Governor announces first-in-nation $30 million tax credit program to help news organizations

Press Release, Governor Kathy Hochul’s Office

Governor Kathy Hochul announced that applications will open for the Empire State Newspaper and Broadcast Media Jobs Program, which provides critical financial support to eligible newspaper and broadcast media businesses operating in New York State.

Administered through Empire State Development, the program offers up to $30 million annually in tax credits to help local media outlets create new jobs and retain existing employees. Information about the program and how to apply can be found here.

“Local newspapers, broadcasters and journalists are the backbone of our democracy. They inform our neighbors, elevate community voices and hold our leaders accountable,” Governor Hochul said. “This program will deliver meaningful support to newspaper and broadcast media businesses, keep reporters on the beat, strengthen local coverage and ensure New Yorkers have the trusted information they need.”

The program offers a tax credit with two components:

• New Job Creation Component (up to $4 million available per year): A credit of $5,000 per net new full-time job created year-over-year, up to $20,000 per business.
• Existing Jobs Component (up to $26 million available per year): A credit equal to 50 percent of annual wages per employee retained, with a maximum credit of $25,000 per employee and $300,000 per business.

To ensure that the program is available to assist media businesses of all sizes, funding will be divided evenly, with 50 percent of funds made available to smaller businesses with 100 or fewer New York-based employees, and the remaining 50 percent allocated to larger businesses with more than 100 New York-based employees. The program will be accepting applications through the state’s Consolidated Funding Application. The application period for program year 2025 will close on April 25. Applications will be processed on a first-come, first-serve basis.

The program will provide direct assistance to print, digital, and broadcast media businesses across New York, and provide support to this critical industry.

Empire State Local News Coalition Founder and Executive Director Zachary Richner said, “The landmark Newspaper and Broadcast Media Jobs Program will not only sustain the crucial local news ecosystem in our state, but also support thousands of local jobs. We thank Governor Hochul and all of the elected officials who championed this legislation, which has become a model for states across the country. Our coalition is proud to have spearheaded the advocacy that made this program a reality, and we look forward to continuing to work with the Governor on this important, first-in-the-nation initiative.”

New York State Broadcasters Association President David L. Donovan said, “This innovative tax credit program benefits all citizens in every community throughout New York by helping to preserve locally produced broadcast news and public interest programs. Local radio and TV stations bring communities together and provide life-saving information during emergencies. We thank Governor Kathy Hochul for her forward-thinking approach to ensure citizens in the Empire State remain informed about their government and the communities in which they live.”

New York News Publishers Association President Diane Kennedy said, “Newspapers connect the residents of New York State, from rural small towns to our largest cities by providing timely, accurate information about the events that affect their lives. Governor Hochul’s tax credit initiative will keep journalists on the job, covering the town boards, high school sports, city governments and art communities that serve as the web of civic life in communities throughout the state. Governor Hochul recognized the loss of newspaper jobs resulting from the dramatic change in the media ecosystem and stepped forward to help newspapers to build a bridge to a future in which local news can thrive.”

New York Press Association Executive Director Bryce Jacobson said, “The true beneficiaries of this program are New Yorkers themselves — people bound together by shared neighborhoods, cultures, languages, and traditions. By supporting community-based media outlets as they invest in their workforce and strengthen how they gather and share news, this program helps ensure that local journalism remains accessible and at the forefront. It reinforces the vital role these outlets play in representing and connecting communities across New York — online, in print, and on air.”

Rebuild Local News Coalition Chair Steven Waldman said, “This landmark effort to help preserve and revive community media in New York has now begun! It will provide meaningful support for news organizations that hire and retain local reporters and other media jobs. We thank Governor Hochul and the legislature — and truly appreciate the efforts of the staff at ESD to create a high-quality program. We urge all local media groups to apply!”