PDA

View Full Version : Senate Bill To Prop Up Failing Newsies.



Gingersnap
03-24-2009, 04:06 PM
Senate Bill Would Allow Tax-Exempt Status for Newspapers

By Mark Fitzgerald

Published: March 24, 2009 1:08 PM ET

CHICAGO Newspapers perform a public service for democracy and should be allowed to operate as tax-exempt non-profits, U.S. Sen. Benjamin Cardin, D.-Md., proposed Tuesday.

Cardin introduced a bill that would explicitly include newspapers among organizations eligible for 501(c)(3) status. The non-profit status is the same that public radio and television have now. The legislation would give a national green light for newspapers to adopt the so-called Low Profit Limited Liability Company business model, often shortened to L3C.

The L3C model, which the Newspaper Guild supports as an alternative newspaper ownership model, is the subject of a feature story in the current print issue of Editor & Publisher. Under Cardin's legislation, newspaper revenue would be tax-exempt, and contributions to papers would be tax deductible. The status would also allow non-profits to invest in newspapers, something that is forbidden now.

Cardin said action is needed to help preserve local newspapers.

"We are losing our newspaper industry," Cardin said in a statement. "The economy has caused an immediate problem, but the business model for newspapers, based on circulation and advertising revenue, is broken, and that is a real tragedy for communities across the nation and for our democracy."

If this doesn't qualify as "stupid", I don't know what does. :rolleyes:

Editor & Publisher (http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1003954802)

patriot45
03-24-2009, 04:29 PM
If this doesn't qualify as "stupid", I don't know what does. :rolleyes:

Editor & Publisher (http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1003954802)


OUr legislators will not be happy until every living.. and dead thing is regulated and taxed to death. And they probably won't stop there either!

Remember thier motto; If it ain't broke, fix it until it is!

PoliCon
03-24-2009, 10:20 PM
If this doesn't qualify as "stupid", I don't know what does. :rolleyes:

Editor & Publisher (http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1003954802)

AH! But you see - if the news papers fail - the left loses one of their chief outlet for propaganda AND Television news will be cast adrift without their cheif sources for news stories.