,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #cabf  ,,in ,,the ,,house ,,of  
,,representatives  ,june #e1 #bjai,mr4  
,de,saulnier introduced the following   
bill2 which was referred to the         
,committee on ,ways and ,means  ,a      
,,bill  ,to amend the ,internal ,revenue
 ,code of #aihf to include publication  
of written news articles as a tax-exempt
 purpose for organizations1 and for     
other purposes4  #a4 ,short title ,this 
,act may be cited as the ,saving ,local 
,news ,act of #bjai4  #b4 ,publication  
of written news articles as tax-exempt  
purpose  7a7 ,in general ,section       
#eja7;c77#c7 of the ,internal ,revenue  
,code of #aihf is amended by inserting  
or for the publication 7including       
electronic publication7 of written news 
articles1 after animals14  7b7 ,income  
from advertising not unrelated business 
taxable income ,section #eab7;a7 of the 
,internal ,revenue ,code of #aihf is    
amended by adding at the end the        
following new paragraph3  7#h7 ,special 

rule applicable to news organizations   
described in section #eja7;c77#c7 ,in   
the case of an organization described in
 section #eja7;c77#c7 by reason of      
publication of written news articles1   
the term unrelated business taxable     
income does not include any amount      
attributable to payments for            
advertisements in news publications4  4 
7c7 ,expedited application ,section #ejh
 of the ,internal ,revenue ,code of     
#aihf is amended by adding at the end   
the following new subsection3  7g7      
,timing for approval of applications by 
news organizations ,in the case of an   
organization described in section       
#eja7;c77#c7 by reason of publication of
 written news articles1 the ,secretary  
shall approve or deny such organization 
for recognition of #eja7;c77#c7 status  
not later than the date that is #ab     
months after notice is given under      
subsection 7a74  4  7d7 ,effective date 
,the amendments made by this section    
shall apply with respect to taxable     

years beginning after the date of the   
enactment of this ,act4