Historic Tax Credit Secured for New York Journalism

News Summary

Zack Richner has secured a historic tax credit to support local journalism in New York. This credit will provide financial relief to Richner’s family-owned media company, Richner Communications, and its affiliated publications. The initiative offers a 50% payroll tax credit to strengthen local journalism amidst a significant decline in newspapers across the state. With this credit, Richner aims to ensure the sustainability of local media and foster informed communities.

New York, NY – In a significant development for local media companies, Zack Richner has successfully secured a historic tax credit aimed at bolstering journalism in New York. The tax credit will provide financial relief to local media companies, including Richner’s family-owned business, Richner Communications, which has been a staple in the community since the 1960s.

The new program offers a 50% payroll tax credit on the first $50,000 of an employee’s salary, funded by $30 million per year for three years. This initiative is expected to significantly benefit Richner Communications and its affiliated publications, which include the Riverdale Press, the Jewish Star, and 25 Long Island newspapers known collectively as the Herald. The company’s reach encompasses an audience of approximately 1 million people annually.

Richner, who is currently the Director at Richner Communications, believes this tax credit is crucial for ensuring the sustainability of local journalism in the face of declining newspaper numbers nationwide. According to data, New York has seen a loss of nearly 50% of its newspapers over the last two decades. This decline has contributed to increased political polarization and decreased civic engagement in communities lacking reliable news sources.

Background of Richner Communications

Richner Communications was established by Zack Richner’s grandparents and has been operated by the family ever since. With a strong connection to journalism and community service, Richner grew up in Rockville Centre, Long Island, spending summers at the family newspaper plant. His experiences there shaped his commitment to local media.

Richner’s Educational and Professional Background

Zack Richner is well-educated, holding a Bachelor’s degree in government from Harvard University, an MBA from the Kellogg School of Management at Northwestern University, and a master’s in design innovation from Northwestern’s McCormick School of Engineering. His career has included significant government experience, having worked on the 2009 stimulus bill and the budget for Barack Obama’s re-election campaign in Ohio. He also served on a rebuilding task force after Superstorm Sandy and spent three years supporting the state of New York under former Governor Andrew Cuomo.

Advocacy for Local Media

Recognizing the urgent need for local journalism, Richner returned to his family business during the COVID-19 pandemic. This period highlighted the importance of local news in keeping communities informed and connected. As part of his efforts, he proposed two tax credits to support local businesses advertising in media outlets and to alleviate costs for local media companies employing journalists. While the first proposal was rejected in 2020, he persisted, focusing on the employee tax credit.

In 2024, Richner organized a coalition of 200 newspaper companies across New York to advocate for the employee tax credit. The successful inclusion of this tax credit in the state budget is seen as a potential model for similar initiatives in other states. Richner noted that several newspaper owners have already reopened their businesses as a result of the tax credit savings, suggesting its positive impact on the industry.

Future Goals and Ongoing Initiatives

While the new payroll tax credit is a major step forward, Richner and the coalition are also focused on promoting a separate $10 million tax credit for businesses that advertise in local newspapers. Although this initiative did not pass in the current budget, it remains a priority for future legislative sessions.

Richner emphasizes the critical role local media plays in fostering informed communities and supporting democracy. His commitment to advocating for local media is evident, as he aims to ensure that journalism continues to thrive in New York and beyond.

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Additional Resources

• Crain’s New York: Zack Richner Advocates for Local Newspapers
• Seattle Times: New York Saving Newsroom Jobs
• Editor & Publisher: New York Implements Tax Credits for Journalism
• Wikipedia: Journalism
• Seattle Times: New York Newspapers Form Coalition
• Google Search: Local Journalism