Build Back Better Act Includes Tax Credit For Employing Local News Journalists, Incentive For Producing Sound Recordings

deadline.com:

The latest version of the Build Back Better Act, one of the centerpieces of President Joe Biden’s economic and social agenda, includes a tax credit for local outlets for employing journalists.Lawmakers in the House and the Senate have introduced bills to try to boost struggling local newspapers and broadcast outlets.Under the text of the bill released Wednesday, per Punchbowl News, employers would get a credit against employment taxes for local news journalists.

It would provide a credit up to $25,000 to defray employment taxes in the first year, and $15,000 in the next four years, for each employee.

That would cover 50% of compensation up to $50,000 in the first year and 30% in the next four years.The language defines local news journalist