The federal government will offer targeted support in response to the decline of local news.
But the credit, which would cost $1.67 billion over the next five years, does create some tension for the industry. Some top Republicans in Congress have derided it as a handout. Leading journalists also acknowledge that it's awkward to receive financial assistance from a government they cover independently.
The proposal's fate ultimately hinges on how Congress proceeds with the broader legislation, which has only attracted Democratic support and has become bogged down by divisions in the House and Senate. Notably, it is one of the few provisions to which House and Senate Democrats have already agreed.Though the proposal’s main objective was to rescue small papers that were hit hard asat the start of the pandemic, it will help some larger companies.
One of the jobs tax credit’s proponents was community-newspaper chain Wick Communications, which is based in Sierra Vista, Arizona — Kirkpatrick’s congressional district. CEO Francis Wick said revenue has dropped by about half since 2009, with a steep ad-sales decline during the pandemic as local businesses reduced advertising. To cut costs, the company consolidated town papers into regional titles, cut print publication days and furloughed journalists.
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