Assembly Bill A7567

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7567
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               April 1, 2025
                                ___________
 
 Introduced  by M. of A. WOERNER -- read once and referred to the Commit-
   tee on Economic Development
 
 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:
 
   Section 1. Section 492 of the economic development law is  amended  by
 adding a new subdivision 14 to read as follows:
   14. "BUSINESS ENTITY" SHALL INCLUDE, BUT NOT BE LIMITED TO, A NOT-FOR-
 PROFIT CORPORATION AND A PUBLIC TELEVISION OR RADIO CORPORATION.
   § 2. Subdivision (a) of section 49 of the tax law, as added by section
 3  of  part AAA of chapter 56 of the laws of 2024, is amended to read as
 follows:
   (a) Allowance of credit. A  taxpayer  subject  to  tax  under  article
 nine-A  or  ARTICLE twenty-two of this chapter shall be allowed a credit
 against such tax, pursuant to the provisions referenced  in  subdivision
 (e)  of  this  section.  The amount of the credit is equal to the amount
 determined pursuant to article twenty-seven of the economic  development
 law.   NOTWITHSTANDING THAT A TAXPAYER IS NOT SUBJECT TO TAX UNDER ARTI-
 CLE NINE-A OR ARTICLE TWENTY-TWO OF THIS CHAPTER, IF THE TAXPAYER  IS  A
 CORPORATION  TO  WHICH ARTICLE ONE OF THE NOT-FOR-PROFIT CORPORATION LAW
 APPLIES, OR A PUBLIC TELEVISION OR A RADIO CORPORATION UNDER SECTION TWO
 HUNDRED THIRTY-SIX OF THE EDUCATION LAW, IT SHALL BE  ALLOWED  A  CREDIT
 AGAINST  THE  TAX PROVIDED IN THIS SECTION. A taxpayer that is a partner
 in a partnership, member of a limited liability company  or  shareholder
 in a subchapter S corporation shall be allowed its pro-rata share of the
 credit  allowed  for  the  partnership,  limited  liability  company  or
 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.
                                                            LBD11212-03-5
 A. 7567                             2
              

 
 included as part of the calculation of this credit shall be the basis of
 any other tax credit allowed under this chapter.
   § 3. Subparagraph 2 of subsection (ppp) of section 606 of the tax law,
 as  added by section 5 of part AAA of chapter 56 of the laws of 2024, is
 amended to read as follows:
   (2) Application of credit. If the amount of the credit  allowed  under
 this subsection for the taxable year exceeds the taxpayer's tax for such
 year,  OR,  IF THE TAXPAYER IS A CORPORATION TO WHICH ARTICLE ONE OF THE
 NOT-FOR-PROFIT CORPORATION LAW APPLIES OR A PUBLIC TELEVISION OR A RADIO
 CORPORATION UNDER SECTION TWO HUNDRED THIRTY-SIX OF THE  EDUCATION  LAW,
 AND HAS NO TAX FOR THE CREDIT ALLOWED HEREIN TO OFFSET, the excess shall
 be  treated  as  an  overpayment  of  tax  to be credited or refunded in
 accordance with the provisions of section six hundred eighty-six of this
 article, provided, however, that no interest will be paid thereon.
   § 4. This act shall take effect immediately and  shall  apply  to  tax
 years commencing on and after January 1, 2026.