117 HR 6045 IH: Subscribe to Local News Act of 2021 U.S. House of Representatives 2021-11-18 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I117th CONGRESS1st SessionH. R. 6045IN THE HOUSE OF REPRESENTATIVESNovember 18, 2021Mrs. Miller-Meeks introduced the following bill; which was referred to the Committee on Ways and MeansA BILLTo 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.