23 min
New York State implements historic tax credits to support local journalism. "E & P Reports" from Editor & Publisher Magazine hosted by Mike Blinder
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- News
In a groundbreaking move, New York Governor Kathy Hochul signed a 2025 state budget that includes $90 million in tax credits for local news media outlets, marking a significant victory for the press and local journalism.
The Empire State Local News Coalition, which helped champion this legislation, initially formed with 100 news publishers in February 2024 to work together and advocate for what was originally introduced as the New York State Local Journalism Sustainability Act. In just a few months, the coalition expanded to over 200 news outlets.
Rebuild Local News, a nonpartisan, nonprofit organization that advances public policies to help local news and community journalism, posted a press release supporting the legislation, stating that this is “the largest sum that any state has devoted to help struggling community news organizations.”
The new legislation offers $30 million in guaranteed tax credits for three years, with $13 million each year allocated for news organizations with fewer than 100 employees, $13 million for larger ones and $4 million to support new hires.
Caveats within the legislation include:
No single newsroom can get more than $320,000 each year. The subsidy to newsrooms will be based on the number of employees. The refundable tax credit offered will be 50% of the salary of any employee up to a $50,000 wage. Publicly traded corporations are excluded. Zack Richner, a New York news publishing executive and the founder of the Empire State Local News Coalition, stated during this episode of E&P Reports, "The success of our coalition demonstrates the power of collaboration and advocacy in shaping policies that support local journalism and empower communities."
Steven Waldman, CEO and founder of Rebuild Local News, who worked with the Empire State Local News Coalition to get this legislation passed, emphasized the importance of designing policies with safeguards to prevent potential infringements on journalistic independence. He stated, "We must ensure that any government involvement in funding journalism is accompanied by robust safeguards to preserve press freedom and integrity."
Both Richner and Waldman stressed their hope that this legislation's impact will extend far beyond the borders of New York State. With initiatives underway in California and Illinois, the momentum generated by the Empire State's success aims to spark a nationwide movement.
In a groundbreaking move, New York Governor Kathy Hochul signed a 2025 state budget that includes $90 million in tax credits for local news media outlets, marking a significant victory for the press and local journalism.
The Empire State Local News Coalition, which helped champion this legislation, initially formed with 100 news publishers in February 2024 to work together and advocate for what was originally introduced as the New York State Local Journalism Sustainability Act. In just a few months, the coalition expanded to over 200 news outlets.
Rebuild Local News, a nonpartisan, nonprofit organization that advances public policies to help local news and community journalism, posted a press release supporting the legislation, stating that this is “the largest sum that any state has devoted to help struggling community news organizations.”
The new legislation offers $30 million in guaranteed tax credits for three years, with $13 million each year allocated for news organizations with fewer than 100 employees, $13 million for larger ones and $4 million to support new hires.
Caveats within the legislation include:
No single newsroom can get more than $320,000 each year. The subsidy to newsrooms will be based on the number of employees. The refundable tax credit offered will be 50% of the salary of any employee up to a $50,000 wage. Publicly traded corporations are excluded. Zack Richner, a New York news publishing executive and the founder of the Empire State Local News Coalition, stated during this episode of E&P Reports, "The success of our coalition demonstrates the power of collaboration and advocacy in shaping policies that support local journalism and empower communities."
Steven Waldman, CEO and founder of Rebuild Local News, who worked with the Empire State Local News Coalition to get this legislation passed, emphasized the importance of designing policies with safeguards to prevent potential infringements on journalistic independence. He stated, "We must ensure that any government involvement in funding journalism is accompanied by robust safeguards to preserve press freedom and integrity."
Both Richner and Waldman stressed their hope that this legislation's impact will extend far beyond the borders of New York State. With initiatives underway in California and Illinois, the momentum generated by the Empire State's success aims to spark a nationwide movement.
23 min