The New York state Legislature approved a unique plan on Saturday to give financial aid to news outlets in the state. The plan offers a total of $30 million in credits each year for three years, totaling $90 million, which can cover half of a journalist's salary, up to $50,000 per year.
Publishers are only allowed to use the credits from the state's 2025 budget if they both hire new reporters and maintain their current staff.
Social media post by Steven Waldman, chair of the Rebuild Local News Coalition, sharing the news.
Waldman explained what each newsroom can receive. The legislation sets a cap of $320,000 per newsroom, allocating $13 million for newsrooms with fewer than 100 staffers, $13 million for larger ones, and $4 million for new hires. He also mentioned that only independent news organizations can benefit from the new tax credits — no publicly traded companies.
New York state Sen. Brad Hoylman also supported the effort. He saidBrad Hoylman commented on the decline of local news across the country and expressed his pleasure at passing the state's first-in-the-nation Newspaper and Broadcast Media Jobs Program tax incentive in this year's state budget.
He also stated that the new initiative will strengthen local news coverage with a $30 million tax credit to hire and retain journalists for qualifying, independently owned print media or broadcasting entities, especially those that have faced workforce or circulation decline in the last five years.
With the new tax credit, the aim is to ensure that New Yorkers are better informed and democracy doesn't suffer. Brad Hoylman expressed his gratitude to Senate Majority Leader Stewart-Cousins, Gov. Hochul, and Assembly Member Carrie Woerner for their support of this landmark legislation.
