Word: tax-exempt
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...have been changing," declared Vellucci at last week's City Council meeting. "All I hear from Councilors and politicians in this city is that we must find new sources of revenue--but we mustn't touch Harvard or MIT...I assure you that they are doing research in those tax-exempt buildings to make money...
...Government has not been very popular in Georgia. Last week the Peach State and its capital, Atlanta, got an unusual chance to shoot back once again at Washington, this time over tax reform. In one of the first legal challenges to the Reagan Administration's 1986 Tax Reform Act, the city and state governments filed suit in federal court, charging that the measure unlawfully restricts the tax-exempt status of interest from municipal bonds. Former U.S. Attorney General Griffin Bell, who is handling the plaintiffs' suit, claims that the act places unconstitutional limits on the ways that state and local...
...Bakkers' high living had caught the eye of the IRS long before the PTL scandal finally broke. In 1981 the agency launched a two-year inquiry into the ministry. Then, in a confidential 1985 report, the taxmen recommended revocation of PTL's tax-exempt status, retroactively to 1980. Reason: the IRS believed the organization did not operate exclusively for tax-exempt purposes and that part of its income personally benefited the Bakkers and others...
...interests of his family: eight members are on the payroll. Among them is his wife Arvella, who is executive program director of the Hour of Power; she is secretary of the 20-member Robert Schuller Ministries board. Her salary: $50,000. Schuller gets a salary of $80,000 and tax-exempt housing allowances of $43,500. The couple owns one home and three condos, and the ministry has extensive real estate holdings. Schuller draws no royalties from books and tapes sold by his ministry, but royalties from commercial book sales have garnered him some $2 million in the past...
...House Ways and Means oversight subcommittee has also launched an investigation into the tax-exempt status not only of PTL but also of ten other major televangelist organizations. The committee has asked PTL representatives, among others, to appear at a hearing, probably in September. Texas Democrat J.J. Pickle, a member of the committee, last week met with the eleven religious broadcasters involved in the probe, including Falwell and Preacher Jimmy Swaggart of Baton Rouge, La., to question them closely about TV ministries' finances...