Evening star., 1921-11-19
CONFEREES T0END
TAX MAKING TODAY
Penrose Believes Completed
Report Will Be Made to
Congress Late Monday.

Senate and House cOn1eree9 on tne
tax revision bill expect to finish their
work today, according to Senator
Penrose, chairman Of the Senate con-
tingent. He estimated that the con-
ference report could not be made
ready for presentation to the Senate
or House until late Monday.
Final action en- this report might
be taken by Wednesday evening. the
time tentatively set for adjournment
of Congress. Senator Penrose said,
hut added that it looked doubtful.
The Senate amendment proposing to
increase the maximum inheritance tax
rate from the present 25 per cent on
to so per cent on those of 100000, 900
or more was knocked out Of the tax
revision bill by House and Senate
conferees yesterday. This amendment
formed a part of the compromise re-
vision program brought forward by
agreed to by republican leaders.
Accept Income Rate.
This was the only one Of the re-
naming high spots in the bill on
which the conferees came to an agree
ayers, in conformity with instructions
by the House, accepted the Senate in
come surtax maximum rate OF SO per
cent.
At the White House it was said that
President Harding was frankly dis
surtax amendment, and this dtsap-
pointment was reflected in other ad-
ministration and in some congress
sional orioles
The House managers accepted also
the Senate plan to tax insurance COM
panies. This plan provides that life
insurance companies shall pay an in
come tax on investment income 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 computed
under existing law. while all other
insurance companies will pay the cor
poration tax rate on their net income
as shown in statements required to
be furnished on standard state forms
to state tax commissioners.
Other Agreements.
Other agreements reached by the
conferees included these:
Struck out the La Toilette amend
ment requiring taxpayers in making
their returns to list the tax-free Sc
curities held by them.
Adopted a compromise amendment
exempting from taxation the first $500
Of income received by individuals
from investments in building and loan
associations, the exemption to run for
five years from next January 1st. The
House had proposed an exemption .on
$500 of such income, but the Senate
struck out the amendment.
Accepted the Senate amendment
striking out an original House provi-
sion allowing corporations to deduct
from their income gifts to charitable
organizations. provided the total did
not exceed per cent Of the net in
come Of the contributing corporation.
Accepted Senate amendments pro-
viding that where banks and corpora
tions pay taxes for their stockholders
they may deduct the amount 50 paid
in making their income tax returns.
The stockholders for whom taxes
were SO paid would not be permitted.
however, to make q similar deduction
in making their returns.
Accepted a Senate amendment ex-
cepting from taxation tho rental value
Of dwellings furnished to a minister
Of the gospel as part Of his compen-
Accepted q, Senate amendment ex-
empting receipts received by indi-
yiduals from shipowners' mutual pro-
lection and indemnity associations
not organized for profit.