Administration spokesmen today indicated that the U.S. Government favors legislation which would encourage American private investments in Israel. They gave limited approval to a legislative proposal for tax incentives as a means of stimulating private investment abroad in underdeveloped countries like Israel.
In testimony before the House Ways and Means Committee, spokesmen for the Commerce and Treasury Departments endorsed the idea of tax deferral and other incentives provided they would be limited only to investments in underdeveloped countries.
The legislation under discussion was introduced by Rep. Hale Boggs, Louisiana Democrat. It would promote American private overseas business and industrial investments with a view to ultimate reduction of foreign aid.
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