New York Passes Nation’s First Local Media Tax Credit, Historic $90 Million Investment

New York is now the first state in the country to incentivize hiring and retaining local journalists, setting a precedent for other states and the federal government to follow. Over the past few months, the tax credit received a groundswell of grassroots support thanks to the newly launched Empire State Local News Coalition a campaign driven by more than 200 local newspapers across New York. With rallies, petitions, advertisements, and editorials, the coalition quickly mobilized local communities, elected officials, and influential labor leaders to weigh in on behalf of this game-changing policy.
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The bill’s passage arrives as local news faces an existential threat not just in New York but throughout the nation. One-third of the country’s papers have closed since 2004, and tens of thousands of journalism jobs have been lost. All told, about half of all U.S. counties are considered news deserts—down to their last newspaper or without one at all.
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This historic push behind this bill offers a replicable model for other states seeking to enact their own version of this legislation. Multiple efforts across the country have not been successful to date, but now have renewed momentum after the victory in New York.

The program--$30 million per year for three years--allows each eligible newspaper and broadcast business to receive a 50% refundable tax credit against the first $50,000 of an employee’s salary, up to a total of $300,000 per business.

• $26 million will be split evenly between businesses with fewer than 100 employees and those with more than 100 employees, ensuring that hyperlocal, independent news organizations have a fair shot at access to these funds.
• $4 million will be allocated to incentivize print and broadcast businesses to hire new journalists.