Section 492 - Definitions For the purposes of this article:
1. "Average full-time employment" shall mean the average number of full-time positions employed by a business entity in an eligible industry during a given period.2. "Average starting full-time employment" shall be calculated as the average number of full-time positions employed by a business entity in an eligible industry during a timeframe to be determined by the department of economic development.3. "Average ending full-time employment" shall be calculated as the average number of full-time positions employed by a business entity in an eligible industry during a timeframe to be determined by the department of economic development.4. "Certificate of tax credit" means the document issued to a business entity by the department after the department has verified that the business entity has met all applicable eligibility criteria in this article. The certificate shall specify the exact amount of the tax credit under this article that a business entity may claim, pursuant to section four hundred ninety-five and section four hundred ninety-six of this article.5. "Commissioner" shall mean commissioner of economic development.6. "Department" shall mean the department of economic development.7. "Eligible business" shall mean a print media or broadcast media business operating within an eligible industry, which also carries media liability insurance.8. "Eligible employee" shall mean an employee working full-time at an eligible business, as determined by the department.9. "Eligible industry" means a business entity operating predominantly in the newspaper publishing sector or the broadcast media sector, as determined by the department.10. "Net employee increase" means an increase of at least one full-time employee between the average starting full-time employment and the average ending full-time employment of a business entity, as defined by the department.11. "Newspaper and broadcast media jobs tax credit" shall mean a tax credit which shall provide a credit to eligible businesses operating within eligible industries. The newspaper and broadcast media jobs tax credit shall have two components. The newspaper and broadcast media new job creation component shall allow a credit of five-thousand dollars per net new job created at eligible businesses operating within eligible industries. The newspaper and broadcast media existing jobs component shall allow a tax credit available to support the costs related to retention of existing jobs at eligible businesses operating within eligible industries.12.(a) "Broadcast media business" means any broadcast station which:(i) has been broadcasting for at least one year prior to the tax year for which it is applying for a credit;(ii) owns or operates a broadcast station, as defined by section three of the federal communications act of 1934; and(iii) discloses its ownership to the public at such times and in such manner as identified by the commissioner.(b) For purposes of this paragraph each FCC licensed broadcast station serving a separate market shall be treated as a separate broadcast media business.13. "Independently owned" shall mean a business entity that is not: (a) a publicly traded entity or no more than five percent of the beneficial ownership of which is owned, directly or indirectly by a publicly traded entity; (c) any other criteria that the department shall determine via regulations to ensure the business is not controlled by another business entity.N.Y. Economic Development Law § 492
Added by New York Laws 2024, ch. 56,Sec. AAA-2, eff. 4/20/2024, op. to tax years beginning on or after 1/1/2025 and ending before 1/1/2028.