Edmonds noted that “the measure still needs to win inclusion in the Senate’s version and survive any further reduction of the $1.75 trillion target total. Still, the move represents a big improvement in prospects for the subsidy.”
A “huge breakthrough for local news”
But the struggles of local news are undeniable. And the proposal seems to be moving forward.
“It’s a huge breakthrough for local news if it becomes law,” Report for America co-founder Steven Waldman, who has helped lead the drive for the tax credit, told me on Thursday. “This approach is a simple, content neutral, non partisan, First Amendment friendly way to save local news. It’s focused on the core problem — that the collapse of the business models have led to a shortage of local reporters. This focuses on helping newsrooms to retain or hire local journalists.”