Community News and Small Business Support Act This bill allows certain small businesses and employers of journalists tax credits for advertising in local media and for the wages of not more than 1,500 local news journalists in any calendar quarter. Specifically, the tax credit for advertising in local media allows small businesses with less than 50 full-time employees a limited credit for the expense of advertising in a local newspaper, or in any licensed broadcast radio or television station that serves a local community. The credit for the wages of a local news journalist is a payroll tax credit that takes into account wages not exceeding $12,500 in any calendar quarter.