NM SB120

Creates a 30% tax credit on wages paid to journalists employed by local news organizations, with wages capped at $50,000 per journalist

Available to both individual owners (income tax credit) and corporate entities (corporate income tax credit) for taxable years prior to January 1, 2031

Limits credit to 75 journalists per taxpayer, with a combined annual aggregate cap of $4 million for all credits certified statewide

Qualifying journalists must reside within 50 miles of their coverage area and work at least 25% of the taxable year for the organization

Local news organizations must meet specific requirements including 24-month publication history, ownership disclosure, and cannot be publicly traded or receive more than 10% of revenue from political organizations