California Gov. Gavin Newsom signed Assembly Bill 2222, creating tax incentives for news organizations. Under the law, eligible news organizations can receive a $20,000 tax credit for each of their first five journalists, $15,000 for each additional journalist and new hire, and $7,500 for eligible part-time journalists. Supporters say the program will help struggling newsrooms survive. Newsom said he approved the bill despite concerns that it could benefit wealthy owners, hedge funds, and media companies that do not need financial help. The program also has no spending cap and could create unlimited costs for taxpayers.
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