Saving Local News Act of 2019

Bill: 116-hr-3126
Sponsor: full_name: Rep. DeSaulnier, Mark [D-CA-11]
Introduced: 2019-06-05
Policy area: Taxation
Subjects: Income tax exclusion

Marketing and advertising

News media and reporting

Tax-exempt organizations
Latest action: action_date: 2019-06-05
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2019-06-05
action_desc: Introduced in House
text: <p> <bold><b>Saving Local News Act of 2019</b></bold> </p> <p>This bill includes as a tax-exempt 501(c)(3) nonprofit purpose the publication (including electronic publication) of written news articles. Currently, a tax-exempt nonprofit purpose includes religious, charitable, scientific, and other purposes, as specified. </p> <p>In the case of an organization that is tax-exempt due to the publication of written news articles, the term <i>unrelated business taxable incom</i>e does not include any amount attributable to payments for advertisements in news publications.</p>

tv_txt: I 116th CONGRESS 1st Session H. R. 3126 IN THE HOUSE OF REPRESENTATIVES June 5, 2019 Mr. DeSaulnier introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to include publication of written news articles as a tax-exempt purpose for organizations, and for other purposes.

1. Short title This Act may be cited as the Saving Local News Act of 2019 . 2. Publication of written news articles as tax-exempt purpose (a) In general Section 501(c)(3) of the Internal Revenue Code of 1986 is amended by inserting or for the publication (including electronic publication) of written news articles, after animals, . (b) Income from advertising not unrelated business taxable income Section 512(a) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (8) Special rule applicable to news organizations described in section 501(c)(3) In the case of an organization described in section 501(c)(3) by reason of publication of written news articles, the term unrelated business taxable income does not include any amount attributable to payments for advertisements in news publications. . (c) Expedited application Section 508 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: (g) Timing for approval of applications by news organizations In the case of an organization described in section 501(c)(3) by reason of publication of written news articles, 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.