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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Sep 21, 1986
Page
5
New York Times reports that millions of homeowners with loans against their homes would be protected from stricter interest deduction limits in the new tax legislation. The documents released Saturday outline how refinanced or new home equity loans would be treated under the measure.
The final version of the sweeping bill limits deductions on new mortgage debt after Aug 17, shielding older debt with a pre Aug 17 protection. It also phases out consumer interest deductions over four years and sets House debate for Wednesday with Senate action by Oct 3.
The Army's Bradley armored troop carrier may sink crossing deep rivers, officials warn. Documents suggest a fatal flaw could halt infantry assaults at river banks in Europe, yet the Army and FMC Corp proceed with the 12.2 billion program amid safety concerns and a lawsuit over water-crossing certifications.
A Brasilia passenger plane with five crew members on board including four Americans crashed into a mountain in southern Brazil near Sao Jose dos Campos. Embraer cited dense clouds and low visibility as possible factors. Victims include Atlantic Southeast pilots Max Millican and Larry Mcelwany, technician Jay Murray, Pratt & Whitney rep Allen Wilson, and Embraer Brazilian rep Euclides Silva.
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