State delays action on banks tax break
The State Franchise Tax Board postponed a decision on revamping tax free reserves for bank and savings loan bad debts. A September 30 deadline was set for more information after a three hour hearing. Project Loophole, a student group, called the current reserve method inequitable and wasteful, urging a six year loss basis. Representatives from Bank of America Crocker Bank Union Bank and Home Savings protested the change citing higher operating costs and potential higher interest rates. The board says losses were $64 million while firms claimed $185 million was deducted in 1969.
MENTIONED IN THIS ARTICLE
Sacramento
Savings and Loan Associations
Stephen ‘T. Moore
Loophiale
Franchise ‘Tax Board
Bank of America
Crocker Bank
Union America Inc. Home Savings and Loan Association
Barry L. Bunshoft
San Francisco
Hamen Savings and Loan Association
State
Church counseling on draft clarified
The Roman Catholic Archdiocese of Boston says draft counseling and information services are established through the archdiocese but must not be confused with war resistance counseling. Archbishop Humberto Medeiros said counseling helps young men decide in line with conscience and national service plans.
MENTIONED IN THIS ARTICLE
Boston
Humberton
Medeiros
Special air fares for youth draw legal challenge
Washington Department of Transportation officials branded low priced youth fares as discriminatory. General counsel Job M. Barnum argued that a third to one half off transatlantic tickets for youths or students aged 12 to 26 lacks justification and urged the Civil Aeronautics Board to review the practice, noting potential discounts could apply to other groups such as the elderly.
MENTIONED IN THIS ARTICLE
Washington
North America
Europe
Department of Transportation
Tfe
Job M. Barnum
Tursday
Civil Aeronautics Board
Barmim
Ford says air bags exploded in tests in lab
Ford Motor Co reports at least two air bags exploded during lab tests causing a concrete wall to be damaged and debris to hit the ceiling. Ford notes the government timetable for 1974 passenger cars with air bags as a goal but says current designs remain unreliable. Ford considers 1,000 Mercury on road tests soon, while GM has limited laboratory testing and Chrysler plans no road tests.
MENTIONED IN THIS ARTICLE
Detroit
UPL
Ford Motor Co
Ford
Chrysler Corp
U.S. Sixth Circuit Court of Appeals
U8. ‘Traffic Safety Administration
John A. Pélug
Mercury
General Motors Corp
Chrysler
Also Mentioned on This Page
Dial
Eveard
Lakewood
Carson St
Paramount Blvd
John Ecklhold
Eckhold
Hill
Tappan
Circle of Sound
Tae
Frigidaire
Zenith
Atlantic Ave
L.B
Wilbur
the Treasury
c.Rennay
ALAS
A . Ee Oe
Torrance
Sepulveda
Hawthorne
Lakewood Carson
Buena Park
Orangethorpe
Orange Garden Grove
Manchester
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