Local News Payroll Tax Credit in New York State Budget

SOURCE www.politico.com
New York state budget includes nation's first payroll tax credit for local news organizations to encourage new hiring in struggling journalism industry.

Key Points

  • Nation's first payroll tax credit for local news organizations in New York state budget
  • Program called the Local Journalism Sustainability Act designates $30 million annually
  • Eligible outlets can receive a 50% refundable credit for the first $50,000 of a journalist's salary
  • Aid focused on independently owned publications and print media outlets with circulation or employee reductions
  • Empire State Local News Coalition formed to support the initiative

Pros

  • Provides financial support to struggling local news organizations
  • Encourages new hiring in the journalism industry
  • Aims to ensure New Yorkers have access to independent and community-focused journalism

Cons

  • May potentially favor larger companies over small, independent outlets