S. 673 · 111th Congress
A bill to allow certain newspapers to be treated as described in section 501(c)(3) of the Internal Revenue Code of 1986 and exempt from tax under section 501(a) of such Code.
- Stage
- In committee
- Sponsor
- Benjamin Cardin
- Introduced
- 2009-03-24
- Latest action
- 2009-03-24 · Introduced in Senate
Summary
Amends the Internal Revenue Code to exempt from income taxation a newspaper corporation or organization if: (1) it publishes on a regular basis a newspaper for general circulation; (2) its newspaper contains local, national, and international news stories of interest to the general public and the distribution of such newspaper is necessary or valuable in achieving an educational purpose; and (3) the preparation of the material contained in such newspaper follows a methodology generally accepted as educational.
Exempts the advertising income of a tax-exempt newspaper corporation or organization from taxation as unrelated business income and allows a charitable tax deduction for contributions to such newspaper corporation or organization.