Income tax, state; Virginia local journalism sustainability credits.

Virginia local journalism sustainability taxcredits. Creates a nonrefundable income tax credit for eligiblelocal newspaper publishers, defined in the bill, for compensationpaid to local news journalists. The credit is equal to (i) for thefirst taxable year in which the credit is claimed, the lesser of10 percent of the actual amounts paid in wages to local news journalistsduring such taxable year or $5,000 and (ii) in subsequent taxableyears, the lesser of five percent of the actual amounts paid in wagesto local news journalists during such taxable year or $2,500. Thecredit includes an aggregate cap of $5 million per taxable year. The bill also creates a nonrefundable incometax credit for eligible small businesses with fewer than 50 employeesfor certain expenses incurred for local media advertising in a localnewspaper or in a broadcast of a local radio or television station.The credit is equal to (i) for the first taxable year in which thecredit is claimed, the lesser of 80 percent of the actual amountspaid or incurred for qualified local media advertising expenses or$4,000 and (ii) in subsequent taxable years, the lesser of 50 percentof the actual amounts paid or incurred for qualified local mediaadvertising expenses during such taxable year or $2,000. The creditincludes an aggregate cap of $10 million per taxable year. Each of the credits may be claimed in taxableyears beginning on and after January 1, 2024, but before January 1, 2029.