TAX ACTION MAY DELAY
CARIBBEAN TRADE BILLA catch-all trade bill slated for Senate consideration could be used as a vehicle for a capital gains tax cut proposal, spelling a possible delay for the bill designed to make permanent U.S. trade benefits to Caribbean nations, said Sen. Bob Packwood, R-Ore.
Mr. Packwood, the ranking Republican on the Senate Finance Committee, told Knight-Ridder Financial News the decision to attach a capital gains tax cut to the trade bill or other appropriate legislative vehicles depended on whether supporters of the tax cut would be allowed a "clear shot" to vote on their plan by Democrats.
Last year the senator's surprise move to attach a capital gains tax cut to a bill providing aid for Hungary and Poland created a legislative logjam that tied up the legislationfor weeks.
TEXTILE CAUCUS PLANS
RENEWED IMPORTS FIGHT
WASHINGTON - Textile-state lawmakers, still reeling from back-to-back presidential vetoes during the Reagan years, said they will launch another bid for legislation restricting clothing and fiber imports.
The announcement followed a closed meeting last week of the Congressional Textile Caucus, composed of 90 House members from textile producing states.
"The United States is in desperate need of consistent trade policies that will ensure that our textile industry is not beaten by unfair competitors," said Rep. Marilyn Lloyd, D-Tenn., chairman of the caucus.
Rep. Lloyd said the caucus will introduce the same bill that former President Reagan vetoed in 1988 and the House came within 11 votes of overriding. The bill would establish a global quota on textile and clothing imports and limit growth to 1 percent a year.
TRADE PANEL OPENS
ETHYL ALCOHOL PROBE
WASHINGTON - The U.S. International Trade Commission has opened an investigation to determine the U.S. domestic market for ethyl alcohol.
The information will be used to establish the base quantity of imports that can be brought into the United States with a 0 percent local feedstock requirement.
Beyond the base quantity of imports, progressively higher local feedstock requirements are placed on imports of fuel ethyl alcohol and mixtures from beneficiary countries of the Caribbean Basin Initiative.
The commission will make determinations of the fuel ethyl alcohol market for the 12-month period ending Sept. 30, 1989, and the 12-month period ending Sept. 30, 1990.
The Steel Trade Liberalization Program Implementation Act, enacted in
December, specifies that the base quantity to be used by the U.S. Customs Service in administering the law must be the greater of 60 million gallons or 7 percent of U.S. consumption, as determined by the commission.
STAR QUARTERBACK SIGNS
SEGA OF AMERICA DEAL
SAN FRANCISCO - Joe Montana, star quarterback of the San Francisco 49ers football team, has signed a multimillion-dollar contract with Sega of America to create a football video game, the company announced.
Sega of America, based in South San Francisco, is a wholly owned subsidiary of Sega Enterprises Ltd. of Japan.
According to a statement issued by Sega, the company's latest deal is part of its plans to cut into the share of the video game market held by industry giant Nintendo.
TAX ACTION MAY DELAY