New York Lawmakers Pass $90 Million in Tax Credits for Local News Outlets
The New York state Legislature passed a first-of-its-kind employment tax credit plan on Saturday aimed at providing financial support for news media outlets in the state. The bipartisan plan offers a statewide total of $30 million in credits each year for three years (a $90 million total commitment) that can be used to cover half of a journalist’s salary, up to $50,000 per year.
Publishers are only allowed to use the credits, which are part of the state’s 2025 budget, if they both hire new reporters and keep their current staff.
Steven Waldman, chair of the Rebuild Local News Coalition, shared the news on social media.. He wrote:
BIG NEWS: NY State leaders agree on landmark, bipartisan plan to help counter the collapse of community news – $30 million in employment tax credits for news outlets. First in the nation. Most significant state effort yet. pic.twitter.com/biKS0laMib
— Steven Waldman (@stevenwaldman) April 20, 2024
Waldman broke down what each newsroom can receive. The legislation calls for a “$320,000 cap per newsroom, $13 million for newsrooms with fewer than 100 staffers, $13 million for bigger ones, $4 million for new hires.” He also noted that only independent news organizations can take advantage of the new tax credits — no publicly traded companies.
–$320,000 cap per newsroom
–$13 million for newsrooms with fewer than 100 staffers.
–$13 million for bigger ones.
–$4 million for new hires.
–Independents only (publicly traded companies excluded)
–Some details TDBhttps://t.co/o9UExDJaFz— Steven Waldman (@stevenwaldman) April 20, 2024
New York state Sen. Brad Hoylman also championed the effort. He said, “The decline of local news across the country has led to the loss of one-third of newspapers and two-thirds of its journalists since 2005, leaving more than 200 counties as ‘news deserts’ without access to local news. In response, I’m elated that passed our first-in-the-nation Newspaper and Broadcast Media Jobs Program tax incentive in this year’s state budget.”
“This new initiative will help strengthen local news coverage by creating a $30 million tax credit to hire and retain journalists for qualifying, independently owned print media or broadcasting entities, particularly those that have experienced workforce or circulation decline in the last five years,” Hoylman continued.”
“With this new tax credit, we’ll help ensure that New Yorkers are better informed and that democracy doesn’t die in darkness. I’m extremely grateful to Senate Majority Leader Stewart-Cousins (herself a former local journalist), Gov. Hochul and Assembly Member Carrie Woerner for their support of this landmark legislation,” Hoylman added.
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