Dem Bill Gives Special Tax Handout to Media Companies with Up to...• by John Kartch, Michael Mirsky
The reconciliation bill working its way through the U.S. House calls on the American taxpayer to subsidize Democrats' media allies. The bill provides a special tax cut for the media under the guise of helping "local journalists" but eligible media companies will receive the funds for up to 1,500 reporters per company.
This provision would provide a refundable payroll tax credit equal to 50 percent of wages up to $12,500 per quarter per employee for the first four calendar quarters and a 30 percent credit for each calendar quarter thereafter.
On page 1,957 of the 2000+page bill, section 138516 would create a tax credit for news organizations, including newspapers and broadcasters such as radio and television:
"The number of local news journalists which may be taken into account under subsection (a) with respect to any eligible local news journalist employer for any calendar quarter shall not exceed 1,500."
The Poynter Institute today bragged that the tax handout would benefit "broadcasters, public and commercial" in addition to newspapers.