Tax Credit for Journalism

What is happening? New York Legislature is considering S7554 (2021 | NY) that would create a tax credit to support small, local publications and broadcast stations

Why is this important? The tax benefits would be 2 fold:

• grant a personal income tax credit of up to $250 per year for taxpayers who subscribe to a “qualifying local news publication,” 
• a business tax credit directly to qualifying publications and broadcast stations to help offset the cost of paying journalists. The credit would be based on a percentage of each reporter’s wages, up to $12,500 per quarter

How will this be important? Stakeholders crafting this legislation include New York Publishers Association

Route Fifty | Extra, Extra! State Lawmakers Propose Tax Credit to Help Save Local Journalism