Word: tax-exempt
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...consortium of Mississippi banks, two of them led by members of a presidential advisory committee on school desegregation, has loaned the Citizens Council $600,000 to operate schools in the Jackson area. Even the Federal Government seems to be cooperating. The Internal Revenue Service has granted tax-exempt status to any school that declares an open-admissions policy. IRS accepts such declarations on trust. Only eleven schools, all of which have refused to sign such meaningless statements, have been denied the tax preference...
...price index in both June and July rose at a seasonally adjusted annual rate of 3.6%, down from 6% or more last winter. Some interest rates have declined significantly, as the Federal Reserve Board continues a moderate expansion of the nation's money supply. Wisconsin, which sold a tax-exempt bond issue in late May at an average interest cost of 6.67%, successfully marketed another last week...
...this would affect his job with the Urban Coalition was unclear, but Gardner admitted that his association with the new "third force" cast doubts on the wisdom of retaining his present post. Contributions to lobbying groups are not taxdeductible, and keeping his job could jeopardize the coalition's tax-exempt status...
...Internal Revenue Service announced that it would revoke the tax-exempt status of of private schools admitting students on the basis of race. The move will cripple many of the private academies that have blossomed as desegregation has proceeded...
Litton has been fighting for that contract for three long years. The company first persuaded the Mississippi legislature to vote a controversial $130 million tax-exempt bond issue to build the most modern shipyard in the country. Litton then contracted to lease the facility from the state for 30 years, paying enough to retire the bonds. The yard uses speedy, cost-cutting "modular" techniques developed by the Japanese; sections of ships are built separately, swung into place and welded together. Litton's hopes for defense work were hardly dampened by the fact that Mississippi's Senator John Stennis...