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1. A business entity that meets the eligibility requirements of section four hundred ninety-three of this article, and meets any additional eligibility criteria as articulated in regulations established pursuant to this section, and demonstrates a net employee increase, may be eligible to claim a credit equal to five thousand dollars per each full-time net employee increase as defined in section four hundred ninety-two of this article. A business entity, including a partnership, limited liability company and subchapter S corporation, may not receive in excess of twenty thousand dollars in tax credits under this program. 2. A business entity that meets the eligibility requirements of section four hundred ninety-three of this article, and meets any additional eligibility criteria as articulated in regulations established pursuant to this section, may be eligible to claim a credit equal to fifty percent of annual wages of an eligible employee. The calculation of such a credit shall only be applied to up to fifty thousand dollars in wages paid annually per eligible employee.

it equal to fifty percent of annual wages of an eligible employee. The calculation of such a credit shall only be applied to up to fifty thousand dollars in wages paid annually per eligible employee. A business entity, including a partnership, limited liability company and subchapter S corporation, may not receive in excess of three hundred thousand dollars in tax credits under this program. 3. The total amount of tax credits listed on certificates of tax credit issued by the commissioner pursuant to this article may not exceed thirty million dollars for each year the credit is available. Within this amount, the newspaper and broadcast media new job creation component of the credit may not exceed four million dollars per year and the newspaper and broadcast media existing jobs component of the credit may not exceed twenty-six million dollars per year. Fifty percent of the newspaper and broadcast media existing jobs component credits will be set-aside for eligible business entities with one hundred or fewer employees. Fifty percent of the newspaper and broadcast media existing jobs component credits will be set-aside for eligible business entities with over one hundred employees.

th one hundred or fewer employees. Fifty percent of the newspaper and broadcast media existing jobs component credits will be set-aside for eligible business entities with over one hundred employees. In both instances the cap will be three hundred thousand dollars under this program. 4. The credit shall be allowed as provided in section forty-nine of the tax law.