On page 1,957 of the reconciliation bill, Democrats have included a $1.67 billion special tax handout to media companies, under the guise of helping “local” journalists. In reality the provision is a product of the DC lobbying swamp and will benefit large media corporations.
Companies of any size are eligible for the tax credit. Broadcast, print, and digital companies all qualify. Each company is allowed to claim the tax credit for up to 1,500 of their employees. How many humble village newspapers do you know that employ 1,500 people?
The Associated Press recently reported that the Gannett corporation — publisher of USA Today — could get as much as $127.5 million:
Should the tax break become law, Gannett, one of the nation’s largest remaining newspaper chains, could gain as much as $127.5 million over five years.