Northwest Arkansas Times from Fayetteville, Arkansas on October 10, 1974 · Page 18
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October 10, 1974

Northwest Arkansas Times from Fayetteville, Arkansas · Page 18

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Fayetteville, Arkansas
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Thursday, October 10, 1974
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Page 18
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18 · Northwest Arkansas TIMES, Thuri., Oct. 10. 1974 FAYETTEVILLI. ARKANSAS Oil Depletion Issue Is Key To Tax Revision he oil Industry, a levy that would be linked with a so-called ilowback credit plan. The plow- lack arrangement is vital' because It would give oilmen who ·icek more energy sources « WASHINGTON (AP) -- Billions of dollars and the tulurc ot the entire tax revision bill are riding on the answer to one question in Congress: Should the oil depletion allowance bo ended? · Oil stale forces In Congress don't want it to end at all. The House \Vays and Means Committee is lorn but generally wants It to end slowly. Anti-oil congressmen would like to see it end quickly, retroactive to Jan. 1 of this year. The issue is an important one in the running tax. disputes it) Congress. The entire energy tax bill was blocked earlier this year in a dispute between conservatives and liberals on the Ways and Means Committee over whether, when and how to end the controversial allowance that provides a multi-billion- dollar annual lax break for oilmen. That bill in slightly modified form is part of the comprehensive general tax revision package. With the oil tax oill aboard, the tax legislation was so close to death this year that its critics were making plans for next year's clash. However, the President's endorsement of the chief features of the general tax rev is ion-bill, as part of his new campaign gave the legislation a push away from the grave. Now, however, even lite fate of the new economic lax package depends on the outcome ot I he congressional clash over the oil depletion allowance. Rep. Al Ullman, D-Ore., acting chairman of tbe Ways and Means Committee, wants to put everything into Ihe one bill in a giant push for enactment this year. In his economic message lo Congress Tuesday. Ford endorsed Ihe general tax revision bill's features that would ease capital gains taxation, would give tax relief to low and middle - income Americans, would levy a new so-called windfall profits tax on oil producers, and would take steps, as the President put it, "closing the loopholes." Asked at his news conference Wednesday, "Is it your own view that the oil depletion allowance should be phased out?" he replied, "The answer is'yes." The depletion allowance currently permits 22 per cent of gross income from petroleum property to be deducted from taxable income up to a top of 50 per cent of taxable net income. This alolwancc is estimated to save oilmen between S2 billion and S3 billion a year in federal taxes. What makes CCandVO.good is what makes O.EC better. Why settle for the six year old Canadian whiskieswhen you could be enjoying our eight year old. O.F.C. Prime Canadian Whisky. Botlled in Canada, 86.8 proof O.EC, its two years better. MR. QUICK Weekend Special Friday - Saturday - Sunday TENDERLOIN SANDWICHES FISH SANDWICHES Friday Only MR. QUICK 1525 South School Fayetteville Phone 442-9333 The Ways and Means Com-| ittee's al!o\yanca phaseout ould work this way: --Generally, the 22 per cent ould drop lo 15 per cent for 1 produced this year, 8 per tit in 1975, and zero there- ter. --However, the rale would re- ain at 15 per cent until Jan. 1079 -- when it, loo, would plunge to zero -- for oil coming under any one of these three categories: The first 3,000 barrels per day of production, the so-called stripper wells or those producing up to 10 barrels of oil a day, and production from Alaska's north slope. The committee has rejected efforts by Rep. Charles A. Van; ik, D-Ohio, to eliminate foreign tax credits on petroleum produced abroad and treat foreign taxes as a business deduction i n s t e a d of. a direct offset against U.S. taxes.: and by Rep. William G. Green, D-Pa., to generally end the petroleum depletion allowance effective retroactively.to Jan. -1, 1974. Last May, Vanik and Green won approval of House Demo- crats for a bid lo gain a House vote on similar amendments to the separate energy tax bill -legislation that since has bee kept off- the House floor in . major congressional power struggle. The other chief petroleum items in the general tax bill in elude: --A temporary new excise tax on the- "windfall profits" o: KTOT8 PIZZA RB8ERVB NOTE $1.00 OFF WITH PURCHASE OF Not Good On Delivery Or Carry Out ANY 15" PIZZA 409 West Dickson VOID WITH ANY OTHR PROMOTION KEN'S PIZZA DOLLAR way of escaping paying mucf) of this new low. --A new limit on foreign tax credits; uncl some chunks in a fee system lor imported petroleum. ENJOY OUR DELICIOUS BUFFET Both Noon and Evening Bring the family! Child's Plata Only $1.35. We have three private dining rooms that will accommodate up to 350 people. Buffet Noon and Evening no. us. PAT, orr. Cell AM1E STONE For Reservations 443-4323 HIGHWAY 71 NORTH 4434323 Wilt PRICE BUSTERS!! MICROWAVE OVENS AS $ nvw *l* ELECTRIC RANGE White Only Glass In Door 30" Oven $' W/T CLOSE-OUT 1974 RCA 25" COLOR TV $1 Model GX701 W/T NO-FROST REFRIGERATOR 15 Cu. Ft. Double Door $ 1 W/T DELUXE RANGE Electric, Continuous Clean Range, Clock Glass Door W/T White Only GAS DRYERS ·$' W/T NO-FROST DELUXE REFRIGERATOR 18 Cu. Ft. t 1 No-Frost *P CTF18C W/T Electric TM%TM? S1CQ95 Dryer . WT Ivv Matching Heavy Duty $9AQ95 Washer . *WF Permanent Press, Water Level Model WLW2630 ALL 1974 MODEL RCA TV's DRASTICALLY REDUCED REPO RCA COLOR COMPONATE -Color TV-Stereo. -Radio- 30-Day Warranty RCA BLACK and WHITE 18 INCH TV REPO STEREO 30 Day Warranty With AM/FM Radio Sold for $329 $' SATISFACTION GUARANTEED DENNIS HOME FURNISHINGS HIWAY 71 S. FAYETTEVILLE ' raft If f / A I I \ \ SSIIAIl

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