Community News and Small Business Support Act

This bill creates two temporary tax credits. First, small businesses with fewer than 50 employees can get a tax credit covering part of the cost of advertising in local media — up to $5,000 in the first year and up to $2,500 per year for the next four years. Second, employers who pay wages to local news journalists can get a tax credit against their Medicare payroll taxes, covering 50% of those wages for the first year and 30% for the next four years, with limits on how much per journalist and how many journalists can be counted. There are also rules preventing employers from combining this credit with certain other tax credits for the same wages.

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