A little-noticed initiative by Sen. Maria Cantwell, D-WA, Sen. Ron Wyden, D-OR and five other senators would boost local jobs, accelerate sales and improve economies. The Local Journalism Sustainability Act, S. 2434, is designed to help local news media support their newsgathering missions.
One provision goes far beyond offering aid to community newspapers, local news websites and other news- gatherers. It would help small businesses to dig out of the economic doldrums by supporting their advertising costs in local news outlets, which in turn will help publishers and broadcasters to hire journalists.
This provision would permit small businesses to claim a tax credit for a portion of their advertising purchases up to $5,000 a year. Credits would remain, but in declining amounts, for five years.