My Two Cents
What would you say to a government program that grows local businesses, cuts taxes for individuals and helps make sure that communities like Snyder have a news source focused on what’s important here?
A bi-partisan proposal has been introduced in Congress that would accomplish all three.
U.S. representatives Ann Kirkpatrick (D-Ariz.) and Dan Newhouse (R-Wash.) brought forth a bi-partisan proposal to offer tax relief to small businesses, residents and local newspapers. Rather than issuing another round of checks, HR 7640, which is also known as the Local Journalism Sustainability Act, would offer tax credits for each to work together in support of keeping local journalism sustainable during this challenging business environment.
The program is targeted, offers broad benefit and expires in five years.
The Local Journalism Sustainability Act offers tax credits for subscribers of The Snyder News — or any other qualifying newspaper — of up to $250 per year. This would allow a subscriber to earn a tax credit almost equal to the subscription price of a local newspaper like The Snyder News. The idea is to help all individuals to be able to continue their access to local journalism during a time of economic difficulty.
When it comes to educating readers, the media outlets that employ journalists are far more effective than social media.
According to a Pew Research Center study conducted between October 2019 and June 2020, “Americans who primarily turn to social media for political news are less aware and knowledgeable about a wide range of events and issues in the news, they are more likely than other Americans to have heard about a number of false or unproven claims.”
The act also helps small businesses grow and thrive by offering those with fewer than 1,000 employees a tax credit to cover up to $5,000 of advertising costs in the first year and $2,500 in each of the following four years. The advertising will allow Snyder’s small and large businesses to promote their products and services to local customers, helping to make their cash registers ring while investing in quality local journalism.
One need only look at Scurry County’s unemployment rate — which is one of the highest in the region — and sales tax revenues — which are an indication of retail sales — to realize the local economy needs a boost.
I was visiting with a local merchant this week and he talked about how much the Development Corporation of Snyder’s advertising grant program had helped his business. Newspaper advertising works and remains one of the most effective ways for businesses to reach potential customers.
Finally, the act will offer a payroll credit of up to $25,000 the first year and $2,500 in each of the subsequent four years to employ and adequately compensate local journalists.
Why is that important?
Because without local journalism, our community will flounder. That may sound a bit egotistical, but local journalism is a foundational element of American society — and one that contributes to a better city, state and nation through the sharing of facts, opinions and the invitation for civil conversations. The Local Journalism Sustainability Act will help make sure that facts, not unproven claims, are out there for all to see.
If you agree that a strong Snyder newspaper is important, please call our U.S. Representative Jodey Arrington at (202) 225-4005 and Senators John Cornyn at (202) 224-2934 and Ted Cruz at (202) 224-5922 and ask them to support the Local Journalism Sustainability Act.
Bill Crist is the publisher of The Snyder News. Comments may be emailed to publisher@thesnydernews.com.