[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7306 Introduced in House (IH)]

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118th CONGRESS
  2d Session
                                H. R. 7306

 To amend the Internal Revenue Code of 1986 to include publication of 
 written news articles as a tax-exempt purpose for organizations, and 
                          for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 9, 2024

Mr. DeSaulnier (for himself, Mr. Raskin, and Ms. Norton) 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 include publication of 
 written news articles as a tax-exempt purpose for organizations, and 
                          for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Saving Local News Act''.

SEC. 2. PUBLICATION OF WRITTEN NEWS ARTICLES AS TAX-EXEMPT PURPOSE.

    (a) In General.--Section 501(c)(3) of the Internal Revenue Code of 
1986 is amended by inserting ``or for the publication (including 
electronic publication) of written news articles,'' after ``animals,''.
    (b) Income From Advertising Not Unrelated Business Taxable 
Income.--Section 512(a) of the Internal Revenue Code of 1986 is amended 
by adding at the end the following new paragraph:
            ``(7) Special rule applicable to news organizations 
        described in section 501(c)(3).--In the case of an organization 
        described in section 501(c)(3) by reason of publication of 
        written news articles, the term `unrelated business taxable 
        income' does not include any amount attributable to payments 
        for advertisements in news publications.''.
    (c) Expedited Application.--Section 508 of the Internal Revenue 
Code of 1986 is amended by adding at the end the following new 
subsection:
    ``(g) Timing for Approval of Applications by News Organizations.--
In the case of an organization described in section 501(c)(3) by reason 
of publication of written news articles, the Secretary shall approve or 
deny such organization for recognition of 501(c)(3) status not later 
than the date that is 12 months after notice is given under subsection 
(a).''.
    (d) Effective Date.--The amendments made by this section shall 
apply with respect to taxable years beginning after the date of the 
enactment of this Act.
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