Bill > HR1753

This bill creates two tax incentives to support local media and small businesses. First, it establishes a tax credit for eligible small businesses (defined as businesses with fewer than 50 full-time employees) that advertise in local newspapers or on local broadcast radio and television stations. The credit is initially 80% of advertising expenses in the first year, dropping to 50% in subsequent years, with a maximum credit of $5,000 in the first year and $2,500 in later years. To qualify as a "local newspaper," a publication must primarily serve a local community, produce original content, employ at least one full-time local news journalist, and meet certain ownership and funding restrictions. Second, the bill creates a payroll tax credit for eligible local news journalist employers, allowing them to receive a credit of 50% (initially) of wages paid to local news journalists, up to $12,500 per journalist per quarter, with a maximum of 1,500 journalists covered. The credits are designed to support local journalism and small businesses by providing financial incentives for advertising in and maintaining local media outlets. Both tax credits are set to expire after five years from the date of enactment.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/1753/all-info