The House Ways and Means Committee approved a measure late Tuesday that would protect thrifts from $3 billion of back taxes for bad-debt reserves taken before 1988.

The measure, introduced by Ways and Means Committee Chairman Bill Archer, was folded into a major health care bill, approved by the committee on a 25-11 vote.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.