Senate Bill 1185 proposes the creation of a nonrefundable income tax credit for individuals who subscribe to qualifying local newspapers. The bill defines a qualifying local newspaper as one that is authorized to print legal notices under existing law. The tax credit is set at 50 percent of the subscription cost, with a maximum credit limit of $250 per taxable year for individual claimants, and $125 for those who are married and file separately. The bill stipulates that the credit can be claimed for taxable years beginning after December 31, 2024, and must be claimed within the timeframe specified in current law.

To implement this tax credit, the bill introduces new sections to the statutes, specifically creating 71.07 (12) and 71.10 (4) (dm). These sections outline the definitions, filing claims, limitations, and administration of the credit. The legislation aims to support local journalism by providing financial incentives for residents to subscribe to their local newspapers, thereby promoting community engagement and access to information.