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Committee advances bill to expand media jobs tax credit to additional entities; members warn about competition for finite credits
Summary
A bill to amend the Economic Development Law and Tax Law to change the definition of business entity and broaden eligibility for the newspaper and broadcast media jobs tax credit was reported out of committee after debate over whether expanding eligibility to certain nonprofit organizations would crowd out smaller local news outlets.
A bill sponsored by Senator Oyleman Seagal to amend the Economic Development Law and the Tax Law — changing the definition of “business entity” and expanding the newspaper and broadcast media jobs tax credit to include additional entities — was reported out of the Senate standing committee on commerce, economic development and small business after members debated competitive effects on a limited pool of tax credits.
Senator Oyleman Seagal introduced the measure as the committee's sixth and final bill. Senator Burrell, who identified support for the bill’s intent to help small for-profit weekly newspapers in rural districts,…
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