Section 1 Short title
This Act may be cited as the “Saving Local News Act”.
Saving Local News Act
A BILL
To amend the Internal Revenue Code of 1986 to include publication of written news articles as a tax-exempt purpose for organizations, and for other purposes.
Sec. 2 Publication of written news articles as tax-exempt purpose
In general— Section 501(c)(3) of the Internal Revenue Code of 1986 is amended by inserting “or for the publication (including electronic publication) of written news articles,” after “animals,”.
Income from advertising not unrelated business taxable income— Section 512(a) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:
“(7) Special rule applicable to news organizations described in section 501(c)(3)—In the case of an organization described in section 501(c)(3) by reason of publication of written news articles, the term unrelated business taxable income does not include any amount attributable to payments for advertisements in news publications.”
Expedited application— Section 508 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:
“(g) Timing for approval of applications by news organizations—In the case of an organization described in section 501(c)(3) by reason of publication of written news articles, the Secretary shall approve or deny such organization for recognition of 501(c)(3) status not later than the date that is 12 months after notice is given under subsection (a).”
Effective date— The amendments made by this section shall apply with respect to taxable years beginning after the date of the enactment of this Act.