This legislation introduces a new tax credit for advertising in local media , available to eligible small businesses. This credit applies to expenses incurred for advertising in local newspapers or on Federal Communications Commission-licensed local broadcast stations. For a business's first taxable year, the credit is 80% of qualified expenses, capped at $5,000, and for subsequent years, it is 50% with a $2,500 cap. An eligible small business is defined as one employing fewer than 50 full-time employees, and the credit is set to terminate after five years. The bill also establishes a payroll credit for compensation of local news journalists , targeting eligible local news journalist employers. This credit is equal to an applicable percentage of wages paid to local news journalists, starting at 50% for the first four quarters and then 30%. There are limitations, including a maximum of 1,500 journalists and $12,500 in wages per journalist per quarter, and any excess credit is refundable. An eligible employer must derive substantially all gross receipts from publishing local newspapers, and this credit also terminates after five years from enactment.