Bill introduced in Congress to provide tax incentives supporting local journalism

A bipartisan group of policymakers in the House of Representatives earlier this month introduced H.R. 7640, the Local Journalism Sustainability Act. The bill would provide a series of tax credits for news consumers, news organizations and local newspaper and broadcast advertisers, including the following:

• 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.

• 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.

• A non-refundable tax credit for small- to medium-sized businesses to advertise with local newspapers, as well as local radio and television stations. The credit can cover up to $5,000 of advertising costs in the first year and $2,500 in the subsequent four years.

For more information about H.R. 7640, visit the News Media Alliance website.