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Subcommittee rewrites local advertising credit: 50% credit, $2,500 per-business cap proposed, $2.5–5M aggregate debated
Summary
A Ways and Means subcommittee spent an extended session redrafting a local advertising tax credit (modeled on a Kansas statute). Members focused on definitions of eligible businesses and 'local news organizations,' a 50% credit for qualifying local advertising, a $2,500-per-business annual cap proposal, non-refundable use-it-or-lose-it design, and an aggregate cap in the $2.5–5 million range to limit fiscal exposure.
A subcommittee of Ways and Means used a Kansas-model draft as the basis for a line-by-line rewrite of a proposed local advertising credit intended to support local journalism. Key elements under discussion included:
- Eligible small business definition: committee discussed using FTE thresholds (e.g., under 50 FTE) to prioritize small businesses rather than large institutional advertisers.
- Qualified local news organization: the draft requires original local reporting (professional creation, editing, distribution on matters of…
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