HB 2514: Income tax, state; tax credit for eligible small business advertising in local newspapers and media.

Official summary

Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.

Income tax credit; advertising in local newspapers and media. Creates, for taxable years 2025 through 2029, a nonrefundable income tax credit for eligible small businesses with fewer than 50 employees for certain expenses incurred for local media advertising in a local newspaper or in a broadcast of a local radio or television station. The credit is equal to (i) for the first taxable year in which the credit is claimed, the lesser of 80 percent of the actual amounts paid or incurred for qualified local media advertising expenses or $4,000 and (ii) in subsequent taxable years, the lesser of 50 percent of the actual amounts paid or incurred for qualified local media advertising expenses during such taxable year or $2,000. The credit includes an aggregate cap of $10 million per taxable year.

Sponsors

Sponsors by party (alphabetical): Democratic 1

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

1. February 4, 2025Left in Finance
2. January 24, 2025Assigned Finance sub: Subcommittee #2
3. January 24, 2025Impact statement from TAX (HB2514)
4. January 8, 2025Referred to Committee on Finance
5. January 8, 2025Prefiled and ordered printed; Offered 01-08-2025 25102644D