Local news media in New York will get financial support from the government to encourage the employment of more journalists to report on hyperlocal news.
According to Politico, New York will become the first state to approve the Local Journalism Sustainability Act, through which the government will allocate $30 million annually to grant tax breaks to news organizations.
The credit will refund 50% of a journalist's salary, up to $50,000 for each journalist and a maximum of $300,000 per organization. Effectively, this means that news organizations can get money back from the government for hiring journalists.
Bill sponsor Senator Brad Hoylman-Sigal, a Manhattan Democrat, said journalism is critical for democracy and helped keep New Yorkers informed about hyperlocal issues.
"A thriving local news industry is vital to the health of our democracy. It’s our responsibility to help ensure New Yorkers have access to independent and community-focused journalism," said Hoylman-Sigal.
The law is set to be finalized on Saturday when the fiscal 2025 budget is approved.
