South Bend news-times. (South Bend, Ind.) 1913-1938, 1921-11-19
CONFEREES KILL
AMENDMENT ON
INHERITANCE TAX
Proposition to Boost Levy .
Percent Stricken From
Revision Program.

senate amendment proposing to in
crease the maximum inheritance
tax rate Of % per cent on estates
valued at 100000 or more 10 so
per cent on those Of 500, 900. 900 or
more was knocked out Of the tax
revision bin Friday by house and
senate conferees.
This amendment formed a part
OF the compromise revision program
brought forward by the senate ag-
ricultUral bloc and agreed to by re-
publican leaders.
This was the only one Of the re-
naming high spots" in the bill on
which the conferees came TO an
agreement Friday. but the house
managers in conformity with in
structlons voted Thursday by the
/ house, accepted the senate income
surtax maximum rate of so per cent.
At the White house Friday # was
said, Pres't Harding was frankly
disappointed" by the house action
on the surtax amendment and this
! disappointment was reflected in 9TH
! er administration and some con-
/ gressionaI circles.
Accept senate Plan.
The house managers accepted Fri
/ day the senate plan to taxing insur-
] ance companies. This plan provides
/ that life insurance companies shall
pay an income tax on their invest
mentment incomes at the rate yet
! to be fixed for corporations
Mutual insurance companies other
than life Will be taxed at the same
rate on their net income. as com
I puted under existing laws. while
I other insurance companies Will pay
the corporation tax rate on their
net income as shown in statements
required to be furnished on stand
ard forms 10 state tax commission
ers.
Other Agreements Reached.
Other agreements reached by the
! conferees included these:
Struck out the safoIlette
amendment requiring tax pay
ers i'm making their returns 20
! list the tax free securities held
by them.
\ opted compromise
amendment oxemptlng from
taxation the first $500 of in
come received from investments
in building and loan assOcia-
tons. the exemption TO run for
five years from next Jan. l.
The house had proposed an ex-
emptiOn Of $500 of such in
come. but the senate struck out
the amendment.
Accepted the senate amend
meDt striking out an original
house provision allowing corpo-
ratiOns TO deduct from their in
come gifts TO charitable institu-
lions. provided the total did not
exceed five per cent OF the net
income Of the contributing cor
pOratiOn.
Accepted the senate amend
ments providing that where q.
banks and corporations pay
taxes for their stockholders they
may deduct the amount so paid
i'm making their income tax re-
turns. The stockholders for
whom taxes were so paid would
not be permitted. however, 70
make a similar deduction I'm
making their returns.
Accepted senate amend
ment exempting from taxation
the rental value OF dwellings
furnished 10 a minister Of the
gospel as part Of his compensa-
ton.
Accepted a senate amend
ment eXempting receipts re-
ccived by individuals from slap
owners mutual protection and
indemnity associations. not or
ganized for profit
Finish Work Today.
Chairman Penrose OF the senate
managers. said the conferees expect.
Cd 70 finish UP their work Satur.
day but that the amended bin with
the conference report probably
could not be made ready FOR pre-.
sentauon 20 the house and senate
before late Monday.
Final action on the report might
be taken by Wednesday evening
Sen. Penrose said. but ne added
this now looked doubtful
/ You business men should eat youl
MONDAY Iuncheons in the Oliver
!. % -.