§ In their Aide Memoire of 13 September Her Majesty's Government expressed the earnest hope that the United States Government should withdraw the discriminatory feature of the proposed Job Development Tax Credit.
§ Her Majesty's Government have noted that the House Committee on Ways and Means on September 29 reported out the Revenue Act of 1971 which provides in Section 103, for an investment credit limited to domestic products. They think it necessary to record that the concern which they previously expressed is in no way diminished by the modifications made by the Committee with respect to the rate of credit or by the provision for possible concessions in favour of imported goods in certain limited circumstances.
§ Her Majesty's Government therefore urges the Administration to take all steps open to it to secure the removal of the discriminatory aspects of the investment credit in the Revenue Act of 1971.
§ BRITISH EMBASSY
§ WASHINGTON
§ 4 October 1971.