The government might step in and help rescue the struggling newspaper industry. Democratic Senator Benjamin Cardin has introduced a bill that would allow newspapers to operate like nonprofit organizations — kind of like public broadcasting stations.
The “Newspaper Revitalization Act” would let newspapers choose a tax-exempt status; they wouldn’t be able to make political endorsements anymore, but could report on all issues — including political campaigns.
Advertising and subscription revenue would be tax-exempt; and contributions made to help support coverage would be tax deductible.
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