Word: exemptible
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Dates: during 1970-1979
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Like union members, retired members of the military and retired civil servants also benefit from escalator clauses. So do Social Security recipients, whose benefits have risen more than threefold since 1967 and who are exempt from having to pay income taxes on their monthly checks...
...pirouette over gas policy is a result of a key provision in the energy act. Before it passed, gas that was drilled and consumed in the same state was exempt from federal price controls and therefore could be sold locally at a higher price than if it had been bought in another state. As a result, even during the severe gas shortages of recent winters, a few producer states such as Texas and Louisiana had more gas on hand than they knew what to do with. The Texas Railroad Commission, which regulates gas within the state, has kept...
Bates is especially proud that the library is now a tax-exempt foundation called the "Harvard Library in New York," which has raised more than $6000 in its one month of existence...
...object of the hearings held last week in Washington's ornate Departmental Auditorium was a well-intentioned, but possibly disruptive plan by the Internal Revenue Service to promote integration in the nation's 20,000 private elementary and secondary schools. Such schools qualify for exemptions from federal taxes as nonprofit institutions. But since 1970, federal courts have canceled the exemptions of more than 100 schools, many of them Southern "white flight" academies. Last August the IRS proposed a new racial test of its own for those schools that have grown rapidly or been created following desegregation. The service...
...which already requires tax-exempt schools to advertise their absence of racial discrimination, the new plan had seemed a logical next step. In Louisiana and Mississippi, courts have halted state aid to discriminatory schools but have left their federal tax exemptions intact; the new procedure would allow the IRS to lift those exemptions. Says IRS Commissioner Jerome Kurtz: "Existing procedures have permitted some schools to obtain tax-exempt status by having 'paper policies' of nondiscrimination, while in fact continuing to operate in a racially discriminatory manner." U.S. Civil Rights Commission Chairman Arthur Flemming supported Kurtz at last week...