AUSTIN - Daniel F.C. Crowley, chief government affairs officer for the Investment Company Institute in Washington, reported on Monday that the investor-friendly GROWTH Act is gaining momentum in Congress, but factors outside the mutual fund industry's control could postpone action on the capital gains tax relief bill.

"Pressures on the federal budget caused by the deficit, the continuing war in Iraq, and most recently the colossal damage caused by Hurricanes Katrina and Rita mean that it will be quite difficult politically to enact new tax incentives," Crowley said during a keynote address at the ICI 2005 Operations Technology Conference, held here through today.

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