NAB doesn’t want Congress changing advertising tax deductibility...

the thousands of local radio and television stations in our membership strongly oppose limits that would be placed on the ability of businesses to annually deduct costs for advertising,” NAB’s spokesman said in a statement. “We're optimistic that Congress will fully retain the ad tax deduction, which is an engine for economic growth and job creation in businesses and communities across America.” Senate Finance Committee Chairman Max Baucus, D-Mont., released his latest draft paper on overhauling what he called the “bloated” tax code Thursday (http://1.usa.gov/1aVyTru). “There shall be allowed as a deduction an amount equal to 50 percent of the advertising expenditures paid or incurred by the taxpayer during the taxable year,” the 144-page draft said (http://1.usa.gov/1h7yKd4). It noted that other advertising expenses not captured in that 50 percent “shall be allowed as an amortization deduction ratably over a 5-year period beginning with the taxable year in which such expenditures are paid or incurred.” Current law allows the entire costs to be deducted. Baucus is seeking comments, due Jan. 17. The National Alliance of State Broadcasters Associations sent a letter (http://bit.ly/1aCKEHN) earlier this month warning the House Ways and Means Committee against any changes to the deductibility provisions.