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Senate Bill S9625

2025-2026 Legislative Session

Relates to the definition of business entity; and relates to the allowance and application of the newspaper and broadcast media jobs tax credit

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Current Bill Status - In Senate Committee Commerce, Economic Development And Small Business Committee

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2025-S9625 (ACTIVE) - Details

Current Committee:
Senate Commerce, Economic Development And Small Business
Law Section:
Economic Development Law
Laws Affected:
Amd §492, Ec Dev L; amd §§49 & 606, Tax L

2025-S9625 (ACTIVE) - Summary

Includes not-for-profit corporations and public television or radio corporations in the definition of business entity; allows such entities to claim the newspaper and broadcast media jobs tax credit.

2025-S9625 (ACTIVE) - Sponsor Memo

2025-S9625 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9625
 
                             I N  S E N A T E
 
                              March 30, 2026
                                ___________
 
 Introduced  by  Sens.  C. RYAN,  COMRIE, FERNANDEZ, JACKSON, MAY -- read
   twice and ordered printed, and when printed to  be  committed  to  the
   Committee on Commerce, Economic Development and Small Business
 
 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  amended  by
 section  4  of  part  J of chapter 59 of the laws of 2025, 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  and  shall  be  based  on  the certificates of tax credit issued to
 eligible businesses owned by the taxpayer or by an entity of  which  the
 taxpayer  is  a partner or shareholder.  NOTWITHSTANDING THAT A TAXPAYER
 IS NOT SUBJECT TO TAX UNDER ARTICLE 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  part-
 nership,  limited liability company or subchapter S corporation. No cost
 or expense paid or incurred that is included as part of the  calculation
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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