Lawmakers propose tax credit to revive local journalism: 50% credit on salaries up to $50,000

In response to the rapid decline of local news outlets in New York, a proposed tax credit aims to breathe life into struggling journalism sectors across the state. The Empire State Local News Coalition highlighted that New York has lost about half its newsrooms in two decades, impacting community coverage from high school sports to local governance.

The proposed legislation seeks to offer up to $200,000 in refundable tax credits to local news organizations, focusing on supporting journalistic jobs. This financial boost is designed to incentivize the hiring and retention of reporters, with a 50% credit on salaries up to $50,000, targeting journalists living close to the communities they serve.

The initiative, which has garnered bipartisan support, not only aims to replenish diminishing newsrooms but also addresses the broader consequences of a dwindling local press, such as increased political polarization and decreased civic engagement.