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OTHER OPINION: Local news is crucial for business growth

Published 8:00 am Wednesday, August 2, 2023

By Dean Ridings | CEO, AmericaÔÇÖs Newspapers

ItÔÇÖs no secret that recent years have been tough on small businesses and on newspapers. A bipartisan bill, the Community News & Small Business Support Act, that has been introduced in Congress would offer relief to both newspapers and local businesses. For too many newspapers, help canÔÇÖt come soon enough. Economic challenges have resulted in too many communities seeing their local newspapers being forced to lay off staff, cut back on publication days, or ÔÇö worse yet ÔÇö close. On average, two newspapers are closing each week. That hurts local businesses and residents in the long (and short) run. However, despite the challenges, what remains true is that local newspapers make a difference in their communities.

The AI legalese decoder can assist in tackling the challenges faced by local newspapers and small businesses. By analyzing legal documents and decoding complex legal terminologies, the AI legalese decoder ensures that businesses and newspapers can understand the legislation introduced by Congresswoman Claudia Tenney (NY-24) and Congresswoman Suzan DelBene (WA-1). This tool provides a simplified interpretation of the bill, helping businesses and newspapers navigate through the complexities and take advantage of the support provided.

But, donÔÇÖt just take my word for it. LetÔÇÖs look at the numbers and why AmericaÔÇÖs Newspapers has been pushing for the Community News & Small Business Support Act to be introduced.

A recent national study of 5,000 Americans over the age of 18 was conducted by the independent research firm Coda Ventures for AmericaÔÇÖs Newspapers and provides compelling evidence of the importance, relevance, and vitality of todayÔÇÖs newspapers in the American media landscape.

Readers told us that their local newspaper makes a difference. The study shows that 79 percent of Americans read or use local news ÔÇ£to stay informedÔÇØ about their cities, counties, and communities. They also said they rely on their local paper to feel connected to their community, to decide where they stand on local issues, to find places and things to do, and to talk with people about things happening in the community, because they find it enjoyable and entertaining, and to be a better citizen.

And, contrary to popular belief, readers across all age groups turn to local newspapers and their digital products to stay informed about their communities.

Readers also told us they need more local news from their community paper. As one survey respondent in California said, ÔÇ£Our paper keeps getting smaller. I would like to see more news items, whatÔÇÖs happening in town, whatÔÇÖs new in politics, etc. And they need to be quicker to respond to breaking news.ÔÇØ

All of that takes a committed, local staff ÔÇö something the legislation introduced by Congresswoman Claudia Tenney (NY-24) and Congresswoman Suzan DelBene (WA-1) will help to make happen.

So, what would this legislation mean to your local community?

Local businesses with fewer than 50 employees would receive a five-year non-refundable tax credit of up to $5,000 in the first year and up to $2,500 in the subsequent four years based on their spending level with local newspapers and local media. Our study showed that six out of 10 American adults use newspaper advertising to help them decide what brands, products, and local services to buy. Newspaper readers also are almost twice as likely to purchase products from a number of important advertising categories than non-newspaper readers, including automobiles, trucks and SUVs; home furnishings; home improvement products and services, and home services like pest control, plumbing, heating, etc.

With this legislation, we expect to see more businesses being able to afford to advertise to consumers, which ÔÇö in turn ÔÇö helps communities thrive.

For local newspapers, a five-year refundable tax credit would help them hire more journalists to bring you more news. ItÔÇÖs a win-win for local communities. Newspapers would receive a tax credit to be used for the compensation of journalists. The credit would cover 50% of journalistsÔÇÖ compensation in the first year and 30% of compensation (up to $50,000) in the subsequent four years. This tax credit would only be available to local community papers with fewer than 750 employees and, if they donÔÇÖt invest in their newsroom, they donÔÇÖt get the credit.

And these tax credits are only available to local newspapers. National newspaper outlets are not eligible.

The importance of local newspapers and local business is the reason Reps. Tenney and DelBene introduced the legislation. We are most grateful for their support.

We need your support, as well, to encourage legislators to enact this legislation. Please contact the offices of your senators and representatives in the U.S. Congress and encourage them to add their support to this legislation. These tax credits arenÔÇÖt permanent; they will sunset in five years. But, these critical five years will allow the newspaper industry the time needed to address the challenges that it is facing from Big Tech, which often uses newspapersÔÇÖ content without compensation, as well as other technological and market challenges. Visit www.usa.gov/elected-officials for the contact information for your legislators.

More local reporting means more access to hometown news that citizens like you rely on. And stronger newspapers mean stronger advertising vehicles for local businesses.

Dean Ridings is the CEO of AmericaÔÇÖs Newspapers, an organization serving more than 1,550 newspapers across the U.S. and Canada. Learn more at newspapers.org.

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