SUOZZI: “LOCAL JOURNALISM IS ESSENTIAL TO A THRIVING DEMOCRACY”

Congressman Tom Suozzi (D – Long Island, Queens) has announced that the Local Journalism Sustainability Act has been included in the House Ways and Means Committee’s budget reconciliation mark up. The bipartisan legislation, of which Suozzi was an original cosponsor when it was reintroduced in the House in July, would help bolster local media outlets with temporary tax credits for publishers employing and hiring local journalists.

“We must do everything we can to save the dozens of community newspapers across our region that have faced economic struggles due to the pandemic. Local journalism is essential to a thriving democracy and I am fighting to ensure this legislation is passed as part of the budget reconciliation,” said Suozzi.

Under the tax bill that was released by the House Ways and Means Committee, local publishers would get annual tax credits of up to $25,000 for each journalist they employ, which could then be put toward their employers’ share of Medicare payroll taxes. The value of the credit would fall to $15,000 after the law has been in effect for a year. Eligible publishers include print or digital local newspapers that serve the needs of a regional or local community and who employ no more than 750 employees. These tax credits will help staunch layoffs that have been gutting newsrooms while new organizations retool to better compete online. 

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