The House of Representatives on Thursday (11/16) approved comprehensive tax reform legislation.
That was another cause for celebration in a day that saw NAB President/CEO Gordon Smith issue a plethora of joyous statements.
“NAB congratulates the House of Representatives on today’s passage of comprehensive tax reform legislation,” Smith said. “Local broadcasters are especially appreciative that the legislation preserves businesses’ ability to fully and immediately deduct the cost of advertising expense. Broadcasters are supportive of a modernized tax code that spurs economic growth, creates high-paying jobs and puts money back in Americans’ pockets. NAB looks forward to working with Members of Congress on both sides of the Capitol to continue advancing legislation that achieves these goals.”
The House tax bill passed on a 227-205 vote, with 13 Republicans voting no — and no Democrats voting yes. Now, it must pass the U.S. Senate, where it has a more difficult task of gaining passage.