Newspaper article THE JOURNAL RECORD


Newspaper article THE JOURNAL RECORD


Article excerpt

Clause Worth Up to $1 Billion to Auto Makers DETROIT - A provision in the 1986 tax overhaul act originally designed to benefit an Illinois farm equipment maker could mean as much as a $1 billion tax break for the nation's automakers, The Detroit News said Monday.

The clause in the tax bill gives advantages to manufacturers selling to dealers on an installment plan, but was vaguely worded.

A provision in the omnibus spending bill passed just before Christmas contains clarifying language inserted by House Ways and Means Committee Chairman Dan Rostenkowski, D-Ill., at the automakers' request.

The provision says the loophole applies to General Motors Corp., Ford Motor Co., and Chrysler Corp. as well as its original beneficiary, Deere & Co. of Moline, Ill.

An unidentified auto industry source quoted by the newspaper estimated the provision will save the Big Three carmakers more than $1 billion.

Cotton Crop 51 Percent Higher than 1986 WASHINGTON - The 1987 cotton harvest is estimated at 14.7 million bales, only 3 percent above the December forecast but 51 percent more than the 1986 harvest, the Agriculture Department said Monday.

Officials said the latest estimate, based on surveys Jan. 1, included more than 14.4 million bales of upland cotton and 264,000 bales of American-Pima or extra-long staple cotton grown in Arizona, New Mexico and Texas.

The Jan. 1 estimated yield and production of upland cotton in key states included:

Alabama, 588 pounds per acre and production of 408,000 bales of 480 pounds each; Arizona, 1,365 and 850,000; Arkansas, 762 and 905,000; California, 1,264 and 2,950,000; Georgia, 666 and 340,000; Louisiana, 792 and 990,000; Mississippi, 832 and 1,750,000; Missouri, 830 and 327,000; New Mexico, 735 and 95,000; North Carolina, 505 and 100,000; Oklahoma, 420 and 350,000; South Carolina, 444 and 110,000; Tennessee, 701 and 650,000, and Texas, 502 and 4,600,000. …

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