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Senate Bill S5707

2009-2010 Legislative Session

Grants a personal income and business franchise tax credits to publishers of newspapers that are published 5 or more days a week

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Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

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2009-S5707 (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยงยง210 & 606, Tax L

2009-S5707 (ACTIVE) - Summary

Grants personal income and business franchise tax credits to publishers of newspapers that are published 5 or more days a week.

2009-S5707 (ACTIVE) - Sponsor Memo

2009-S5707 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5707

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                              May 28, 2009
                               ___________

Introduced  by  Sen.  LANZA  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN ACT to amend the tax law, in relation to granting certain  publishers
  of  newspapers  a  credit  against  business corporation franchise and
  personal income taxes

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Section  210  of  the  tax law is amended by adding a new
subdivision 41 to read as follows:
  41. CREDIT FOR NEWSPAPER PUBLICATION. A TAXPAYER, WHICH IS ENGAGED  IN
THE  PUBLICATION OF A NEWSPAPER WHEN SUCH NEWSPAPER IS PUBLISHED FIVE OR
MORE DAYS EACH CALENDAR WEEK, SHALL BE ALLOWED A CREDIT, TO BE  CREDITED
AGAINST THE TAX IMPOSED BY THIS ARTICLE, EQUAL TO TWENTY PERCENT OF SUCH
TAX IMPOSED UPON THE INCOME DERIVED FROM THE PUBLICATION OF SUCH NEWSPA-
PER.
  S  2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
of the tax law is amended by adding a  new  clause  (xxxi)  to  read  as
follows:
(XXXI) CREDIT FOR                    AMOUNT OF CREDIT
NEWSPAPER PUBLICATION                UNDER SUBDIVISION
UNDER SUBSECTION (QQ)                FORTY-ONE OF SECTION
                                     TWO HUNDRED TEN
  S  3. Section 606 of the tax law is amended by adding a new subsection
(qq) to read as follows:
  (QQ) NEWSPAPER PUBLICATION CREDIT. A TAXPAYER, WHICH IS ENGAGED IN THE
PUBLICATION OF A NEWSPAPER WHEN SUCH NEWSPAPER IS PUBLISHED FIVE OR MORE
DAYS EACH CALENDAR WEEK, SHALL BE  ALLOWED  A  CREDIT,  TO  BE  CREDITED
AGAINST THE TAX IMPOSED BY THIS ARTICLE, EQUAL TO TWENTY PERCENT OF SUCH
TAX IMPOSED UPON INCOME DERIVED FROM THE PUBLICATION OF SUCH NEWSPAPER.
  S 4. This act shall take effect immediately and shall apply to taxable
years commencing on or after January 1, 2009.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

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