Subscribe to Local News Act of 2021

Bill: 117-hr-6045
Sponsor: full_name: Rep. Miller-Meeks, Mariannette [R-IA-2]
Introduced: 2021-11-18
Policy area: Taxation
Latest action: action_date: 2021-11-18
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2021-11-18
action_desc: Introduced in House
text: <p><strong>Subscribe to Local News Act of 2021</strong></p> <p>This bill allows individual taxpayers a nonrefundable tax credit through 2026 for 100% of expenses, up to $200 in any taxable year, incurred for a local newspaper subscription.</p> <p>The bill defines<em> local newspaper </em>as a print or digital publication that primarily serves a regional community and has a daily circulation of less than 10,000.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 6045 IN THE HOUSE OF REPRESENTATIVES November 18, 2021 Mrs. Miller-Meeks 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 provide for a tax credit for newspaper subscriptions.

1. Short title This Act may be cited as the Subscribe to Local News Act of 2021 . 2. Credit for newspaper expenses (a) In general Subpart A of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 25D the following new section: 25E. Credit for newspaper expenses (a) Allowance of credit In the case of an individual, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to 100 percent of the qualified expenses paid or incurred by such individual during the taxable year. (b) Qualified expenses For purposes of this section— (1) In general The term qualified expenses means expenses for a local newspaper subscription. (2) Local newspaper The term local newspaper means a print or digital publication that primarily serves a regional community and has a daily circulation of less than 10,000. (3) Dollar limitation The amount taken into account as qualified expenses for any taxable year shall not exceed $200. (c) Termination No credit shall be allowed under this section for any taxable year beginning after December 31, 2026. . (b) Clerical amendment The table of sections for subpart A of part IV of subchapter A of chapter 1 is amended by inserting after the item relating to section 25D the following new item: Sec. 25E. Credit for newspaper expenses. . (c) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2021. 3. Deduction for advertising and contributions to local newspapers (a) In general Part VI of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 199B. Deduction for advertising and donations to local newspapers (a) In general There shall be allowed as a deduction for the taxable year an amount equal to the amounts paid or incurred by the taxpayer during the taxable year for advertising with, or donations to, any local newspaper (as such term is defined in section 25E(b)(2)). (b) Limitation The amount allowed as a deduction under subsection (a) for a taxable year shall not exceed shall not exceed $1,000. (c) Termination No deduction shall be allowed under this section for any taxable year beginning after December 31, 2026. . (b) Clerical amendment The table of sections for part VI of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new item: Sec. 199B. Deduction for advertising and donations to local newspapers. . (c) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2021.