BILL NUMBER: S6756A
SPONSOR: HOYLMAN-SIGAL
 
BILL NUMBER: S6756A
 
TITLE OF BILL:
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
 
SUMMARY OF SPECIFIC PROVISIONS:
Section 1 amends the economic development law to include nonprofit
corporations in the definition of business entity
Section 2 amends the tax law to ensure that nonprofit news outlets be
allowed to access the newspaper and broadcast media jobs tax credit
Section 3 amends the tax law to ensure that nonprofit news outlets be
allowed to access the newspaper and broadcast media jobs tax credit
Section 4 is the effective date.
 
JUSTIFICATION:
The Local Journalism Sustainability Act was included in the enacted
budget of 2024. This bill clarifies that nonprofit corporations and
public television or radio corporations are eligible to access the tax
credit created under the Act. Nonprofit journalism entities must be
explicitly included in the program to ensure the program truly sustains
the journalistic ecosystem. Public interest journalism depends on equi-
table access to this financial support. The effective date for the
legislation is the same as the effective date of the Local Journalism
Sustainability Act in an effort to maintain parity between news outlets.
 
LEGISLATIVE HISTORY:
New bill
 
FISCAL IMPLICATIONS:
Minimal.
 
EFFECTIVE DATE:
This act shall take effect immediately and shall apply to tax years
commencing on and after January 1, 2026.

Statutes affected:
S6756: 492 economic development law, 49 tax law, 606 tax law, 606(ppp) tax law
S6756A: 492 economic development law, 49 tax law, 606 tax law, 606(ppp) tax law