Newspaper tax break passes Senate – Washington Senate Democrats

Laws to assist help the information media by exempting them from the state enterprise and occupation (B&O) tax handed the Washington State Senate at this time on a 47-1 vote. SB 5199, sponsored by Sen. Mark Mullet (D-Issaquah), is meant to help native information shops which have encounter robust financial occasions.

“I’ve seen native newspapers and media in my district battle over the previous decade, and too many have already needed to shut down,” Mullet mentioned. “Native journalists play a necessary position to tell the general public, maintain politicians and authorities accountable, and make our communities stronger. That position is especially necessary on the native degree, the place extremely necessary selections are made that CNN or Fox Information won’t ever cowl. We’d like to ensure our small native newspapers can keep afloat and hold serving the general public, and this invoice will assist.”

Newspapers at the moment pay a decrease B&O tax price than most companies, however that preferential tax price expires in July of 2024. SB 5199 absolutely eliminates the B&O tax for newspaper publishers and printers, as really helpful by nonpartisan legislative auditors who consider the state’s tax preferences, and likewise eliminates the tax for digital and on-line information shops if that they had a printed publication as just lately as Jan. 1, 2008.

Between 2005 and 2020, Washington state newspapers misplaced 67% of newsroom staff, in line with a report from the U.S. Senate Committee on Commerce, Science and Transportation. The pandemic exacerbated the issue. In response to information compiled by the Columbia Journalism Assessment, a minimum of 43 newspapers in Washington laid off staff in 2020, and 23 suspended printing operations or lowered the variety of days they provide a print newspaper.

The invoice now goes to the Home of Representatives for consideration.