ADVERTISING IN A POLITICAL CONVENTION PROGRAM.

SEC. 108. ADVERTISING IN A POLITICAL CONVENTION PROGRAM. (a) Allowance of Deduction.— Section 276 (relating to certain indirect contributions to political parties) is amended by redesignating subsection (c) as (d), and by inserting after subsection (b) the following new subsection: 82 Stat. 269 “(c) Advertising in a Convention Program of a National Political Convention.— Subsection (a) shall not apply to any amount paid or incurred for advertising in a convention program of a political party distributed in connection with a convention held for the purpose of nominating candidates for the offices of President and Vice President of the United States, if the proceeds from such program are used solely to defray the costs of conducting such convention (or a subsequent convention of such party held for such purpose) and the amount paid or incurred for such advertising is reasonable in light of the business the taxpayer may expect to receive— “(1) directly as a result of such advertising, or “(2) as a result of the convention being held in an area in which the taxpayer has a principal place of business.” (b) Effective Date.— The amendments made by subsection (a) shall apply with respect to amounts paid or incurred on or after January 1, 1968.