NY Enacts $30 Million Annual Tax Break to Support Journalists

New York media outlets could soon get a tax break for hiring and retaining journalists, in a measure that makes the state the first one to offer such an incentive.

Lawmakers created the $30 million annual tax incentive as part AAA of the state budget that passed over the weekend. Eligible media companies—largely defined as newspapers, broadcast stations, and independently owned media entities—can get a 50% refundable credit against the first $50,000 of a journalist’s salary, totaling no more than $300,000 per business. Newsrooms could also get a $5,000 credit for every new employee hired, not to exceed ...