Latest Post | Last 10 Posts | Archives
Previous Post: Broad Support For Carbon Capture And Storage Across Illinois, “Vital” For The Environment and Downstate Growth
Next Post: Isabel’s afternoon roundup
Posted in:
A new measure being debated in the Illinois General Assembly would create a tax credit for certain news publishers based on the number of reporters they employ.
The proposal from Sen. Steve Stadelman, D-Rockford, is part of a package of policies that he has been working to pass since early this year – although some worry about potential conflicts that could arise from creating new financial relationships between the government and journalists who cover it.
Under Stadelman’s proposal, contained in Senate Bill 3953, the state would offer a tax credit of up to $25,000 for each journalist on a media company’s payroll and up to $30,000 for journalists hired into newly created roles. The credit would only be available to “independently owned” media outlets – making subsidiaries of larger or publicly traded companies ineligible for the credit.
Advocates say it’s a way to prop up an industry that faces existential financial and logistical challenges. In 2022, the General Assembly created a task force to research the state of journalism in Illinois. Their report included research from Northwestern University’s Medill School of Journalism that showed one-third of local outlets have closed since 2005, creating an 86 percent decline in newspaper jobs over that span.
* The Question: Do you support this tax credit concept? Explain.
posted by Rich Miller
Thursday, May 16, 24 @ 2:09 pm
Sorry, comments are closed at this time.
Previous Post: Broad Support For Carbon Capture And Storage Across Illinois, “Vital” For The Environment and Downstate Growth
Next Post: Isabel’s afternoon roundup
WordPress Mobile Edition available at alexking.org.
powered by WordPress.
No. The govt should not be in the business of picking winners and losers. Additionally, this law will have little to no positive effect.
Comment by Lurker Thursday, May 16, 24 @ 2:34 pm
I support it but it needs guardrails, an independent buffer organization that accredits the papers and the reporters and then reports to Revenue. It has to be transparent.
As to picking winners and losers, as I type this looking at a piece of fallow conservative tillage land, I don’t see a difference between subsidies or incentives for other businesses that provide in some sense, a public good, and journalism, which is vital for a thriving government and populace at every level.
Comment by Give Us Barabbas Thursday, May 16, 24 @ 3:14 pm
Yeah, there are probably some minor things to be concerned about such as if you had a white supremacist news source locally or the Final Call, but the Nordic countries have this sort of thing and it can work.
Comment by ArchPundit Thursday, May 16, 24 @ 3:27 pm
Desperate measures for desperate times, imho.
– MrJM
Comment by @misterjayem Thursday, May 16, 24 @ 3:57 pm
I have reservations about the independence of news publishers in this scenario, the financial dependency which is created, and public funding which will undoubtedly go to some harmful publishers. But, journalism is essential, it is in decline, and it needs a lifeline, so ultimately I would support this until a better solution is found.
Comment by thechampaignlife Thursday, May 16, 24 @ 4:05 pm
Would this bill support online news publishers as well as print?
Comment by Just a Citizen Thursday, May 16, 24 @ 4:10 pm
=certain news publishers=
If the Proft papers qualify, then absolutely not.
Comment by that’s bettor Thursday, May 16, 24 @ 4:34 pm
No. As much as I would like to see more quality journalism, the historical model isn’t financially viable even with a tax credit. The digital age, social media, and tribalism have all but made it extinct.
Comment by Pundent Thursday, May 16, 24 @ 6:05 pm
Dan Proft’s papers are “independently owned” media outlets
Comment by Frida's boss Thursday, May 16, 24 @ 10:07 pm
No I don’t believe the Government should be funding journalists. The Government is more than welcome to publish it’s own “objective” stories.
If you have newsrooms relying on Government subsidies to stay afloat it’ll be like every other social service agency who comes down looking for their tax break and supporting the people who give it to them.
Comment by Frida's boss Thursday, May 16, 24 @ 10:10 pm