by adding at the end the following new item: Sec. 45BB. Advertising in local media. . (d) Effective date The amendments made by this section shall apply to amounts paid or incurred in taxable years beginning after the date of the enactment of this Act. 3. Payroll credit for compensation of local news journalist (a) In general Subchapter D of chapter 21 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 3135. Local news journalist compensation credit (a) In general In the case of an eligible local news journalist employer, there shall be allowed as a credit against applicable employment taxes for each calendar quarter an amount equal to the applicable percentage of the wages paid by such employer to local news journalists for such calendar quarter. (b) Limitations and refundability (1) Limitation on number of local news journalists taken into account The number of employees of any eligible local news journalist employer which are taken into account as local news journalists under subsection (a) for any calendar quarter shall not exceed 1,500. (2) Limitation on wages taken into account The amount of wages paid with respect to any individual which may be taken into account under subsection (a) during any calendar quarter by the eligible local news journalist employer shall not exceed $12,500. (3) Credit limited to employment taxes The credit allowed by subsection (a) with respect to any calendar quarter shall not exceed the applicable employment taxes (reduced by any credits allowed under sections 3131, 3132, and 3134) on the wages paid with respect to the employment of all the employees of the eligible local news journalist employer for such calendar quarter. (4) Refundability of excess credit If the amount of the credit under subsection (a) exceeds the limitation of paragraph (3) for any calendar quarter, such excess shall be treated as an overpayment that shall be refunded under sections 6402(a) and 6413(b). (c) Definitions For purposes of this section— (1) Applicable