To speed expansion of defense facilities, the U.S. Government granted $30.5 billion in rapid tax write-offs in the last 5½ years.
Under the plan, a corporation is allowed to deduct the expense of a new unit from its income at a faster-than-normal rate, thus reducing the firm's tax payments in the early years of the new plant's operations. Last week a House Government Operations subcommittee took a sharp look at the program to see 1) how it is working, and 2) whether it should be continued. (Between June 30 and July 13, shortly before...
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