Amid pandemic disruptions, U.S. Rep. Ann Kirkpatrick (D-AZ) and U. S. Rep. Dan Newhouse (R–WA) have come up with a bi-partisan proposal offering tax relief to small businesses, residents and local newspapers that meet the requirements.
The program is designed as a tax credit for each to work together in support of keeping local journalism sustainable during tough times.
It is reported as below:
“The Local Journalism Sustainability Act is designed to offer tax credits for subscribers of The Constitution (or any other qualifying newspaper) of up to $250 per year. This would allow a subscriber to earn a tax credit for subscription price to a local newspaper like The Constitution. The idea is to help individuals continue their access to local journalism during a time of economic difficulty.
“The act also offers small businesses, those with less than 1,000 employees, a tax credit to cover up to $5,000 of advertising costs in the first year and $2,500 in the following four years. This will allow small businesses to drive customers while investing into qualified local journalism.
“And finally, the act will offer a payroll credit of up to $5,000 the first year and $2,500 in the subsequent years to employ and adequately compensate local journalists.
“All elements of the act sunset after five years. Relief is given in the form of tax credits, not direct funding.
“Local journalism is an important element of American society — and one we feel contributes to a better nation through the sharing of opinions, facts, and inviting civil conversations.
“The Local Journalism Sustainability Act will help local small businesses, consumers of news, and smaller local community newspapers much like the newspaper in your hands today.”