LOCAL JOURNALIST EMPLOYMENT TAX CREDIT

SB 110 creates a tax credit for New Mexico local news organizations and their owners, providing a 30% credit on wages paid to eligible journalists (up to $50,000 per journalist annually). To qualify, journalists must work at least 25% of the year for the organization, reside within 50 miles of their coverage area, and gather news on state or local matters. Local news organizations must meet specific criteria, including publishing regular local content and having a majority of their audience in New Mexico. The total annual credit amount is capped at $4 million, and the credit applies to taxable years before 2030.