Sec. 4. Publication of written news articles as tax-exempt purpose
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Section 501(c)(3) of the Internal Revenue Code of 1986 is amended by inserting or for the publication (including electronic publication) of written news articles by an independent or community-based written news and electronic publication, after animals, . Section 512(a) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: In the case of an independent or community-based written news and electronic publication which is described in section 501(c)(3) and exempt from tax under section 501(a), the term unrelated business taxable income does not include any amount attributable to payments for advertisements in news publications. .
Section 508 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: In the case of an independent or community-based written news and electronic publication which is described in section 501(c)(3), the Secretary shall approve or deny such organization for recognition of 501(c)(3) status not later than the date that is 12 months after notice is given under subsection (a). . The amendments made by this section shall apply with respect to taxable years beginning after the date of the enactment of this Act.