It’s not over till it’s over

November 17, 2017

Yesterday, the House passed its version of the Tax Cuts and Jobs Act – the long-awaited tax reform package that was promised by President Trump. On the Senate side, a somewhat different version of the bill passed through the Finance Committee after several days of debate over amendments. As both of these versions stand now, neither product-specific nor across-the-board limitations on the advertising tax deduction have been included in the approved language.

ANA is very pleased that this key tax provision for the business community has been protected up to this point in the tax reform debate. However, we are fully aware that this is a constantly shifting situation and we could see this reality change at a moment’s notice.

For example, Sen. Claire McCaskill’s (D-MO) amendment threatening the tax deduction for pharmaceutical advertising was not acted upon by the Finance Committee, but it could still be attached to the final bill when the legislation comes up for debate on the Senate floor. ANA will continue to stay alert to any new issues that arise and will inform our members if we learn of new information about the likelihood for new advertising taxes to be imposed.

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