Depositors take advantage of a once only tax-free deal
At 12:01 a.m. last Thursday, Motel Owner Sonny Cough walked into the Bar Harbor Savings & Loan Association in Maine. Then, as cameras winked, he became the first person in the continental U.S. to buy one of the new All Savers Certificates.
The A.S.C.S, which were authorized in August by Congress, will give individual savers a one-time tax exemption on $1,000 ($2,000 for couples) in interest earned on certificates bought before the end of 1982. The interest rate is set at 70% of the yield on...
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