New York State has embarked on a commendable initiative to bolster its local media landscape. By allocating $30 million in tax credits over three years, the state aims to provide much-needed financial support to local media outlets. This assistance will primarily go toward covering journalists’ salaries, allowing publishers to offset up to 50% of the first $50,000 of each journalist’s salary. This measure recognizes the crucial role local journalism plays in our communities, providing essential coverage of local elections, connecting communities through shared knowledge, and addressing issues impacting residents’ daily lives.
The state’s commitment to media preservation stems from the growing concern over the decline of local news outlets. Statistics show that approximately 2,500 local news outlets have ceased operations since 2005, while others have been forced to make staff cuts. This trend has created a void in the local news ecosystem, leaving communities with limited access to vital information.
The funding will be distributed to eligible businesses, including those with more than 100 employees and those with fewer than 100 employees. The provision, passed by the state’s legislative assembly, will be incorporated into a larger budget bill for the 2024-2025 fiscal year.
This initiative underscores the state’s recognition of the importance of a robust and independent local media sector. By supporting local news outlets, New York State is investing in the dissemination of accurate and relevant information, enabling citizens to make informed decisions and actively participate in their communities. This investment in local journalism is not only a financial lifeline for struggling media outlets but also an investment in the civic well-being of the state’s residents.