U.S. bill proposes non-profit status for American newspapers

In a bid to rescue U.S. newspapers, Senator Benjamin Cardin is proposing a bill that would allow newspapers to give themeselves the same status as non-profits. They would be taxed for educational purposes, not business purposes, which would put them on the same playing field as public broadcasting. They can cover anything, but not endorse any political candidate or idea. Advertising and subscription revenue would be tax exempt, and contributions to support news coverage or operations could be tax deductible. It’s only one Senator, and needs more support, but at least it’s an idea to try to save the American newspaper, under significantly more pressure than its Canadian counterparts.

Reuters, April 28 2009

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