Newspapers Could Get Nonprofit Status
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NEW YORK, March 25, 2009, Bloomberg News — US Senator Ben Cardin introduced a bill to allow newspapers to operate as nonprofit organizations, following four bankruptcies in the industry in as many months.
Under the proposed bill, advertising and circulation revenue could be claimed as tax exempt, Cardin, a Maryland Democrat, said yesterday in a statement. Newspapers would be barred from making political endorsements.
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