Bill > HR4514

This bill, called the Local Journalism Sustainability Act, provides three primary tax incentives to support local newspapers and media: First, it creates a tax credit for individuals who subscribe to local newspapers, allowing taxpayers to claim up to $250 annually for newspaper subscriptions, with the credit starting at 80% in the first year and reducing to 50% in subsequent years. Second, the bill offers a payroll tax credit to local newspaper publishers, allowing them to receive a credit of 50% (initially) of wages paid to local news journalists, up to $12,500 per journalist per quarter, to help support local journalism jobs. Third, the bill establishes a tax credit for small businesses (those with fewer than 50 full-time employees) that advertise in local newspapers, local radio, or local television stations, with a credit limit of $5,000 in the first year and $2,500 in subsequent years. These tax incentives are designed to help sustain local journalism by providing financial support to newspapers, journalists, subscribers, and local advertisers. All three tax credits are set to expire after five years, and the bill includes specific definitions of what qualifies as a "local newspaper" and a "local news journalist" to ensure the credits are targeted appropriately. The goal is to help preserve local media outlets that provide critical community news and information.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/4514/all-info