THE CONGRESS: Work Done, Jun. 26, 1939

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The House:

> Passed the Ways & Means Committee's tax-appeasement bill, sent it to the Senate. It would 1) abolish the undistributed profits tax, substituting a flat 18% corporate income tax on earnings over $25,000; 2) permit a two-year carryover of profits & losses and remove the $2,000 loss limit for corporations; 3) permit corporations to revalue upward their securities for two years, to ease their excess profits taxes; 4) permit retirement of bonds and notes below par without taxation. > (In Appropriations Committee) rejected President Roosevelt's and Admiral Byrd's request for a $340,000 claiming expedition to Antarctica. > Rejected a Senate bill authorizing TVA to sell $100,000,000 of bonds to buy utility properties; adopted instead a bill authorizing $61,500,000 of bonds and restricting TVA in its geography and accounting.

The Senate:

>Passed a bill (twitting the State Department) to relieve aliens (such as Irishmen) from swearing allegiance to their former rulers (such as George VI) upon applying for U. S. citizenship.

> Passed a bill permitting interstate shipment of fight films, sent it to conference.

> Passed the $122,624,410 State, Justice & Commerce appropriation bill, sent it to House conference.

> Approved the conference report on the War Department's civil functions appropriation bill ($305,188,514), sent it to conference.