Bill > A07567

This bill expands the definition of "business entity" in the economic development law to include not-for-profit corporations and public television or radio corporations, thereby allowing these organizations to claim the newspaper and broadcast media jobs tax credit. Specifically, the bill modifies the tax law to permit these types of organizations to receive a tax credit even if they are not subject to standard corporate taxation. The credit is designed to support jobs in the newspaper and broadcast media sectors, and can be applied against taxes or, in cases where the organization has no tax liability, can be treated as an overpayment and potentially refunded. The bill will take effect for tax years beginning on or after January 1, 2026, which means qualifying not-for-profit and public media corporations can start claiming this tax credit from that date forward. This change aims to provide financial support and incentives to non-profit media organizations, helping to sustain local journalism and public broadcasting efforts.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A7567