New York to allocate funds to support local news outlets in hiring and retaining staff members

New York State is taking a groundbreaking step to support the struggling local news industry by offering up to $90 million in tax credits to news outlets. The three-year program aims to help news organizations hire and retain journalists, a move seen as vital for the health of democracy.

The decline of the US newspaper industry has been a long-standing issue, with factors such as a loss in advertising revenue and the shift to digital platforms contributing to the crisis. State lawmakers have recognized the importance of preserving journalism jobs and passed a measure in the state budget to provide tax credits to eligible news outlets.

State Sen. Brad Hoylman-Sigal, a Democrat who sponsored the legislation, emphasized the significance of journalism in holding public figures accountable. He highlighted a recent incident where a Republican candidate was able to deceive voters due to a lack of local press coverage, underscoring the need for a robust news media.

While the tax credits are primarily aimed at small community news sites, larger media organizations could also benefit. The program is set to start in 2025 and will provide credits for hiring new staff and retaining existing employees.

The initiative has garnered support from various stakeholders, including the president of the NewsGuild-CWA, who hailed it as a historic move to support journalism jobs. With the news industry facing unprecedented challenges, the tax credits offer a lifeline to news outlets striving to provide accurate and reliable information to the public.