Senate Bill S1865A

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  1865--A
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             January 14, 2025
                                ___________
 
 Introduced  by  Sens.  MARTINEZ,  ASHBY,  CANZONERI-FITZPATRICK, COONEY,
   HOYLMAN-SIGAL, MURRAY, RHOADS,  C. RYAN  --  read  twice  and  ordered
   printed,  and  when  printed  to  be  committed  to  the  Committee on
   Commerce,  Economic  Development  and  Small  Business  --   committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee
 
 AN ACT to amend the economic development law and the tax law in relation
   to  enacting  the  lift  our  communities  advertise  locally  (LOCAL)
   program; and providing for the repeal of such provisions upon  expira-
   tion thereof
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Short title. This act shall be known and may  be  cited  as
 the "lift our communities advertise locally (LOCAL) program".
   §  2.  The economic development law is amended by adding a new article
 29 to read as follows:
                                ARTICLE 29
              LIFT OUR COMMUNITIES ADVERTISE LOCALLY PROGRAM
 SECTION 510. SHORT TITLE.
         511. DEFINITIONS.
         512. APPLICATION AND APPROVAL PROCESS.
         513. LOCAL NEWSPAPER AND BROADCAST  MEDIA  BUSINESS  ADVERTISING
                TAX CREDIT.
         514. POWERS AND DUTIES OF THE COMMISSIONER.
   §  510.  SHORT  TITLE. THIS ARTICLE SHALL BE KNOWN AND MAY BE CITED AS
 THE "LIFT OUR COMMUNITIES ADVERTISE LOCALLY (LOCAL) PROGRAM".
   § 511. DEFINITIONS. FOR THE PURPOSES OF THIS ARTICLE:
   1. "CERTIFICATE OF TAX CREDIT" SHALL MEAN THE DOCUMENT  ISSUED  TO  AN
 ELIGIBLE  BUSINESS  BY  THE DEPARTMENT AFTER THE DEPARTMENT HAS VERIFIED
 THAT SUCH ELIGIBLE BUSINESS HAS MET ALL APPLICABLE ELIGIBILITY  CRITERIA
 UNDER  THIS  ARTICLE.  THE CERTIFICATE SHALL SPECIFY THE EXACT AMOUNT OF

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02719-02-5
              

 S. 1865--A                          2
 
 THE TAX CREDIT UNDER THIS ARTICLE THAT AN ELIGIBLE BUSINESS  MAY  CLAIM,
 PURSUANT TO SECTION FIVE HUNDRED THIRTEEN AND SECTION FIVE HUNDRED FOUR-
 TEEN OF THIS ARTICLE.
   2. "ELIGIBLE BUSINESS" SHALL MEAN A MINORITY-OWNED BUSINESS ENTERPRISE
 AS  DEFINED  IN SECTION THREE HUNDRED TEN OF THE EXECUTIVE LAW, A WOMEN-
 OWNED BUSINESS ENTERPRISE AS DEFINED IN SECTION THREE HUNDRED TEN OF THE
 EXECUTIVE  LAW,  A  CERTIFIED  SERVICE-DISABLED  VETERAN-OWNED  BUSINESS
 ENTERPRISE AS DEFINED IN SECTION FORTY OF THE VETERANS' SERVICES LAW, OR
 A SMALL BUSINESS AS DEFINED IN THIS SECTION.
   3. "EXCLUDED ORGANIZATION" SHALL MEAN:
   (A)  AN  ORGANIZATION  DESCRIBED  IN  SUBSECTION  FOUR, FIVE OR SIX OF
 SECTION 501(C) OF THE UNITED STATES INTERNAL REVENUE CODE;
   (B) A POLITICAL ORGANIZATION AS  DEFINED  IN  SECTION  527(E)  OF  THE
 UNITED STATES INTERNAL REVENUE CODE;
   (C)  ANY  ORGANIZATIONS  THAT  RECEIVED MORE THAN ONE HUNDRED THOUSAND
 DOLLARS, IN THE AGGREGATE, FROM ORGANIZATIONS DESCRIBED IN PARAGRAPH (A)
 OR (B) OF THIS SUBDIVISION;
   (D) A PUBLICLY-TRADED COMPANY  THAT  REPORTED  AT  LEAST  ONE  BILLION
 DOLLARS  IN  REVENUE, IN THE AGGREGATE, DURING THE IMMEDIATELY PRECEDING
 FOUR QUARTERS; OR
   (E) AN ORGANIZATION THAT IS A SUBSIDIARY OF, OR AT LEAST FIVE  PERCENT
 OWNED BY, ORGANIZATIONS DESCRIBED IN PARAGRAPH (D) OF THIS SUBDIVISION.
   4. "LOCAL NEWS JOURNALIST" SHALL MEAN ANY RESIDENT OF THE STATE OF NEW
 YORK  WHO REGULARLY GATHERS, PREPARES, PRODUCES, COLLECTS, EDITS, PHOTO-
 GRAPHS, RECORDS, DIRECTS THE RECORDING OF, WRITES, PRESENTS, BROADCASTS,
 PRINTS, PUBLISHES OR REPORTS NEWS OR INFORMATION THAT CONCERNS LOCAL  OR
 CURRENT  EVENTS  OF  A  NEW  YORK  STATE COUNTY, TOWN, VILLAGE, CITY, OR
 HAMLET, OR ANY COMBINATION THEREOF.
   5. "LOCAL NEWSPAPER" SHALL MEAN A PRINT OR DIGITAL PUBLICATION THAT:
   (A) PUBLISHES NEWS CONTENT THAT  IS  PRIMARILY  FOCUSED  ON  LOCAL  OR
 CURRENT  EVENTS  OF  A  NEW  YORK  STATE COUNTY, TOWN, VILLAGE, CITY, OR
 HAMLET, OR ANY COMBINATION THEREOF, OTHERWISE KNOWN AS SUCH LOCAL  NEWS-
 PAPER'S PRIMARY COVERAGE AREA;
   (B)  EMPLOYS AT LEAST ONE FULL-TIME LOCAL NEWS JOURNALIST THAT RESIDES
 IN, OR WITHIN FIFTY MILES OF, THE PUBLICATION'S PRIMARY COVERAGE AREA;
   (C) PUBLISHES AND DISTRIBUTES LOCAL NEWS CONTENT NOT  LESS  FREQUENTLY
 THAN  ONCE  PER  WEEK,  AND  HAS  DONE SO CONTINUOUSLY FOR THE PRECEDING
 TWELVE-MONTH PERIOD;
   (D) CARRIES VALID LIBEL OR MEDIAL LIABILITY INSURANCE; AND
   (E) FOR A LOCAL NEWSPAPER THAT DISTRIBUTES IN ONLY A  DIGITAL  FORMAT,
 (I)  EARNED  REVENUE  OF  AT  LEAST  ONE HUNDRED THOUSAND DOLLARS IN THE
 PRECEDING TAXABLE YEAR AND (II) DERIVES AT LEAST THIRTY-THREE PERCENT OF
 ITS AUDIENCE, AVERAGED OVER THE PRECEDING TWELVE-MONTH PERIOD, FROM  ITS
 PRIMARY COVERAGE AREA.
   5-A.  FOR THE PURPOSES OF THIS SECTION, A PRINT OR DIGITAL PUBLICATION
 SHALL NOT BE CONSIDERED A LOCAL NEWSPAPER OR BROADCAST MEDIA BUSINESS IF
 SUCH PUBLICATION IS:
   (A) DISTRIBUTED OR MADE AVAILABLE PRIMARILY FOR ADVERTISING OR  ENTER-
 TAINMENT PURPOSES; OR
   (B) MAJORITY OWNED BY, OR DERIVES AT LEAST FIFTY PERCENT OF ITS REVEN-
 UE FROM, EXCLUDED ORGANIZATIONS.
   6. "BROADCAST MEDIA BUSINESS" SHALL MEAN ANY BROADCAST STATION WHICH:
   (A)  OWNS OR OPERATES A BROADCAST STATION, AS DEFINED BY SECTION THREE
 OF THE FEDERAL COMMUNICATIONS ACT OF 1934;
   (B) DISCLOSES ITS OWNERSHIP TO THE PUBLIC AT SUCH TIMES  AND  IN  SUCH
 MANNER AS IDENTIFIED BY THE COMMISSIONER;
 S. 1865--A                          3
 
   (C)  BROADCASTS  NEWS  CONTENT  THAT  IS PRIMARILY FOCUSED ON LOCAL OR
 CURRENT EVENTS OF A NEW YORK  STATE  COUNTY,  TOWN,  VILLAGE,  CITY,  OR
 HAMLET,  OR  ANY  COMBINATION THEREOF, OTHERWISE KNOWN AS SUCH BROADCAST
 MEDIA BUSINESS' PRIMARY COVERAGE AREA;
   (D)  EMPLOYS AT LEAST ONE FULL-TIME LOCAL NEWS JOURNALIST THAT RESIDES
 IN, OR WITHIN FIFTY MILES OF,  THE  BROADCAST  MEDIA  BUSINESS'  PRIMARY
 COVERAGE AREA;
   (E)  BROADCASTS  LOCAL  NEWS CONTENT NOT LESS FREQUENTLY THAN ONCE PER
 WEEK, AND HAS DONE SO CONTINUOUSLY FOR THE PRECEDING TWELVE-MONTH  PERI-
 OD;
   (F) CARRIES VALID LIBEL OR MEDIA LIABILITY INSURANCE; AND
   (G)  FOR A BROADCAST MEDIA BUSINESS THAT DISTRIBUTES IN ONLY A DIGITAL
 FORMAT: (I) EARNED REVENUE OF AT LEAST ONE HUNDRED THOUSAND  DOLLARS  IN
 THE  PRECEDING  TAXABLE  YEAR;  AND  (II)  DERIVES AT LEAST THIRTY-THREE
 PERCENT OF ITS AUDIENCE, AVERAGED OVER THE PRECEDING TWELVE-MONTH  PERI-
 OD, FROM ITS PRIMARY COVERAGE AREA.
   6-A.  FOR  THE PURPOSES OF THIS SECTION, A BROADCAST STATION SHALL NOT
 BE CONSIDERED A BROADCAST MEDIA BUSINESS IF SUCH BROADCAST  STATION  IS:
 (A)  BROADCAST  PRIMARILY  FOR ADVERTISING OR ENTERTAINMENT PURPOSES; OR
 (B) MAJORITY OWNED BY, OR DERIVES AT LEAST FIFTY PERCENT OF ITS  REVENUE
 FROM, EXCLUDED ORGANIZATIONS.
   7.  "ADVERTISING"  SHALL MEAN PROVIDING CONSIDERATION FOR THE PUBLICA-
 TION, BROADCAST, DISSEMINATION, SOLICITATION, OR CIRCULATION OF  VISUAL,
 AURAL,  SPOKEN,  OR WRITTEN COMMUNICATION TO DIRECTLY OR INDIRECTLY: (A)
 INDUCE ANY PERSON OR ORGANIZATION TO PURCHASE A GOOD, PROGRAM,  PRODUCT,
 OR SERVICE, OR TO CONTRIBUTE FINANCIALLY TO A CAUSE; OR (B) RAISE AWARE-
 NESS OF A BRAND, GOOD, PROGRAM, PRODUCT, SERVICE, OR ISSUE.
   8."QUALIFIED  LOCAL  MEDIA ADVERTISING EXPENSES" MEANS AMOUNTS PAID OR
 INCURRED IN THE ORDINARY COURSE OF A TRADE OR BUSINESS  FOR  ADVERTISING
 USING  A  PRODUCT,  SERVICE,  OR  OTHER OFFERING THAT IS FULLY OWNED AND
 OPERATED BY A LOCAL NEWSPAPER  OR  BROADCAST  MEDIA  BUSINESS.  FOR  THE
 PURPOSES  OF  THIS  SECTION,  ADVERTISING  DISTRIBUTED IN A PROGRAMMATIC
 FASHION IN A DIGITAL FORMAT SHALL  NOT  BE  CONSIDERED  QUALIFIED  LOCAL
 MEDIA ADVERTISING EXPENSES.
   9.  "SMALL  BUSINESS"  SHALL  MEAN TEN EMPLOYEES OR FEWER AND SHALL BE
 DEEMED TO BE ONE WHICH IS RESIDENT IN THIS  STATE,  INDEPENDENTLY  OWNED
 AND OPERATED AND NOT DOMINANT IN ITS FIELD.
   § 512. APPLICATION AND APPROVAL PROCESS. 1. AN ELIGIBLE BUSINESS SHALL
 SUBMIT A COMPLETE APPLICATION AS PRESCRIBED BY THE COMMISSIONER.
   2.  THE  COMMISSIONER  SHALL  ESTABLISH PROCEDURES AND A TIMEFRAME FOR
 ELIGIBLE BUSINESSES TO SUBMIT APPLICATIONS. AS PART OF THE  APPLICATION,
 EACH ELIGIBLE BUSINESS SHALL:
   (A)  PROVIDE  EVIDENCE  IN A FORM AND MANNER PRESCRIBED BY THE COMMIS-
 SIONER OF THEIR STATUS AS AN ELIGIBLE BUSINESS;
   (B) AGREE TO ALLOW THE DEPARTMENT OF TAXATION AND FINANCE TO SHARE THE
 ELIGIBLE BUSINESS'S TAX INFORMATION WITH THE DEPARTMENT;
   (C) AGREE TO ALLOW THE DEPARTMENT  OF  LABOR  TO  SHARE  ITS  TAX  AND
 EMPLOYER INFORMATION WITH THE DEPARTMENT PROVIDED, HOWEVER, ANY INFORMA-
 TION  SHARED  AS  A  RESULT  OF  THIS PROGRAM SHALL NOT BE AVAILABLE FOR
 DISCLOSURE OR INSPECTION UNDER THE STATE FREEDOM OF INFORMATION LAW;
   (D) ALLOW THE DEPARTMENT AND ITS AGENTS ACCESS TO ANY  AND  ALL  BOOKS
 AND RECORDS THE DEPARTMENT MAY REQUIRE TO MONITOR COMPLIANCE; AND
   (E)  AGREE  TO  PROVIDE  ANY  ADDITIONAL  INFORMATION  REQUIRED BY THE
 DEPARTMENT RELEVANT TO THIS ARTICLE.
   3. AFTER REVIEWING AN ELIGIBLE BUSINESS'S COMPLETED FINAL  APPLICATION
 AND DETERMINING THAT SUCH ELIGIBLE BUSINESS MEETS THE ELIGIBILITY CRITE-
 S. 1865--A                          4
 
 RIA  AS  SET  FORTH  IN  THIS  ARTICLE, THE DEPARTMENT MAY ISSUE TO SUCH
 ELIGIBLE BUSINESS A CERTIFICATE OF TAX CREDIT. AN ELIGIBLE BUSINESS  MAY
 CLAIM SUCH TAX CREDIT.
   §  513.  LOCAL  NEWSPAPER AND BROADCAST MEDIA BUSINESS ADVERTISING TAX
 CREDIT. 1. AN ELIGIBLE BUSINESS THAT MEETS THE ELIGIBILITY  REQUIREMENTS
 OF  THIS  ARTICLE,  AND  MEETS  ANY  ADDITIONAL  ELIGIBILITY CRITERIA AS
 PRESCRIBED BY REGULATIONS ESTABLISHED PURSUANT TO THIS SECTION,  MAY  BE
 ELIGIBLE  TO  CLAIM  A  CREDIT  EQUALING EIGHTY PERCENT OF SUCH ELIGIBLE
 BUSINESS'S  EXPENDITURES  TOWARDS  QUALIFIED  LOCAL  MEDIA   ADVERTISING
 EXPENSES.  SUCH  EXPENDITURES  TOWARDS QUALIFIED LOCAL MEDIA ADVERTISING
 EXPENSES USED TO CALCULATE SUCH CREDIT SHALL NOT  EXCEED  FIVE  THOUSAND
 DOLLARS.
   2. THE TOTAL AMOUNT OF TAX CREDITS LISTED ON CERTIFICATES OF TAX CRED-
 IT  ISSUED BY THE COMMISSIONER PURSUANT TO THIS ARTICLE SHALL NOT EXCEED
 TEN MILLION DOLLARS FOR EACH YEAR THE CREDIT IS AVAILABLE  PER  ELIGIBLE
 BUSINESS  FOR  THE TAXABLE YEAR. WITHIN THIS AMOUNT, SIX MILLION DOLLARS
 SHALL BE SET ASIDE FOR MINORITY-OWNED BUSINESS ENTERPRISES AS DEFINED IN
 SECTION THREE HUNDRED TEN OF THE  EXECUTIVE  LAW,  WOMEN-OWNED  BUSINESS
 ENTERPRISES AS DEFINED IN SECTION THREE HUNDRED TEN OF THE EXECUTIVE LAW
 AND  CERTIFIED  SERVICE-DISABLED  VETERAN-OWNED  BUSINESS  ENTERPRISE AS
 DEFINED IN SECTION FORTY OF THE VETERANS' SERVICES LAW AND FOUR  MILLION
 DOLLARS  SHALL  BE  SET ASIDE FOR SMALL BUSINESSES AS DEFINED IN SECTION
 FIVE HUNDRED ELEVEN OF THIS ARTICLE. ALLOCATIONS MAY BE UTILIZED  ACROSS
 THE ABOVE REFERENCED BUSINESSES SHOULD EITHER ONE BE UNDER-ALLOCATED.
   3. THE CREDIT SHALL BE ALLOWED AS PROVIDED IN SECTION FIFTY OF THE TAX
 LAW.
   §  514.  POWERS  AND  DUTIES  OF THE COMMISSIONER. 1. THE COMMISSIONER
 SHALL PROMULGATE REGULATIONS ESTABLISHING  AN  APPLICATION  PROCESS  AND
 ELIGIBILITY  CRITERIA, THAT WILL BE APPLIED CONSISTENT WITH THE PURPOSES
 OF THIS ARTICLE, SO AS NOT TO EXCEED THE ANNUAL CAP ON TAX  CREDITS  SET
 FORTH  IN  THIS  SECTION  WHICH,  NOTWITHSTANDING  ANY PROVISIONS TO THE
 CONTRARY IN THE STATE ADMINISTRATIVE PROCEDURE ACT, MAY BE ADOPTED ON AN
 EMERGENCY BASIS.
   2. THE COMMISSIONER SHALL, IN  CONSULTATION  WITH  THE  DEPARTMENT  OF
 TAXATION  AND FINANCE, DEVELOP A CERTIFICATE OF TAX CREDIT THAT SHALL BE
 ISSUED BY THE COMMISSIONER  TO  ELIGIBLE  BUSINESSES.  SUCH  CERTIFICATE
 SHALL CONTAIN SUCH INFORMATION AS REQUIRED BY THE DEPARTMENT OF TAXATION
 AND FINANCE.
   3.  THE  COMMISSIONER  SHALL  SOLELY  DETERMINE THE ELIGIBILITY OF ANY
 APPLICANT APPLYING FOR SUCH TAX CREDIT.
   § 3. The tax law is amended by adding a new  section  50  to  read  as
 follows:
   §  50.  LOCAL  NEWSPAPER  AND BROADCAST MEDIA BUSINESS ADVERTISING TAX
 CREDIT. (A) ALLOWANCE OF CREDIT. A TAXPAYER SUBJECT TO TAX UNDER ARTICLE
 NINE-A OR 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-EIGHT OF  THE  ECONOMIC  DEVELOPMENT  LAW.  A
 TAXPAYER THAT IS A PARTNER IN A PARTNERSHIP, MEMBER OF A LIMITED LIABIL-
 ITY  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 INCLUDED AS PART OF THE CALCULATION  OF
 THIS  CREDIT  SHALL  BE  THE BASIS OF ANY OTHER TAX CREDIT ALLOWED UNDER
 THIS CHAPTER.
 S. 1865--A                          5
 
   (B) ELIGIBILITY. TO BE ELIGIBLE TO CLAIM THE LOCAL NEWSPAPER OR BROAD-
 CAST MEDIA BUSINESS ADVERTISING TAX CREDIT THE TAXPAYER SHALL HAVE  BEEN
 ISSUED  A CERTIFICATE OF TAX CREDIT BY THE DEPARTMENT OF ECONOMIC DEVEL-
 OPMENT PURSUANT TO ARTICLE TWENTY-EIGHT OF THE ECONOMIC DEVELOPMENT LAW,
 WHICH  CERTIFICATE  SHALL SET FORTH THE AMOUNT OF THE CREDIT THAT MAY BE
 CLAIMED FOR THE TAXABLE YEAR.  THE TAXPAYER SHALL BE  ALLOWED  TO  CLAIM
 ONLY THE AMOUNT LISTED ON THE CERTIFICATE OF TAX CREDIT FOR THAT TAXABLE
 YEAR.
   (C)  TAX  RETURN REQUIREMENT. THE TAXPAYER SHALL BE REQUIRED TO ATTACH
 TO ITS TAX RETURN, IN THE FORM PRESCRIBED BY THE COMMISSIONER, PROOF  OF
 RECEIPT  OF  ITS CERTIFICATE OF TAX CREDIT ISSUED BY THE COMMISSIONER OF
 THE DEPARTMENT OF ECONOMIC DEVELOPMENT.
   (D) CREDIT RECAPTURE. IF A CERTIFICATE OF TAX  CREDIT  ISSUED  BY  THE
 DEPARTMENT  OF  ECONOMIC  DEVELOPMENT  UNDER ARTICLE TWENTY-EIGHT OF THE
 ECONOMIC DEVELOPMENT LAW IS REVOKED BY SUCH DEPARTMENT,  THE  AMOUNT  OF
 CREDIT  DESCRIBED  IN  THIS SECTION AND CLAIMED BY THE TAXPAYER PRIOR TO
 THAT REVOCATION SHALL BE ADDED BACK TO TAX IN THE TAXABLE YEAR IN  WHICH
 ANY SUCH REVOCATION BECOMES FINAL.
   (E)  CROSS  REFERENCES. FOR APPLICATION OF THE CREDIT PROVIDED IN THIS
 SECTION SEE THE FOLLOWING PROVISIONS OF THIS CHAPTER:
   (1) ARTICLE 9-A: SECTION 210-B, SUBDIVISION 63.
   (2) ARTICLE 22: SECTION 606, SUBSECTION (UUU).
   § 4. Section 210-B of the tax law is amended by adding a new  subdivi-
 sion 63 to read as follows:
   63. LOCAL NEWSPAPER AND BROADCAST MEDIA BUSINESS ADVERTISING TAX CRED-
 IT. (A) ALLOWANCE OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE
 COMPUTED AS PROVIDED IN SECTION FIFTY OF THIS CHAPTER, AGAINST THE TAXES
 IMPOSED BY THIS ARTICLE.
   (B)  APPLICATION  OF CREDIT. THE CREDIT ALLOWED UNDER THIS SUBDIVISION
 FOR THE 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. HOWEVER, IF THE AMOUNT OF CRED-
 IT ALLOWABLE UNDER THIS SUBDIVISION FOR THE TAXABLE YEAR REDUCES THE TAX
 TO SUCH AMOUNT OR IF THE TAXPAYER OTHERWISE PAYS TAX BASED ON THE  FIXED
 DOLLAR  MINIMUM AMOUNT, ANY AMOUNT OF CREDIT THUS NOT DEDUCTIBLE IN SUCH
 TAXABLE YEAR SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR
 REFUNDED IN ACCORDANCE WITH  THE  PROVISIONS  OF  SECTION  ONE  THOUSAND
 EIGHTY-SIX  OF  THIS  CHAPTER.  PROVIDED,  HOWEVER,  THE  PROVISIONS  OF
 SUBSECTION (C) OF SECTION ONE  THOUSAND  EIGHTY-EIGHT  OF  THIS  CHAPTER
 NOTWITHSTANDING, NO INTEREST WILL BE PAID THEREON.
   §  5. Section 606 of the tax law is amended by adding a new subsection
 (uuu) to read as follows:
   (UUU) LOCAL NEWSPAPER AND BROADCAST  MEDIA  BUSINESS  ADVERTISING  TAX
 CREDIT.  (1)  ALLOWANCE OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT,
 TO BE COMPUTED AS PROVIDED IN SECTION FIFTY OF THIS CHAPTER, AGAINST THE
 TAX IMPOSED BY THIS ARTICLE.
   (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, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDIT-
 ED  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.
   §  6. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
 of the tax law is amended by adding a  new  clause  (Liii)  to  read  as
 follows:
 S. 1865--A                          6
 
 (LIII) LOCAL NEWSPAPER ADVERTISING   AMOUNT OF CREDIT UNDER
 UNDER SUBSECTION (UUU)               SUBDIVISION SIXTY-THREE OF SECTION
                                      TWO HUNDRED TEN-B
   §  7.  This  act  shall take effect immediately and shall apply to tax
 years beginning on or after January 1, 2026 and shall expire January  1,
 2030  when  upon  such  date  the provisions of this act shall be deemed
 repealed.