Community News and Small Business Support Act

Tax Credits for Small Businesses: Small businesses with fewer than 50 employees can receive a tax credit for advertising expenses in local media, which can be up to $5,000 in the first year and $2,500 in subsequent years (Section 2(a), (b), and (d)).

Support for Local News Employment: Employers who primarily derive gross receipts from publishing local newspapers can receive a credit against applicable employment taxes for paying wages to local news journalists (Section 3(a) and (c)(2)).

Financial Incentives for Journalists' Wages: The payroll credit for journalists can cover 50 percent of wages during the first four calendar quarters and 30 percent thereafter (Section 3(a) and (c)(1)).

Limited Credit Duration: The advertising credit for small businesses is set to expire after a 5-year period beginning on the date of the Act's enactment (Section 2(h)).

Expiration of Payroll Credits: The payroll credit for local news journalist compensation is also scheduled to cease applying to any calendar quarter beginning more than 5 years after the date of the Act's enactment (Section 3(j)).

Strict Eligibility Requirements: To qualify as a local newspaper, a publication must meet several specific criteria, including employing at least one full-time local news journalist who resides in the community, and not receiving more than $100,000 from certain specific organizations (Section 2(f)(1)(C)).