New York’s $90M tax break for local news outlets leaves out TV and nonprofits
When Gov. Kathy Hochul and New York lawmakers tucked a $90 million, first-in-the-nation tax break into the $237 billion state budget last month, lawmakers, labor unions and news publishers hailed it asBut as crafted, the law largely excludes many local news outlets it purports to support — aside from for-profit print newspapers — due to a crush of last-minute negotiations in the days before the budget passed.
“We missed something all along here, and it was never quite set up the way any of us thought it was,” said Steven Waldman, founder and president of Rebuild Local News, an organization advocating for a similar credit on the federal level and for nonprofits to be included in the state credit.The idea behind a tax credit for news outlets has been kicking around in Albany since late 2021, when state Sen.
All told, the credit is capped at $320,000 per eligible New York-based news outlet — a not-insignificant amount for small-to-mid-sized outlets whose revenue models have been obliterated in the digital era. It’s also refundable, meaning the state will cut a check to news outlets for the difference if the amount of the credit exceeds their tax bill.The last-minute, back-and-forth negotiations left news outlets scrambling to figure out whether they qualify for the tax credit.
That means the credit excludes the vast majority of New York TV stations, such as all the major network stations in New York City, and many commercial radio stations. Jake Ascher, a spokesperson for Hoylman-Sigal, said lawmakers and the governor’s office intentionally agreed to include language excluding publicly traded companies “to focus on independently owned” news organizations — and that’s what made it into the final agreement.
But the proposal was never actually a payroll tax credit. While early versions of the bill contained the words “payroll tax credit," the nuts and bolts of the legislation always ensured it was an income tax credit or corporate franchise tax credit. The final version of the tax credit included that same nuts-and-bolts language and dropped the payroll tax misnomer entirely.
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