Vermont H 377: An act relating to statewide professional regulation standards for the licensure of applicants with criminal conviction histories

Bill Text

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VT LEG #381072 v.2
H.377 1
Introduced by Representatives Rachelson of Burlington and Waters Evans of 2
Charlotte 3
Referred to Committee on 4
Date: 5
Subject: Taxation; income tax; tax credit 6
Statement of purpose of bill as introduced: This bill proposes to create an 7
income tax credit for small businesses that purchase advertising in local media 8
outlets. 9
An act relating to the local media advertising tax credit 10
It is hereby enacted by the General Assembly of the State of Vermont: 11
Sec. 1. 32 V.S.A. § 5813 is amended to read: 12
§ 5813. STATUTORY PURPOSES 13
* * * 14
(aa) The statutory purpose of the local media advertising tax credit in 15
section 5830g of this title is to provide an incentive to small businesses to 16
advertise with local media outlets. 17
Sec. 2. 32 V.S.A. § 5830g is added to read: 18
§ 5830g. LOCAL MEDIA ADVERTISING TAX CREDIT 19

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(a) Credit. A small business shall be entitled to a refundable credit against 1
the tax imposed by section 5822 of this title for the taxable year in an amount 2
equal to 50 percent of the expenditures paid or incurred by the small business 3
for advertising in a local media outlet, up to a maximum credit of $250.00. 4
(b) Definitions. As used in this section: 5
(1) “Local broadcast organization” means an organization licensed to 6
broadcast in the State by the Federal Communications Commission. 7
(2) “Local media outlet” means a local broadcast organization or a local 8
news organization. 9
(3) “Local news organization” means an organization that: 10
(A) engages professionals to create, edit, produce, and distribute 11
original content concerning matters of public interest through reporting 12
activities; 13
(B) employs a full-time employee who dedicates at least 30 hours a 14
week to providing coverage of an area of the State for dissemination to the 15
local or State community and lives within 50 miles of the coverage area; 16
(C)(i) has published at least one print publication per month over the 17
previous 12 months and either holds a valid U.S. Postal Service periodical 18
permit or dedicates at least 25 percent of its content to local news; or 19

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(ii) on average over the previous 12 months, has published online 1
at least one piece per week about the local or State community and has at least 2
33 percent of its online audience in Vermont; 3
(D) has disclosed in its print publication or on its website its 4
beneficial ownership or, in the case of a nonprofit entity, its board of directors; 5
(E) in the case of an organization that is exempt from taxation under 6
26 U.S.C. § 501(c)(3), declares as its stated mission in its filings with the 7
Internal Revenue Service the coverage of local or State news; and 8
(F) over the previous calendar year did not receive more than 9
50 percent of its gross receipts from political action committees, other entities 10
described in 26 U.S.C. § 527, or from organizations exempt from taxation 11
under 26 U.S.C. § 501(c)(4), (c)(5), or (c)(6). 12
(4) “Small business” means a person who operates a business in the 13
taxable year that receives less than $10,000,000.00 in gross income and reports 14
fewer than 100 full-time employees for the purpose of complying with 15
Vermont unemployment compensation law pursuant to 21 V.S.A. chapter 17. 16
Sec. 3. EFFECTIVE DATE 17
This act shall take effect on January 1, 2026. 18