Detailed 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.

Status of the Legislation

Latest Major Action: 3/24/2009: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.

Points in Favor

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Points Against

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