Bill > H2940

This bill proposes to provide tax credits to support local journalism in the following ways: 1. It allows a tax credit for individuals who subscribe to local newspapers, covering up to 80% of the subscription cost in the first year and 50% in subsequent years, up to a maximum of $250 per year. 2. It provides a payroll tax credit to eligible local newspaper publishers, covering up to 50% of the wages paid to local news journalists in the first four quarters, and 30% thereafter, with a cap of $12,500 per journalist per quarter. 3. It offers a tax credit to eligible small businesses (with fewer than 50 employees) for up to 80% of their qualified local media advertising expenses in the first year, and 50% in subsequent years, with a maximum credit of $5,000 in the first year and $2,500 in subsequent years. The goal of this bill is to support local journalism by providing financial incentives for individuals to subscribe to local newspapers, for local newspapers to employ local journalists, and for small businesses to advertise in local media.

Budget and Finance

https://malegislature.gov/Bills/193/H2940