Salt Lake Telegram | 1933-05-26 | Page 1 | Amendment Plugging Hole in Income Tax Law Adopted by House

Amendment Plugging Hole in Income Tax Law Adopted by House CD Or fly Associated Press W WASHINGTON May 26 The house today adopted an amendment to the Industrial recovery bill to plug up upa a hole in the income law by preventing pre pro venting capital losses to be carried over from year to year in making re reo re- re turns AD n Br United J Press reu W WASHINGTON May 26 The 26 The house resumed consideration today of the industry public control works bill shortly after the ways and means committee formally approved a series serie of or tax am amendments designed to force such millionaires as J. J P. P Morgan to pay income taxes despite capital losses Democratic leaders pressed for a final vote on the administration bill t before adjournment tonight The capital losses section of the income income in in- come tax law amendment as finally passed by the committee would prevent prevent pre pro vent the carry carryover over of any net loss lossin in the year following the date it was Incurred The section is directly aimed at plugging holes in the tax law revealed by the senate Morgan inv investigation The committee approved and will present for inclusion In the bill amendments transferring the payment pay pay- ment meat of ot the present electric energy tax from froin the consumer to the pro pro- tIo ducer Also approved was wa-s a n road amendment nt giving greater emphasis to pop population laUon in distribution of the allocation carried as a portion of oC the public works program l- l