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Bipartisan Bill Introduced to Provide Tax Incentives in Support of Local Journalism

from News Media Alliance

Bipartisan Bill Introduced to Provide Tax Incentives in Support of Local Journalism News Media Alliance A bipartisan group of policymakers in the House of Representatives on July 16 introduced H.R. 7640, the Local Journalism Sustainability Act, which, if enacted, would provide a series of tax credits for news consumers, news organizations and local newspaper and broadcast advertisers. Specifically, the legislation provides: 1) A non-refundable tax credit for consumers of up to $250 annually to incentivize individual subscriptions to local news organizations. The credit can cover 80 percent of subscription costs in the first year and 50 percent of subscription costs in the subsequent four years. 2) A refundable tax credit for local newspapers of up to $25,000 in the first year for each employee or independent contractor who is a qualified journalist, and up to $15,000 in the subsequent four years… READ MORE

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