-2022 Legislative Session
Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2021-S7544 (ACTIVE) - Details
2021-S7544 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7544 SPONSOR: HOYLMAN TITLE OF BILL: 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 thereof PURPOSE: To enact the Local Journalism Sustainability Act, which will provide tax credits to consumers for subscriptions to local news outlets and to news organizations for the employment of local news journalists. SUMMARY OF PROVISIONS: Section one provides the short title: the "Local Journalism Sustainabil- ity Act." Section two provides a personal income tax credit of up to $250 per year
2021-S7544 (ACTIVE) - Bill Text download pdf
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
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