New York will set aside money to help local news outlets hire and retain employees

By MAYSOON KHAN
Associated Press/Report for America

ALBANY, N.Y. (AP) — New York is setting aside $90 million in tax credits for local news outlets to hire and retain journalists. It is part of an effort to keep the shrinking local news industry afloat. The U.S. newspaper industry has been in a long decline, driven by factors including a loss in advertising revenue as outlets have moved from primarily print to mostly digital. New York’s three-year program allows some news organizations to tap into refundable tax credits each year, with a single outlet able to receive tax credits of up to $320,000 annually.