President Biden is proposing to give a major tax break to local media outlets as part of the $1.85 trillion reconciliation being considered by Congress.
The tax break would allow eligible local media organizations, including newspapers, digital news websites and television stations to receive a tax credit of $25,000 per journalist they employ, and $15,000 for the following four years. The tax break can be claimed for up to 1,500 journalists.
While the measure is aimed at helping smaller local news outlets, bigger media organizations like Gannett will benefit from the tax break and could receive as much as $127.5 million over the next five years.
