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New York Lawmakers Pass $90 Million Tax Credits Plan to Support Local News Outlets, a First-of-its-Kind Initiative

New York Lawmakers Pass $90 Million Tax Credits Plan to Bolster Local News Outlets, Supporting Journalists’ Salaries

New York Allocates $90 Million in Tax Credits to Support Local News, Aimed at Retaining Journalists

New York lawmakers have passed a special plan to help local news outlets, according to the published article of THE WRAP. This plan gives them $90 million in tax credits over three years. The goal is to support journalists by covering half of their salary up to $50,000 a year. To get the tax credits news publishers have to hire new reporters and keep their current staff. This plan is part of New York’s budget for 2025. Steven Waldman who leads a group supporting local news shared the news on social media. He explained how the money will be divided among different newsrooms.

State Senator Brad Hoylman is happy about this plan. He says many newspapers and journalists have disappeared in recent years leaving many areas without local news. This tax credits will help hire and keep journalists, especially in places where local news is struggling. Senator Hoylman thanked other leaders for supporting this important law.

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(PHOTO: The Daily Gazette)

New York’s Groundbreaking Tax Credits Plan for Local News Outlets

Furthermore, this plan is a big deal because it’s the first of its kind in the whole country. It’s meant to help newspapers and TV stations in New York. The government hopes it will keep journalists in their jobs and help people stay informed about what’s happening in their communities. Senator Brad Hoylman is grateful for the support of other leaders in making this happen.

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