Senator Proposes Nonprofit Status For Newspapers
The AP is reporting that a senator has introduced legislation that would allow struggling newspapers to operate as nonprofits, similar to the way public broadcasting works. “[Sen. Benjamin] Cardin [D-Md.] introduced a bill that would allow newspapers to choose tax-exempt status. They would no longer be able to make political endorsements, but could report on all issues including political campaigns. Advertising and subscription revenue would be tax-exempt, and contributions to support coverage could be tax deductible. Cardin said in a statement that the bill is aimed at preserving local newspapers, not large newspaper conglomerates. … The head of the newspaper industry’s trade group called the bill a positive step.”
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