The Build Back Better Act recently passed by the House of Representatives and sent to the Senate contains innumerable highly publicized programs that will provide billions of dollars in grants for nonprofit organizations. But it included two unheralded provisions that would specifically aid nonprofit local journalism and allow colleges and universities to reduce or eliminate the special excise tax on endowment earnings. Section 138517 of the Bill creates a new payroll tax credit for compensation of local news journalists employed by an “eligible local newspaper publisher,” part of an agenda being pushed by supporters of nonprofit news outlets. Because the credit is applied against...