Word: write-offs
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...write-off, might be liberalized, i.e., instead of getting a write-off on, say, 60% of a new installation, the producer would be allowed a full 100%. Instead of writing off the cost in five years, he might be allowed to do it in two or three to shorten the risk that new developments might make his plant obsolete. For such items as titanium, which alone may mean air supremacy for the nation with a plentiful supply, the Government may have to go much further and, as Air Force Secretary Talbott has suggested, subsidize them with loans, fast write-offs...
SHORTAGE of titanium, the newest wonder metal for jet planes (TIME, June 15), is still so severe that Air Force Secretary Harold Talbott wants Congress to authorize a subsidy to the industry to help boost production immediately. Current production is only about 2,800 tons a year, and planned production...
...expansion in wartime through the use of "accelerated amortization," otherwise known as the "quick tax write-off." This permits the writing off of defense-essential plants and equipment in five years instead of the 20 normally required by the Internal Revenue Bureau. In World War I, this practice spurred the building of $650 million in new facilities; in World War II,, another. $6 billion worth was constructed, "and since Korea, the whopping total of $27.8 billion for new defense facilities, with quick write-offs covering 61% ($16.8 billion) of the total cost. Petroleum refining is expanding by 10%, steel...
...that the Government's goals are in sight, the Administration plans to put an end to fast write-offs in most industries. But since fast write-offs worked such industrial miracles in emergencies, why should the practice not be made permanent? One objection is that most of the expansion is paid for by money that otherwise would have been paid in taxes. For this reason, and the fact that the quick write-off has been misused by some corporations, Congress' Hardy Subcommittee has denounced the policy as "the biggest bonanza that ever came down the Government pike...
Indiana's Senator Homer Capehart has already introduced a bill to make quick amortization permanent, and extend it to all industries, whether necessary for defense or not. There are some obstacles to any such blanket extension. The biggest is that the immediate loss in tax revenue would be far...