Word: caps
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Dates: during 1980-1989
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Harvard and other educational lobbies argued against any cap on tax-exempt bonds. John Shattuck, vice president for government and community affairs, said the limit was unfair because it makes it much more costly for private universities to raise capital than for public schools, which the legislation would not affect...
...Ways and Means vote accepted the recommendation of a task force on the issue headed by J.J. Pickle (D-Tex.). Pickle was appointed by committee chairman Dan Rostenkowski (D-Ill.), who lobbyists said fought hard for the cap...
Lobbyists said Rostenkowski promised key Congressmen a tradeoff: in return for backing the bond cap--whose effects would be felt especially hard in the East, which has a lot of private universities--he would back other proposals to allow taxpayers to deduct state and city taxes from federal tax bills...
Bruce F. Davie, the Ways and Means Committee's chief tax economist, said the cap is necessary because tax revenue lost to the bonds amounts to an unvoted subsidy. "The federal government didn't make a conscious decision to give Harvard $30 million a year," Davie said...
Shattuck and Head said that while the cap is likely to stay in any final tax reform bill, they would continue lobbying efforts...