An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

Tax credit

A direct reduction in the amount of tax owed. Unlike a deduction, which reduces the amount of income subject to tax, a credit directly reduces the tax bill dollar for dollar.

Internal Revenue Code

The body of federal tax law in the United States, administered by the Internal Revenue Service (IRS).

Subscription

An arrangement to receive a publication regularly by paying in advance.

Taxable year

The annual accounting period for which a person or organization reports income and calculates tax liability. For most individuals, this is the calendar year.

Eligible local newspaper publisher

An employer whose primary business is publishing local newspapers (as defined in the bill) and who qualifies for the payroll tax credit.

Local news journalist

An individual who regularly gathers, collects, photographs, records, writes, or reports news or information about local events or public interest matters in a specific community.

Applicable percentage

The specific percentage of an expense (like subscription costs or wages) that can be claimed as a tax credit, which may vary over time.