The National Association of Broadcasters joined CITA and the Consumer Technology Association in praising passage early Saturday morning (Dec. 2) of the Senate tax reform bill.
The bill, which passed 512-49 along a straight party line with the exception of lone Republican Sen. Bob Corker (S.C.), who voted against it, now goes to conference to reconcile it with the House version.
“NAB commends the Senate on passage of comprehensive legislation to modernize the U.S. tax code," said NAB President Gordon Smith, himself a former senator. "Importantly, this bill preserves the full and immediate deductibility of business advertising, which serves as a key driver of economic activity and job creation. NAB will continue working with Members of Congress towards final passage of comprehensive tax reform legislation that aims to stimulate the economy and create high-paying jobs.”
Related: NCTA, NAB Praise Corporate Tax Cut Bill
The House version of he bill similarly preserved that deduction, so there should be no problem with that provision remaining in the final bill. "Broadcasters are supportive of a modernized tax code that spurs economic growth, creates high-paying jobs and puts money back in Americans’ pockets," NAB said after House passage of a tax bill.
Both bills lower the corporate tax rate from 35% to 20%, which is also a big draw for companies inside and outside the communications sector.
Contributing editor John Eggerton has been an editor and/or writer on media regulation, legislation and policy for over four decades, including covering the FCC, FTC, Congress, the major media trade associations, and the federal courts. In addition to Multichannel News and Broadcasting + Cable, his work has appeared in Radio World, TV Technology, TV Fax, This Week in Consumer Electronics, Variety and the Encyclopedia Britannica.
The smarter way to stay on top of broadcasting and cable industry. Sign up below.
Thank you for signing up to Broadcasting & Cable. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.