Summary: S.673 — 111th Congress (2009-2010)All Information (Except Text)

There is one summary for S.673. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (03/24/2009)

Amends the Internal Revenue Code to exempt from income taxation a newspaper corporation or organization if: (1) it publishes on a regular basis a newspaper for general circulation; (2) its newspaper contains local, national, and international news stories of interest to the general public and the distribution of such newspaper is necessary or valuable in achieving an educational purpose; and (3) the preparation of the material contained in such newspaper follows a methodology generally accepted as educational.

Exempts the advertising income of a tax-exempt newspaper corporation or organization from taxation as unrelated business income and allows a charitable tax deduction for contributions to such newspaper corporation or organization.