senate Bill S7544

2021-2022 Legislative Session

Provides 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

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Budget And Revenue Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 05, 2022 referred to budget and revenue
Nov 24, 2021 referred to rules

Co-Sponsors

S7544 (ACTIVE) - Details

See Assembly Version of this Bill:
A8585
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §§606 & 210-B, add §24-d, Tax L

S7544 (ACTIVE) - Summary

Provides 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; provides for the repeal of such provisions upon the expiration thereof.

S7544 (ACTIVE) - Sponsor Memo

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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