Democratic Senator Benjamin Cardin introduced on Tuesday a bill to allow newspapers to restructure as nonprofits, granting a variety of tax breaks to those "struggling to stay afloat," Cardin said, Reuters reported. Although no one has come forward to co-sponsor the bill, it has created a bit of a buzz in the media.

Under the Newspaper Revitalization Act, newspapers would operate as nonprofits for educational purposes under the U.S. tax code, which is how public broadcast companies work.

If newspapers were to become nonprofits, they would still be free to report on the same issues, yet would be prohibited from making political endorsements, which editorial boards across the nation routinely do in election years.

Under the new structure, former sources of revenue, such as advertising and subscriptions, would become tax exempt and contributions to news coverage or operations could be tax deductible, Reuters reported.

The Senator's office said the bill was aimed at preserving local and community newspapers, not conglomerates which might also own radio and TV stations.

"The economy has caused an immediate problem, but the business model for newspapers, based on circulation and advertising revenue, is broken, and that is a real tragedy for communities across the nation and for our democracy," said Cardin, according to Reuters.