What does Preamble of Community News and Small Business Support Act do?

This bill is formally titled 'To provide tax incentives that support local media.'

What does SHORT TITLE. of Community News and Small Business Support Act do?

This bill is formally titled the Community News and Small Business Support Act

What does CREDIT FOR ADVERTISING IN LOCAL MEDIA. of Community News and Small Business Support Act do?

This section amends the Internal Revenue Code of 1986 to create a new section (45BB) establishing a credit for advertising in local media. The credit is available to eligible small businesses and is calculated as a percentage of qualified local media advertising expenses. The applicable percentage is 80% for the first taxable year and 50% for subsequent years. The credit is limited to $5,000 for the first year and $2,500 for subsequent years. An eligible small business is defined as having fewer than 50 full-time employees. Qualified local media advertising expenses include advertising in local newspapers and on broadcast radio or television stations licensed to serve a local community. A 'local newspaper' must meet specific criteria, including employing a full-time local news journalist and not being a certain type of organization. The credit is not allowed for advertising expenses that are also deducted as a business expense. The amendments apply to taxable years beginning after the date of enactment of this Act.

What does PAYROLL CREDIT FOR COMPENSATION OF LOCAL NEWS JOURNALIST. of Community News and Small Business Support Act do?

This section amends the Internal Revenue Code of 1986 to add a new section allowing a credit against applicable employment taxes for eligible local news journalist employers. The credit is equal to a percentage of wages paid to local news journalists, with a limit of 1,500 employees and $12,500 in wages per employee per calendar quarter. The credit is limited to employment taxes and any excess is refundable. The section defines key terms, including 'applicable percentage', 'eligible local news journalist employer', and 'local news journalist'. The section also includes rules for aggregation, refundability, and application, as well as special rules for certain governmental employers and election to not apply the section.

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Community News and Small Business Support Act

Last updated: 2/27/2025 · Introduced: 2/27/2025

Author: Claudia Tenney (R-NY)

TL;DR (AI)

This bill establishes a tax credit for small businesses that advertise in local media, offering an 80% credit for the first year and 50% for subsequent years, up to specified limits.
The bill creates a payroll tax credit for employers who hire local news journalists, covering a percentage of their wages up to a certain amount per employee per quarter.
To qualify for these tax credits, local media outlets must meet specific criteria, including employing full-time local news journalists.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 2 more.

4 sections

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