The House Ways and Means Committee agreed...

The House Ways and Means Committee agreed on $5.6 billion in corporate tax hikes over the next three years to offset the tax breaks the panel is including in its bill revising the 1986 income tax law. The committee, in closed session, voted to squeeze $2.4 billion from defense contractors and some large construction companies by repealing an accounting method that allowed them to delay taxes until long-term projects are completed. The panel also voted to raise $1.5 billion by gradually reducing the tax deduction for dividends received by corporations owning less than 20% of another company.