1. Short title This Act may be cited as the Community News and Small Business Support Act . 2. Credit for advertising in local media (a) In general Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 45BB. Advertising in local media (a) In general For purposes of section 38, in the case of any eligible small business, the local media advertising credit determined under this section for any taxable year is an amount equal to the applicable percentage of the qualified local media advertising expenses paid or incurred by the taxpayer during such taxable year. (b) Limitation The credit allowed under subsection (a) to any taxpayer for any taxable year shall not exceed— (1) in the case of the first taxable year to which this section applies, $5,000, and (2) in the case of any subsequent taxable year, $2,500. (c) Applicable percentage For purposes of this section, the term applicable percentage means— (1) in the case of the first taxable year to which this section applies, 80 percent, and (2) in the case of any subsequent taxable year, 50 percent. (d) Eligible small business For purposes of this section, the term eligible small business means any person for any taxable year if the average number of full-time employees (as determined for purposes of determining whether an employer is an applicable large employer for purposes of section 4980H(c)(2) of the Internal Revenue Code of 1986) employed by such person during such taxable year was less than 50. (e) Qualified local media advertising expenses For purposes of this section, the term qualified local media advertising expenses means amounts paid or incurred in the ordinary course of a trade or business for— (1) advertising in a local newspaper, or (2) advertising on any broadcast radio or television station licensed by the Federal Communications Commission to serve a local community. For purposes of this subsection, the term advertising includes sponsorships. (f) Local