Legislative Spotlight – December 2014

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Election Aftermath: Tax Reform 

In the aftermath of the election, Republican leaders and President Obama were pledging cooperation on a number of issues of mutual interest. One of the most prominent of these is tax reform. 

What does this mean to AAF members:  Major corporate tax reform plans were introduced a year ago by the chairmen of the House and Senate tax writing committees. Both proposals would have dramatically reduced the corporate tax rate while simultaneously eliminating many tax deductions and preferences. In both plans, only 50% of advertising expenses could be deducted in the first year. The remaining amount would then be amortized over time – five years in the Senate version, 10 years in the House. The Joint Tax Committee estimates the House version would raise $169 billion over ten years.

 

 Sheila1113 (2)

 

Sheila O’Connor
AAF Omaha Board Member &
Legislative Issues Chair

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