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The advertising community has been on high alert over proposals in the House to limit or eliminate the advertising tax deduction. Now, all eyes are on the Senate, where Max Baucus (D-Mont.) said Tuesday he plans to release "discussion drafts aimed at closing loopholes" in the tax code by the end of the week.
As of late Tuesday, advertising and media lobbyists were frantically trying to figure out what Baucus was planning, but no one is taking any chances in case limiting the ad tax deduction becomes one of the provisions in a tax reform bill.
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