Illinois General Assembly - Bill Status for SB3953
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 Bill Status of SB3953  103rd General Assembly

Short Description:  LOCAL JOURNALISM ACT

Senate Sponsors
Sen. Steve Stadelman

Last Action
DateChamber Action
  5/14/2024SenateReferred to Assignments

Statutes Amended In Order of Appearance
New Act
35 ILCS 5/241 new
35 ILCS 5/704A

Synopsis As Introduced
Creates the Local Journalism Sustainability Act. Creates a credit against an employer's withholding tax liability if the employer is a local news organization. Provides that the amount of the credit is equal to 50% of the amount of wages paid by the employer to qualified journalists in the calendar year in which the credit certificate is issued, not to exceed $25,000 in credits per qualified journalist. Provides that an additional withholding tax credit of $5,000 shall be awarded for each qualified journalist who fills a new journalism position for the employer during the calendar year in which the credit certificate is issued. Provides that those credits are subject to certain limitations. Amends the Illinois Income Tax Act. Creates an income tax credit, subject to certain limitations, in an amount equal to the consideration paid during the taxable year by an eligible small business to local newspapers or local broadcast stations for advertising in this State. Effective immediately.

DateChamber Action
  5/14/2024SenateFiled with Secretary by Sen. Steve Stadelman
  5/14/2024SenateFirst Reading
  5/14/2024SenateReferred to Assignments

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