- July 28, 2023
- Posted by: legaleseblogger
- Category: Related News
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Introduction: The Importance of Local Newspapers and Small Businesses
In recent years, small businesses and newspapers have faced numerous challenges. However, a new bipartisan bill called the “Community News & Small Business Support Act” aims to provide relief to both sectors. This legislation comes at a crucial time as economic difficulties have forced many local newspapers to make cutbacks, lay off staff, or even cease operations altogether. Currently, an average of two newspapers are closing each week, negatively impacting both local businesses and residents in both the short and long term. Despite these challenges, it is clear that local newspapers play a vital role in communities.
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The Role of Local Newspapers in Communities
A recent national study conducted by the independent research firm Coda Ventures for America’s Newspapers highlights the significance and relevance of local newspapers in today’s media landscape. According to the study, 79 percent of Americans rely on local news to stay informed about their cities, counties, and communities. Local newspapers serve as a source of connection, helping readers form opinions on local issues, discover events and activities, engage with the community, and enhance their citizenship.
Contrary to popular belief, readers of all age groups still turn to their local newspapers and their digital platforms for community news and information.
The study also reveals that readers desire more local news from their community papers. They express a need for comprehensive coverage, timely reporting of breaking news, and updates on various topics such as political developments. The “Community News & Small Business Support Act” introduced by Congresswoman Claudia Tenney and Congresswoman Suzan DelBene aims to address this need by fostering the growth of local newspaper staff.
Supporting Small Businesses Through Newspaper Advertising
The legislation offers various benefits for local businesses with fewer than 50 employees. These businesses would receive a non-refundable tax credit of up to $5,000 in the first year and up to $2,500 in the following four years based on their spending with local newspapers and media outlets. The study conducted by America’s Newspapers reveals that a majority of American adults rely on newspaper advertising to make purchasing decisions related to brands, products, and local services. Newspaper readers are also more likely to purchase products from categories such as automobiles, home furnishings, home improvement, and home services.
By providing tax credits, this legislation enables more businesses to afford advertising, ultimately benefiting local communities by promoting economic growth and supporting local businesses.
Strengthening Local Newspapers with Tax Credits
The “Community News & Small Business Support Act” also includes a five-year refundable tax credit that directly benefits local newspapers. This tax credit can be used for hiring more journalists, which allows newspapers to produce more informative and engaging news content. In the first year, the tax credit covers 50% of journalists’ compensation, and in the following four years, it covers 30% of compensation. To qualify for this tax credit, local community papers must have fewer than 750 employees and must invest in their newsrooms.
It is important to note that these tax credits are exclusively available to local newspapers and national newspaper outlets are not eligible.
Your Support Matters
The introduction of the “Community News & Small Business Support Act” by Congresswoman Claudia Tenney and Congresswoman Suzan DelBene signifies the significance of local newspapers and small businesses in the community. To ensure the enactment of this legislation, support from the public is crucial. It is recommended to contact your senators and representatives in the U.S. Congress and encourage them to add their support to this bill. These tax credits have a time limit of five years, providing the newspaper industry with an opportunity to overcome challenges posed by Big Tech and other market factors. To find the contact information for your legislators, you can visit www.usa.gov/elected-officials.
The increased availability of local reporting through stronger newspapers not only benefits citizen access to hometown news but also creates more effective advertising platforms for local businesses. America’s Newspapers, representing approximately 1,700 newspaper and Solutions Partner companies, is dedicated to advocating for the vital role of newspapers in democracy and civil life. The organization focuses on educating the public about the significant contributions newspapers make in building community identity and supporting local businesses. For more information, visit www.newspapers.org.
For any further inquiries or information, please contact Dean Ridings, CEO of America’s Newspapers, at [email protected].
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