The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-06-03
FINAL DRAFT
Of TAX BILL
IS REPORTED
C0nfereeS' Measure Given
to House and Senate:
Hits All Citizens.
SPEED FOR LAST VOTE
Ballot in House Is Set for
Saturday: Measure to
Hoover Soon.

~ rFucd Prrsf
WASHINGTON. June Moving
with record breaking speed toward
final enactment Of the budget
balancing tax BILL the house today
received from its conferees the com
pleted revenue measure bill
which digs deeply into the pockets
OF an classes Of American citizens
The heavy income tax rates
passed By the senate were accepted
hv the house Conferees II was
announced by Acting Chairman
Charles r. Crisp Of the house ways
end means committee
Crisp filed the conference report
with the house. with the announce
ment that the house would be held
IN session Saturday until the bill is
passed
Later. the treasury department
advised Crisp that they estimated
total yield from the revenue bill
At s11190OOOO0
Keep Tax on Bank Checks
Crisp said that the house con-
ferees had accepted the senate tax
on bank checks and the federal
gasoline tax OF ! cent gallon
Senate tariff rates on imports Of
crude oil and gasoline we're also
retained in the final draft Of the
bill but imports Of asphalt we're
exempted
Other tariff rates as passed by
the senate also we're retained. in
Guiding levies on coal imports
with exception OF shipments from
Canada lumber imports and cop
per.
Crisp officially announced that
the tariff items had caused the only
spit in the ranks of senat, and
house conferees meeting to compro-
misc the draft OF the revenue bill as
passed by the two houses.
He aid that Henry T. Rainey.
hcrec majority leader, had declined
10 eicn the conference report be-
a. Of his opposition to the lum-
bor tariff
Electricity Levy Retained
other items in the tax bill were
announced by Crisp as including
13a, per cent fiat corporation tax.
with a l4ia per cent tax on corpora
tions filing consolidated or affiliated
returns. This provision. compro-
missing one OF the major differences
between the house and senate bills,
will be effective for only two years.
The 8 per cent tax on consump-
ton of electric energy for domestic
and commercial uses. placed in the
bill by the senate. IN its last minute
effort to obtain budget balancing
revenues. was retained This tax,
Crisp said. does rot apply 10 indus
trial consumption OF electricity.
a compromise also was reached
on The stock transfer tax. whereby
= Accent federal levy will be col
lected on each share OF stock
valued AT $50 or less. transferred
and per cent per share on each
share valued at more than $50.
The taxes on lubricating oil.
Uorts grape concentrates. iewelry
yachts. telephone and telegraph
messages. leased wires. second class
postage. oil pipe line. we're left as
in the senate bill
There viii be a S per cent sales
tax on soap.
Senate Gets Report
The basic income tax exemptions
remain Al $500 for married per-
sons and 81 600 for single.
Crisp. obtaining permission 10
talk for ten minutes in presenting
the conference report. said:
1t Is the most important legisls-
tion before the country and its pas
sage 10 balance the budget and
stabilize that dollar is vital
Crisp asked for and obtained
unanimous consent for the house
20 meet at 10 q. m, Saturday.
Speedy adoption by both the
mouse and senate was foreseen.
Vith the possibility that the bill
would get TO President Hoover for
signature Saturday night.
The conference report Subse-
ouently was submitted 10 the senate
bv Chairman Reed Smoot Of the
finance committee.