To establish a local community newspaper subscription tax credit
If enacted, this bill would impact the state’s tax code by introducing the local newspaper subscription tax credit subsection to Chapter 62 of the General Laws. It is designed to bolster local journalism within Massachusetts, which has faced challenges due to declining advertising revenues and subscription rates. This initiative would promote the sustainability of local news sources, providing them with a necessary financial boost, and supporting local economies by enhancing access to community information.
House Bill 3259, proposed by Representative Jeffrey Rosario Turco, aims to incentivize local journalism by establishing a tax credit for subscriptions to local community newspapers. The bill defines a 'local community newspaper' as a publication that primarily produces original content relating to local news, serves a regional community, and employs at least one local journalist residing in that community. Under this legislation, taxpayers would receive a $250 tax credit for subscriptions to such newspapers, which would encourage financial support for local media outlets.
While advocates argue that the bill is essential for preserving the vitality of local journalism and ensuring that communities are informed about local issues and events, there may be concerns regarding the criteria for qualifying newspapers. Critics could point out that the definition of a 'local community newspaper' might be too restrictive or question the fairness of providing tax credits that might lead to favoritism among media outlets. Additionally, the effectiveness of this measure in significantly revitalizing local news agencies could be debated among legislators and stakeholders.