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Newspaper
Rock Valley Bee
Location
Rock Valley, Iowa, United States of America
Date
Feb 10, 1972
Page
7
A rambling editorial mocks a proposed liquor tax increase and age change to curb drunk driving while shifting funds to schools and property tax relief. The piece also juggles local weather, a science tidbit on jet streams, and sporadic notes on Rock Valley Boyden Hull basketball, with garbled names and unclear details.
An Iowa Senate week includes passage debate on a bill granting adult rights to 18 year olds and a contentious mobile home movement proposal. The session also grapples with districting deadlines, Supreme Court timing, and delaying primaries to September amid poll and filing-date uncertainties.
Senator Jack Miller of Iowa on the Senate Finance Committee says the new tax bill offers strong benefits for farmers. He highlights a seven percent investment tax credit for farm machinery bought after April 1 1971, extended to U S manufactured items with possible presidential expansion to U S produced goods, and notes $560 tax saving on an $8 000 tractor. He mentions tax credit applies to used equipment with eight year lifespans and to storage facilities and livestock facilities. The bill retains seven percent excise on new autos and repeals ten percent tax on light trucks, plus an extra 20 percent depreciation for new equipment boosting deductions against gross farm income.
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