Wednesday, March 25, 2009
Senator Benjamin Cardin (D- Maryland) proposed in Congress Tuesday that the nations newspapers should be permitted to operate a tax-exempt organizations, similar to public broadcasting television and radio stations. Here is an excerpt from the article:
Cardin introduced a bill that would allow newspapers to choose tax-exempt status. They would no longer be able to make political endorsements, but could report on all issues including political campaigns.
Advertising and subscription revenue would be tax-exempt, and contributions to support coverage could be tax deductible.
Cardin said in a statement that the bill is aimed at preserving local newspapers, not large newspaper conglomerates.
We are losing our newspaper industry," said Cardin. "The economy has caused an immediate problem, but the business model for newspapers, based on circulation and advertising revenue, is broken, and that is a real tragedy for communities across the nation and for our democracy."
For the entire story, see "Senator proposes nonprofit status for newspapers" in the March 24, 2009, issue of the Washington Post.