Bill > HF2221

This bill establishes a new tax credit for qualifying small businesses that spend money on local media advertising, specifically targeting businesses with fewer than 50 full-time employees. The credit allows businesses to receive a tax break for advertising expenses in local newspapers, radio, or television stations serving local communities. For taxable years beginning after December 31, 2024, and before January 1, 2026, businesses can claim up to $5,000 in credits, which will reduce to $2,500 for taxable years starting after December 31, 2025. To be eligible, the advertising must be with a qualified publisher, defined as a local media outlet that is not a non-profit, political organization, or heavily funded by such groups, and that employs at least one full-time local news journalist residing in the community. The credit is calculated at 80% of qualifying advertising expenses for the first period and 50% thereafter, and any unused credit can be carried forward for up to five subsequent tax years. The credit is designed to support local media by incentivizing small businesses to advertise in local news outlets, and it will expire on January 1, 2029. The bill also makes corresponding adjustments to existing tax statutes to accommodate this new credit.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF2221&ssn=0&y=2025