Quebec budget provides help for newspapers
Funds include $36M to aid struggling print media make transition to digital
MONTREAL— Quebec’s budget, released Tuesday, had a little of something for everyone . . . journalists included.
Among the tax reductions and financial commitments unveiled by Finance Minister Carlos Leitao was $36 million worth of promised investments to assist the troubled newspaper industry.
In his budget speech, Leitao said the money was aimed at helping print media make the hard transition from paper to a digital product.
“The existence of a lively, diversified and high-quality print media sector is crucial for the vitality of our culture, but also for the health of our democratic way of life throughout Quebec,” he told legislature Tuesday.
There weren’t many details available about how the $24-million print-media assistance fund would be used.
Last fall, a coalition of Quebec newspapers called on the province to provide additional help to the sector, which is struggling with declining advertising revenues.
Among the group’s requests were: an abolition of the sales tax on newspapers, a refundable tax credit on production costs and investments in digital platforms, and an increased government budget for advertising in the province’s newspapers.
In addition to the digital transformation funds, Quebec has established a four-year, $12-million subsidy to offset the payments made by newspaper owners for the recycling of their printed materials. The pertonne rates newspaper companies must pay for the recycling has been rising dramatically in recent years.