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To: CIMA who wrote (34467)	5/25/1999 1:05:00 AM
From: Alex	Read Replies (2) \| Respond to of 116768

Summers approval could hit roadblock-report WASHINGTON, May 25 (Reuters) - President Bill Clinton's nomination of Lawrence Summers to become Treasury secretary could run into trouble from Republican steel-state senators who are considering trying to block Summers' confirmation in a dispute over how to protect the beleaguered U.S. steel industry, the Washington Post reported on Tuesday. Using senatorial power to put a ''hold'' on Summers's confirmation ''is certainly an option, and a significant way of getting the (Clinton) administration's attention on something that concerns the (steel) caucus,'' Charlie Boesel, a spokesman for Republican Sen. Mike DeWine of Ohio, told the newspaper. The Post quoted unidentified Senate aides as saying a serious move to hinder Summers' nomination was still uncertain. DeWine and other steel-state senators are angry about the opposition by the administration -- and the Treasury in particular -- to tough legislation and other measures aimed at protecting U.S. steelmakers from imports, the report said. The industry suffered substantial plant closings and job losses over the past year, in part because of a flood of steel from Japan, South Korea, Brazil, Russia and other countries stricken by the global financial crisis, it said. One possible outcome, Senate aides told the Post, is that the industry's advocates would use the nomination as leverage to increase their negotiating power. Summers's nomination has not yet been formally submitted to the Senate, but it will presumably go to the Hill shortly because current Treasury Secretary Robert Rubin has said he wants to leave by July 4, administration aides said. biz.yahoo.com

To: CIMA who wrote (34467)	5/25/1999 7:33:00 AM
From: long-gone	Read Replies (1) \| Respond to of 116768

Mining industry gets tax break By Mike Soraghan Denver Post Capitol Bureau May 25 - Gov. Bill Owens gave a boost Monday to a gold mine, a molybdenum mine and about a dozen coal mines with about $22 million in tax breaks. During a swing through the Western Slope, Owens signed a bill expanding and making permanent a tax break for mining companies. He also signed bills giving a tax break on interest and capital gains income, and requiring federal agencies to meet state air-quality standards. Last year, the state collected $10 million in mineral "severance'' taxes on mined materials, such as coal, gold and molybdenum, a steel-hardening agent. The legislation Owens signed Monday, HB 1249, would cut about $3.7 million a year, or about $22 million over six years, in severance taxes. Six years is the time frame used in a state analysis of the bill. The bill also makes permanent and dramatically expands an existing severance tax break for coal mines. "Many of Colorado's rural communities have been affected by the problems faced by our mining industry,'' Owens said in Craig. "This bill will give Colorado's mining companies a chance to maintain the jobs these operations have in our state.'' The bill enjoyed bi-partisan support in the Legislature as a way to help support the state's ailing mining industry. "It's an industry that can use whatever help we can give them,'' said Sen. Mike Feeley of Lakewood, who leads the Democratic minority in the Senate. "But we're not going to save this industry with a little tax break. The reason that this industry is in difficult shape is world economic markets, not the taxes we levy here in Colorado.'' In his race for governor, Owens won wide support from the mining industry, receiving campaign contributions from the head of the Colorado Mining Association, the industry's two main lobbyists at the Legislature, top executives at Cyprus Amax Minerals Co., which owns the state's only molybdenum mine, and Independence Mining Co., which owns the state's biggest gold mine. Two mining companies also gave money to help pay for Owens' inaugural ball. Colowyo mine owner Kennecott Energy put in $12,500, and Asarco Mining Co. gave $3,000. Money left over from the ball is going toward renovations of the governor's mansion. The severance tax break was not considered part of the Legislature's overall tax break package, but the capital gains tax break was. The bill, HB 1137, allows people to deduct up to $1,200 in interest income, dividends or capital gains from their taxable income. The exemption would be $2,400 for joint filers. It will take $39 million out of the state's refundable surplus in it's first year. "This tax cut helps lower- and middle-income taxpayers keep more of their hard-earned interest on savings and investment income,'' Owens said in Steamboat Springs. Owens on Monday also signed SB 145, a bill requiring the federal government to comply with federal clean air laws on publics lands. The legislation was supported by Western Slope lawmakers, but opposed by environmentalists. Supporters said pollution from controlled burns on federal land can contribute to regional haze. "It is time for the federal government to comply with the clean air laws it imposes on everyone else,'' Owens said.(cont. note the anti-mining comments at the end by environmental lobby) "We're prepared to wait for them to learn this lesson in the hardest possible way,'' said Jim Martin of the Environmental Defense Fund. "It's like pouring money down a rathole.'' denverpost.com