NYSBA Supports the Journalism Sustainability Act (S. 2434) Creating Tax Incentive to Provide Local News

NYSBA, along with other state broadcasters associations, filed a letter with the Senate supporting S. 2434.  The legislation was introduced by  Sen. Maria Cantwell (WA), chair of the Senate Commerce Committee, along with Sen. Ron Wyden (OR), chair of the Senate Finance Committee, and Sen. Mark Kelly (AZ).

This legislation would establish tax incentives that provide much-needed relief for local newsrooms. Specifically, this legislation would create a targeted tax credit for the hiring and retention of local journalists, as well as a tax credit for businesses to advertise with local broadcast stations and newspapers.  The letter said in part:

“In the case of local broadcasters, these critical services are provided for free, over the air, to their communities. But reporting high-quality, truly local news is anything but free. Local journalism requires significant investment: For a typical local broadcast station, news costs alone can account for more than a third of total expenditures. To defray the cost of operating local newsrooms, broadcasters and newspapers rely heavily on advertising revenue. In a rapidly evolving media environment where advertising dollars are devoured by massive online technology platforms, this critical advertising market has been disappearing for local media outlets.

The Local Journalism Sustainability Act (S. 2434), which was recently introduced by Senators Maria Cantwell (WA), Ron Wyden (OR), and Mark Kelly (AZ), would provide local newsrooms a lifeline that would enable them to sustain, and in some cases, significantly improve the critical public service these local media outlets provide their communities. This legislation proposes a series of tax incentives that would provide much-needed relief for local newsrooms, including a targeted tax credit for the hiring and retention of journalists. Another important provision would help local small businesses and local media alike, providing a tax credit for these businesses to advertise with their local broadcasters and newspapers.”

We will be urging Senator Gillibrand and Senate Majority Leader Schumer to support this legislation.

To see a copy of the letter click HERE.

To see a copy of the legislation click HERE.


Click HERE for next story

Click HERE for previous story