Advertising Expenses Still Deductible For Corporations In GOP Tax Bill, So NAB's For It

Thumbs Up For Tax Proposal

Relieved that the Republican tax bill announced today did not include the feared repeal of the full deductibility of advertising as a business expense, the NATIONAL ASSOCIATION OF BROADCASTERS voiced its approval of the measure, which remains effectively in draft form.  The bill eliminates the deductibility of several previously deductible items for individuals, notably the state and local tax deduction, and caps others like the mortgage interest deduction, but largely preserves deductions for corporations while dropping the statutory corporate tax rate from 35% to 20%.

A statement from NAB President and CEO GORDON SMITH read, "Local broadcasters applaud today’s House Ways and Means Committee introduction of comprehensive tax reform legislation that will grow AMERICA’s economy, specifically their decision to retain the full and immediate deductibility of business advertising expenses. Study after study has shown that advertising is a driving engine for economic growth, sustaining and supporting millions of high-paying American jobs, and today’s legislative framework recognizes those important benefits. NAB looks forward to working with members on both sides of the Capitol towards passage of comprehensive legislation that modernizes the tax code to the benefit of American businesses and families.”

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