WASHINGTON–Legislation to bar insurers and other companies from deducting legal settlement costs from their taxes would increase "the current, anticompetitive legal cost burden facing U.S. manufacturers," a business advocate told a House committee today.
Representatives of two insurance industry trade groups later voiced the same concerns about the provisions, which are contained in the Senate version of minimum wage legislation.
Kenneth Petrini, vice president/taxes, for the Air Products and Chemicals Co., based in Pennsylvania, made his comments as a representative of the National Association of Manufacturers on provisions in the Senate version of minimum wage legislation.
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