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<FONT SIZE="+2"><B>Clinton aid plan includes tax breaks for steel firms </B></FONT><BR><P><b>Friday, January 08, 1999</b><P><b>ASSOCIATED PRESS<br> </b><P><P>
WASHINGTON - President Clinton's plan to help the beleaguered U.S. steel industry will include $300 million in proposed tax breaks for steel companies battling the flood of foreign imports, administration officials said.<P>
However, the report, described as in its final stages of preparation yesterday, will not grant the types of sweeping trade protections being sought by the industry and its unions, these officials said, speaking on condition of anonymity.<P>
The administration missed a Tuesday deadline imposed by Congress to complete the plan as it sought to reconcile an internal debate between supporters of the industry's demands for protectionist barriers and other officials led by Treasury Secretary Robert Rubin. They argue that such an action would set back efforts to pull Asian nations and Russia out of steep recessions.<P>
Word of the tax proposal came just hours after Bethlehem Steel Co. announced it would close two of its older plants because of "the unprecedented levels of unfairly traded foreign steel imports." The closings will put about 540 people out of work, including 200 in Massillon, Ohio.<P>
Ohio Rep. Ralph Regula, the Republican Congressional Steel Caucus chairman whose district includes Massillon, said the administration's failure to negotiate voluntary limits from the exporting nations made it too difficult for Bethlehem to attract any buyers for the stainless steel factories.<P>
"The problem that they have in trying to sell these plants is the surplus on the market," he said, referring to low-priced steel from other countries.<P>
Rep. Dennis Kucinich, a Democrat from Cleveland, said the Clinton plan falls far short of what the steel industry needs to save thousands of area jobs.<P>
Kucinich said the obvious solution is for the United States to negotiate voluntary restraint agreements with foreign steel exporters that would limit steel shipments to the U.S. market.<P>
"We need action now to stop the flood of imports," he said.<P>
Kucinich called the proposed tax relief "totally unacceptable," because it would cause American taxpayers to subsidize the dumping of foreign steel.<P>
Officials said Clinton's tax plan will take the form of expanding the number of years that steel companies can spread out operating losses to lower their tax bills.<P>
Currently, all companies can "carry back" losses to previous years for two years. The administration proposal will expand the "carry back" period to five years for steel companies at an estimated cost in lost tax revenue to the government of $300 million over five years.<P>
Administration officials said the proposal will be included in Clinton's new budget to be submitted to Congress Feb. 1.<P>
Plain Dealer reporter Thomas W. Gerdel contributed to this article. <P><P>
<em>©1999 THE PLAIN DEALER. Used with permission.</em><P>
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