H.R. 1753: Community News and Small Business Support Act

This bill establishes a temporary business tax credit for expenses incurred by an eligible small business to advertise in local media. The bill also establishes a temporary refundable tax credit for a percentage of wages paid by an eligible employer to local news journalists. (Limitations apply.)

Under the bill, an eligible small business (a business with an average of fewer than 50 employees) may claim a tax credit for (1) 80% of local media advertising expenses, up to a maximum of $5,000, in the first year of the tax credit; and (2) 50% of such expenses, up to a maximum of $2,500, in the subsequent four years. (Other conditions and limitations may apply.)

The bill also allows an eligible employer to claim each calendar quarter a refundable tax credit against Medicare payroll taxes for (1) 50% of wages paid to a local news journalist in the first four calendar quarters of the tax credit, and (2) 30% of such wages paid in each calendar quarter in the subsequent four years.

Written by the Congressional Research Service, Library of Congress.