Sec. 3. Emergency jobs for journalism tax credit
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In the case of an employer which is a qualified local media company, there shall be allowed as a credit against the tax imposed by section 3111(a) of the Internal Revenue Code of 1986 for each calendar quarter an amount equal to 30 percent of the qualified first-year newsroom wages paid by such employer with respect to such calendar quarter. The aggregate credits allowed under subsection
(a)(for all calendar quarters) shall not exceed $20,000 with respect to any employee. The credit allowed by subsection
(a)with respect to any calendar quarter shall not exceed the tax imposed by section 3111(a) of such Code for such calendar quarter (reduced by any other credits enacted before the date of the enactment of this Act which are allowed against such tax for such quarter) on the wages paid with respect to the employment of all employees of the employer. If the amount of the credit under subsection
(a)exceeds the limitation of paragraph
(2)for any calendar quarter, such excess shall be treated as an overpayment that shall be refunded under sections 6402(a) and 6413(b) of such Code. For purposes of section 1324 of title 31, United States Code, any amounts due to an employer under this paragraph shall be treated in the same manner as a refund due from a credit provision referred to in subsection (b)(2) of such section. For purposes of this section, the term qualified first-year wages means, with respect to any employee, wages (as defined in section 51(c) of the Internal Revenue Code of 1986, without regard to paragraph
(4)thereof) attributable to service rendered as such an employee during the 1-year period beginning with the day the individual begins work for the employer, but only if such wages are for services provided in the news division of such employer, including service as a reporter, staff writer, news producer, or engineer. For purposes of this section, the term qualified local media company means any employer which is local media. Rules similar to the rules of section 51(i)(1) of the Internal Revenue Code of 1986 shall apply for purposes of this section. No wages shall be taken into account under subsection
(a)with respect to any employee if such individual had been employed by the employer at any time prior to the hiring date of such employee and after the date of the introduction of this Act. Except as otherwise provided by the Secretary of the Treasury (or the Secretary’s delegate), rules similar to the rules of subsections
(j)and
(k)of section 51 and section 52 shall apply for purposes of this section. For purposes of chapter 1 of such Code, the gross income of the employer, for the taxable year which includes the last day of any calendar quarter with respect to which a credit is allowed under this section, shall be increased by the amount of such credit. Any wages taken into account in determining the credit allowed under this section shall not be taken into account for purposes of determining any other credit allowed against any tax imposed under the Internal Revenue Code of 1986. This section shall not apply with respect to any employer for any calendar quarter if such employer elects (at such time and in such manner as the Secretary of the Treasury (or the Secretary’s delegate) may prescribe) not to have this section apply. Any term used in this section which is also used in chapter 21 of such Code (and is not otherwise defined for purposes of this section) shall have the same meaning as when used in such chapter. The Secretary of the Treasury (or the Secretary’s delegate) shall prescribe such regulations or other guidance as may be necessary to carry out the purposes of this section, including— regulations or other guidance to prevent the avoidance of the purposes of the limitations under this section; regulations or other guidance to minimize compliance and record-keeping burdens under this section; regulations or other guidance providing for waiver of penalties for failure to deposit amounts in anticipation of the allowance of the credit allowed under this section; and regulations or other guidance for recapturing the benefit of credits determined under this section in cases where there is a subsequent adjustment to the credit determined under subsection (a). This section shall apply only to wages paid during calendar quarters ending after the date of the enactment of this Act and beginning before January 1, 2022. There are hereby appropriated to the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund established under section 201 of the Social Security Act ( 42 U.S.C. 401 ) amounts equal to the reduction in revenues to the Treasury by reason of this section (without regard to this subsection). Amounts appropriated by the preceding sentence shall be transferred from the general fund at such times and in such manner as to replicate to the extent possible the transfers which would have occurred to such Trust Fund had this section not been enacted.
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Sec. 3
Emergency jobs for journalism tax credit
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