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Tax Exempt Development Bonds in Jeopardy in 1969 Battle
A House Senate conference backs 10 percent income tax and $8 billion in cuts and moves to end tax exemption on industrial development bonds over $1 million. The fight pits liberals and organized labor against the plan as lawmakers seek to cap federal spending while affecting factory financing in rural areas. The Treasury urged curbs, hearings were postponed, and the future of the bonds hinges on a tense budget contest and votes in June.
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