Bid to Cut Tax Breaks Rejected

WASHINGTON — The Senate Finance Committee, rejecting the advice of President Reagan and the House, voted today to retain special tax breaks for the oil and timber industries almost without change.

By lopsided votes that ranged from 15-3 to 17-1, the committee defeated five amendments by Sen. Bill Bradley (D-N.J.) that would have reduced benefits for the natural-resource industries: oil, gas, timber, mining and farming. The votes affirmed a tentative agreement reached by the committee two weeks ago as it began work on a sweeping plan for overhauling the income tax.