Compromise tax bill would have major effects on financial industry.

WASHINGTON -- Battling time and uncertainty, th House approved tax legislation Wednesday that shaves about $63 billion from the budget deficit and has major implications for the financial industry.

The bill -- which raises $50 billion in taxes and has more than 1,000 provisions -- was passed almost unchanged from the version passed Saturday morning by a House-Senate conference committee. To become law, it still must be passed by the Senate -- which is scheduled to begin a recess of several weeks on Friday -- and then be signed by the President.

The tax bill -- H.R. 4170 -- has been dubbed the Tax Reform and Omnibus Deficit Reduction Act of 1984.

"To have to digest what has been passed is a mammoth task for everyone concerned." said David C. Hastings, vice president and director of taxes, First & Merchants National Bank, Richmond, Va. "There is a lot of confusion in the Treasury, Congress, and on the part of bankers, lawyers, and accountants."

Specially, the following areas will …