To protect local media, and for other purposes.

To protect local media, and for other purposes. 1. Requirement to advertise with local media (a) Requirement (1) In general Each executive agency shall expend with local media— (A) during the period that begins on the date of the enactment of this section and ends on December 31, 2020, 50 percent of the funds obligated by the agency for advertising activities and underwriting activities during such period; and (B) during any period that begins on or after January 1, 2021, 25 percent of the funds obligated by the agency for advertising activities and underwriting activities during the applicable period. (2) Limitation Of the funds required to be expended under paragraph (1), at least 45 percent of such funds shall be expended equally between newspapers, television stations, and radio stations that are local media. (b) Use of funds Each executive agency shall— (1) expend the funds required to be expended under subsection (a) in a nonpartisan and nonideological manner; and (2) ensure that the funds are expended with local media on a geographically equitable basis. (c) Report to Congress Not later than 180 days after the date of the enactment of this section, and each year thereafter, an executive agency shall submit a report to Congress (and any committee of jurisdiction) on, with respect to the prior year, funds expended by the agency for advertising activities and underwriting activities, including funds expended by the agency with local media in accordance with subsection (a). (d) Definitions In this section: (1) Executive agency The term executive agency (2) Public broadcast station The term public broadcast station 47 U.S.C. 397 (3) Underwriting activity The term underwriting activity 2. Small business assistance (a) Paycheck protection program Section 7(a)(36)(D)(iv) of the Small Business Act ( 15 U.S.C. 636(a)(36)(D)(iv) (1) in subclause (II), by striking and (2) in subclause (III), by striking the period at the end and inserting ; and (3) by adding at the end the following new subclause: (IV) any business concern with not more than 500 employees that, as of the date on which the covered loan is disbursed, is assigned a North American Industry Classification System code of 511110, 515111, 515112, or 519130. . (b) Assistance The Commission shall supply local media who qualify for a loan under section 7(a)(36) of the Small Business Act ( 15 U.S.C. 636(a)(36) 3. Emergency jobs for journalism tax credit (a) In general In the case of an employer which is a qualified local media company, there shall be allowed as a credit against the tax imposed by section 3111(a) (b) Limitations and refundability (1) Dollar limitation per employee The aggregate credits allowed under subsection (a) (for all calendar quarters) shall not exceed $20,000 with respect to any employee. (2) Credit limited to certain employment taxes The credit allowed by subsection (a) with respect to any calendar quarter shall not exceed the tax imposed by section 3111(a) of such Code for such calendar quarter (reduced by any other credits enacted before the date of the enactment of this Act which are allowed against such tax for such quarter) on the wages paid with respect to the employment of all employees of the employer. (3) Refundability of excess credit (A) In general If the amount of the credit under subsection (a) exceeds the limitation of paragraph (2) for any calendar quarter, such excess shall be treated as an overpayment that shall be refunded under sections 6402(a) and 6413(b) of such Code. (B) Treatment of payments For purposes of section 1324 of title 31, United States Code, any amounts due to an employer under this paragraph shall be treated in the same manner as a refund due from a credit provision referred to in subsection (b)(2) of such section. (c) Qualified first-Year wages For purposes of this section, the term qualified first-year wages section 51(c) (d) Qualified local media company For purposes of this section, the term qualified local media company (e) Certain individuals ineligible (1) Related individuals Rules similar to the rules of section 51(i)(1) (2) Nonqualifying rehires No wages shall be taken into account under subsection (a) with respect to any employee if such individual had been employed by the employer at any time prior to the hiring date of such employee and after the date of the introduction of this Act. (f) Application of certain other rules Except as otherwise provided by the Secretary of the Treasury (or the Secretary’s delegate), rules similar to the rules of subsections (j) and (k) of section 51 and section 52 shall apply for purposes of this section. (g) Special rules (1) Denial of double benefit For purposes of chapter 1 of such Code, the gross income of the employer, for the taxable year which includes the last day of any calendar quarter with respect to which a credit is allowed under this section, shall be increased by the amount of such credit. Any wages taken into account in determining the credit allowed under this section shall not be taken into account for purposes of determining any other credit allowed against any tax imposed under the Internal Revenue Code of 1986. (2) Election not to have section apply This section shall not apply with respect to any employer for any calendar quarter if such employer elects (at such time and in such manner as the Secretary of the Treasury (or the Secretary’s delegate) may prescribe) not to have this section apply. (3) Certain terms Any term used in this section which is also used in chapter 21 of such Code (and is not otherwise defined for purposes of this section) shall have the same meaning as when used in such chapter. (h) Regulations The Secretary of the Treasury (or the Secretary’s delegate) shall prescribe such regulations or other guidance as may be necessary to carry out the purposes of this section, including— (1) regulations or other guidance to prevent the avoidance of the purposes of the limitations under this section; (2) regulations or other guidance to minimize compliance and record-keeping burdens under this section; (3) regulations or other guidance providing for waiver of penalties for failure to deposit amounts in anticipation of the allowance of the credit allowed under this section; and (4) regulations or other guidance for recapturing the benefit of credits determined under this section in cases where there is a subsequent adjustment to the credit determined under subsection (a). (i) Application of section This section shall apply only to wages paid during calendar quarters ending after the date of the enactment of this Act and beginning before January 1, 2022. (j) Transfers to Federal Old-Age and Survivors Insurance Trust Fund There are hereby appropriated to the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund established under section 201 of the Social Security Act ( 42 U.S.C. 401 4. Publication of written news articles as tax-exempt purpose (a) In general Section 501(c)(3) or for the publication (including electronic publication) of written news articles by an independent or community-based written news and electronic publication, animals, (b) Income from advertising not unrelated business taxable income Section 512(a) (8) Special rule applicable to news organizations described in section 501(c)(3) In the case of an independent or community-based written news and electronic publication which is described in section 501(c)(3) and exempt from tax under section 501(a), the term unrelated business taxable income . (c) Expedited application Section 508 (g) Timing for approval of applications by news organizations In the case of an independent or community-based written news and electronic publication which is described in section 501(c)(3), the Secretary shall approve or deny such organization for recognition of 501(c)(3) status not later than the date that is 12 months after notice is given under subsection (a). . (d) Effective date The amendments made by this section shall apply with respect to taxable years beginning after the date of the enactment of this Act. 5. Sense of Congress regarding the Ready to Learn program It is the sense of Congress that the Corporation for Public Broadcasting should, to the extent possible under the agreement entered by the Corporation for Public Broadcasting and the Department of Education under section 4643 of the Elementary and Secondary Education Act of 1965 ( 20 U.S.C. 7293 6. Definitions In this Act: (1) Commission The term Commission (2) Local media The term local media (A) primarily serves the communications needs of regional or local communities; and (B) focuses on localized issues and events.

Summary: This bill requires a federal executive agency to expend 50% of funds obligated by such agency for the advertising and underwriting activities of local media for the period beginning on the enactment of this bill, and ending on December 31, 2020. It also requires such agencies to expend 25% of such funds for the period beginning on or after January 1, 2021. At least 45% of agency advertising and underwriting activities funding must be expended equally between newspapers, television stations, and radio stations that are local media. The bill (1) expands the payroll protection program to newspaper, radio, and Internet publishing businesses with not more than 500 employees; (2) allows a payroll tax credit for 30% of first-year newsroom wages paid by a local media company; and (3) treats the publication (including electronic publication) of written news articles by an independent or community-based publication as a tax-exempt purpose. The bill expresses the sense of Congress that the Corporation for Public Broadcasting must provide programming to preschool, elementary, and secondary school children that promotes digital literacy during the period that such children cannot attend school due to the COVID-19 (i.e., coronavirus disease 2019) pandemic.