10 addons to the current Senate-passed bill

[audtatious]

1) Sec. 503. Exemption from excise tax for certain wooden arrows designed for use by children

2) Sec. 317. Seven-year cost recovery period for motorsports racing track facility: The provision would be extended 2 years till the end of 2009 and would cost $100 million. The provision encompasses all facilities including grandstands, parking lots and concession stands.

3) Sec. 308. Increase in limit on cover over of rum excise tax to Puerto Rico and the Virgin Islands: Extends until December 31, 2009 a rebate against excise taxes charged on rum imported from Puerto Rico and the Virgin Islands. A $13.50 per proof gallon excise tax is applied to distilled spirits imported to the U.S. Under this provision a $13.25 rebate is returned to PR and the VI, and is retroactive back to January 1, 2008.

4) Sec. 301. Extension and modification of research credit: The legislation reestablishes and extends the lucrative tax credit for companies doing research and experimentation in the United States. Companies that have benefited from this provision include Microsoft Corp., Boeing Co., United Technologies Corp., Electronic Data Systems Corp. and Harley-Davidson. The two-year extension is estimated to cost $19 billion.

5) Sec. 504. Income averaging for amounts received in connection with the Exxon Valdez litigation: The bailout bill would give a tax break to Exxon Valdez plaintiffs, allowing them to average out their punitive damages awards over three years rather than suffer a one-time tax hit from the Internal Revenue Service, as well as other provisions. Rep. Don Young (R-AK) is a big supporter of this provision. Cost is estimated at $49 million.

6) Sec. 601. Secure rural schools and community self-determination program: Secure Rural Schools lead sponsors Reps. DeFazio (D-OR), Bill Sali (R-ID); Sens. Wyden (D-OR), Larry Craig (R-ID), are major boosters of this program that expired in 2006. In 1908 the federal government agreed to share logging revenue from Forest Service land with neighboring communities that could not tax the land because it was federal. As logging declined in the 1990s, the "county payments" program was initiated in 2000 to directly provide federal funding, more than half going to Oregon, to deal with the loss of revenue. The original version of this provision was introduced as a bill in early 2007 and was estimated to cost $2.2 billion when the OR and ID delegations came to agreement. To give the package more heft, Payment In Lieu of Taxes (PILT) was added to the package, bringing the total cost to $3.3 billion. PILT provides more general funding to counties for federal lands located within their borders. Sen. Reid (D-NV) talked about the PILT program being one of the important elements of the package when the Senate passed the bailout bill.

7) Sec. 201. Deduction for state and local sales taxes: Allows residents of states that don’t pay income tax to deduct, from their federal taxes, sales tax paid over the course of the year. States that benefit include Texas, Nevada, Florida, Washington and Wyoming. The bailout bill extends this provision for 2 years at a cost of $3.3 billion.

8. Sec 502. Provisions related to film and television productions: In an effort to keep film and television productions in the U.S, they would be eligible for a tax incentive program. Under this program, the cost of production of qualifying films would be permitted to be immediately expensed -- that is, fully deducted from income for tax purposes -- in the year the expenditures occur. This provision also makes permanent other favorable tax treatments for production. Historically Rep. Diane Watson (D-CA) has been a supporter (dating from its creation in the 2004 corporate tax bill). The cost is estimated at $478 million over 10 years.

9. Sec. 325. Extension and modification of duty suspension on wool products; wool research fund; wool duty refunds: The tariff relief (duty savings) is intended to benefit U.S. worsted wool fabric producers that use imported fibers and yarns as inputs, as well as U.S. tailored clothing manufacturers that use imported fabrics as inputs. This provision was originally introduced as a bill in December 2007 by Reps. Louise Slaughter (D-NY) and Melissa Bean (D-IL). It extends current law provisions until 12/31/14, and in some cases to12/31/15. The 2010 to 2015 cost is estimated to be $148 million.

10. Sec. 309. Extension of economic development credit for American Samoa: This extends by two years a previously approved tax credit, the American Samoa economic development credit. In general, this credit allows certain corporations operating in American Samoa a tax credit. The possessions tax credit allows these corporations to offset a portion of their U.S. tax liability on income earned in American Samoa from active business operations, sales of assets used in a business, or certain investments in American Samoa. The cost is $33 million, according to the Joint Committee on Taxation.

Here are some other interesting provisions Sec. 201. Inclusion of cellulosic biofuel in bonus depreciation for biomass ethanol plant property

Current law allows taxpayers to write-off 50% of the cost of any facility placed in service before January 1, 2013 that produces cellulosic ethanol. This provision expands the types of facilities that may be written-off to include production of other cellulosic biofuels in addition to cellulosic ethanol.

Sec. 211. Transportation fringe benefit to bicycle commuters

Allows employers to provide a benefit to employees for costs associated with bicycle commuting, including purchase and repair of a bicycle, bicycle improvements, and bicycle storage. This provision was proposed in 2007 in the Senate by Sen. Ron Wyden (D-OR) and in the House by Rep. Earl Blumenauer (D-OR). This provision is estimated to cost $10 million.

Sec. 323. Enhanced charitable deductions for contributions of food inventory

Extends by two years, until December 31, 2009, a provision allowing for deductions related to the charitable donation of “apparently wholesome food”—defined as food intended for human consumption that meets all quality and labeling standards imposed by law and regulations even though the food may not be readily marketable. This provision also changes the application of the law as it relates to donations by farmers and ranchers. The cost is $149 million, according to Joint Committee on Taxation.

Sec. 324. Extension of enhanced charitable deduction for contributions of bookinventory

Extends by two years, until December 31, 2009, a tax benefit for the contribution of books to public schools. The provision is worth $49 million.

Sec. 602. Transfer to abandoned mine reclamation fund

Transfers interest earned on money in the abandoned mine reclamation fund to the United Mine Workers of America Combined Benefit Fund, which helps pay health benefits for retired miners and their dependents who worked under collective bargaining agreements that promised lifetime health-care benefits. States with the most miners receiving benefits have historically been Pennsylvania, West Virginia, Kentucky, Virginia, and Ohio. This provision extends existing law to include a $9 million transfer for 2010.

[96Qowner]

These were in a bill the Senate had passed already, but the House had refused to bring to the floor, so it was merely added to the House bailout bill, along with an increase in FDIC insurance from $100,000 per account to $250,000.

Most of it is just extension of legislation that was due to expire.

[Encryptshun]

We should start publicizing "The Rider Cup" -- an award given to the politician or group of politicians who are the most prolific at tacking on these clauses to legislation just to get them to pass or which cause the legislation to fail.

[96Qowner]

I still say we need another branch of government called the Delegislature.

It would be tasked with removing stupid and/or outdated legislation.

[audtatious]

These were in a bill the Senate had passed already, but the House had refused to bring to the floor, so it was merely added to the House bailout bill, along with an increase in FDIC insurance from $100,000 per account to $250,000.

Most of it is just extension of legislation that was due to expire.

I heard that. I simply don't know why anything is being added to this bill as it should be solely focused on for one reason only.

[szh]

I still say we need another branch of government called the Delegislature.

It would be tasked with removing stupid and/or outdated legislation.

I like!

Z

[telcoman]

Matt

You can correct me if I am wrong but the way it was explained on CNN was that in order to get enough senate votes for passage, those items were added to the bailout bill. Both Obama and McCain voted for it.

What I fail to understand is if McCain claims to be a maverick and claims he is going to take on Washington insiders if elected, why did he vote for the bill when it contained pork that he is campaigning against?

Telcoman

[srellim234]

What I found interesting was watching Joe Scarborough's program on MSNBC yesterday morning right before the show went off at 6am here. The show actually ran 5 minutes late so they could get McCain on.

Scarborough, a former Republican rep, specifically asked McCain why he voted for it with that pork on it. After hemming and hawing a little like he really didn't want to get into it or was confused by the question, McCain said something to the effect that "that's the way Washington works" and kind of suggested the President should veto it on those grounds! Veto the bill that he voted for! I guess that's maverick leadership?

[audtatious]

McCain has been for the bill form day 1 so it does not surprise me that he voted for it in order to get it passed. I don't approve of it nor the way they stuck in the earmarks. It's another point against all of them in my book.

[telcoman]

McCain has been for the bill form day 1 so it does not surprise me that he voted for it in order to get it passed. I don't approve of it nor the way they stuck in the earmarks. It's another point against all of them in my book.

So can we now count on you to be voting for Obama?

Telcoman

[audtatious]

Why should I vote for Obama? Did he do anything about the bill other than stay out on the campaign trail? No? Did he vote for it too? Yes? Is his support for ACORN a part of this wide-ranging problem in the first place? Yes.

They can all go screw themselves with Obama using a bigger screw.