Under the legislation, newspapers would operate as nonprofits, having 501(c)(3) status. This equates to newspapers operating for educational purposes, similar to public broadcasting. ...
Advertising and subscription revenue would be tax-exempt, and contributions to support coverage or operations could be tax-deductible.--Darrell A. Hughes, Bill Would Let Newspapers Operate as Nonprofits, The Wall Street Journal
Update: This would also have the potential to provide stimulus to the promotional tote bag industry.
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