State lawmakers aim to fix struggling news business model with temporary tax credits
New York lawmakers want to help save local news. And they think it can be done through tax credits for businesses and individuals.
This is called the Local Journalism Sustainability Act.
According to the proposal, a local news agency that employs a local journalist full-time would get a quarterly tax credit of up to 50% of the cost of their first-year salary, as well as 30% for the following four.
The tax credit would be in effect for the first five years. We don’t know what would happen next.
Subscribers to local publications – traditional and digital – could benefit from a tax credit of 80% of their subscription the first year and 50% the following.
“News and information from local sources about our communities and community institutions helps us trust and understand our world and our place in the world,” said MP Carrie Woerner. “It’s a terrible irony that as the ability to communicate information increases, our ability to know and trust sources of communication has sharply diminished. Whether it’s small towns or cities, New Yorkers need local journalism to reliably monitor and report on unique local concerns, school board policies and city council actions to organizations and organizations. volunteer activities that enrich our lives.
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