New York is stepping up to support local journalism, offering up to $90 million in tax credits to help news outlets hire and retain journalists. The initiative aims to combat the decline in the U.S. newspaper industry, driven by a shift from print to digital media.
The program, championed by State Sen. Brad Hoylman-Sigal, allows news organizations to receive annual tax credits of up to $320,000. While initially focused on small community news sites, larger organizations could also benefit, pending certain criteria.
Jon Schleuss, president of the NewsGuild-CWA, hailed the program as a historic move to support journalism jobs. Lawmakers in other states, like California and Illinois, are considering similar measures to bolster struggling news outlets.
Despite the predominantly Democratic support for such initiatives, interest exists across party lines. With about 203 U.S. counties lacking local news outlets, the need for reliable journalism remains critical.
The tax credit program in New York aims to kick off in 2025, offering financial incentives for hiring and retaining journalists. State Sen. Jeremy Cooney emphasized the importance of trained journalists in upholding democracy.
Industry leaders, like Tom Wiley of The Buffalo News, see the tax credit as a vital investment in sustaining informed communities amidst a sea of misinformation.