H.R. 7306, titled the “Saving Local News Act,” proposes amendments to the Internal Revenue Code of 1986 to recognize organizations that publish written news articles, including digital publications, as having a tax-exempt purpose under section 501(c)(3). This change means that advertising...
Simple Explanation
H.R. 7306 is a new idea to let groups that write news stories, including online ones, not have to pay certain taxes, just like charities. This could help these groups save money, especially from ads, but it also needs careful rules to stop people from misusing it.