Bill > H3232

This bill introduces three key tax credit provisions to support local journalism in Massachusetts. First, it creates a personal income tax credit for individuals who subscribe to local newspapers, allowing taxpayers to claim up to 80% (in the first year) or 50% (in subsequent years) of their subscription costs, with a maximum annual credit of $250. The bill defines a "local newspaper" as a print or digital publication primarily focused on local news, serving a specific regional community, employing at least one local journalist, and having no more than 500 employees. Second, the bill establishes a payroll tax credit for eligible local newspaper publishers, allowing them to receive a credit of 50% (initially) or 30% (thereafter) of wages paid to local news journalists, with a quarterly cap of $12,500 per journalist and limited to the first 5 calendar years after enactment. Third, the bill creates a tax credit for small businesses (defined as having fewer than 50 full-time employees) that advertise in local newspapers and local media, offering a credit of 80% (in the first year) or 50% (in subsequent years) of advertising expenses, with annual limits of $5,000 and $2,500 respectively, also limited to the first 5 calendar years after enactment. These provisions aim to provide financial support to local journalism by incentivizing newspaper subscriptions, supporting local news organizations, and encouraging local advertising.

Budget and Finance

https://malegislature.gov/Bills/194/H3232