Expanded Bailout Package Passed By Senate with 74 to 25
Apart from the Troubled Assets Relief Program, the bill passed by the Senate also includes:
Extensions of the AMT patch, tax deductions on state and local sales taxes, tuition, teacher expenses and real property taxes and tax credits for business research and new market investors
Energy tax credits and incentives to encourage wind and refined coal production, new biomass facilities, wave and tide electricity generators, solar energy property improvements, CO2 capturing, plug-in electric drive vehicles, idling reduction units on truck engines, cellulosic biofuels ethanol production, energy efficient houses, offices, dishwashers, clothes washers and refrigerators, and fringe benefits for employees commuting by bicycle.
A requirement for private insurance plans to offer mental health benefits on par with medical-surgical benefits
Tax relief provisions for victims of this summer's Midwestern floods, and Hurricane Ike
Freezing of deductions for sale and exchange of oil and natural gas, mandatory basis reporting by brokers for transactions involving publicly traded securities and an extension of the oil spill tax
But it also extends the following tax provisions:
Economic development credit to American Samoan businesses
$10,000 tax credit for training of mine rescue team members
50% immediate expensing for extra underground mine safety equipment
Attached there is the entire amendment.
Tax credit for businesses with employees from an Indian reservation
Accelerated depreciation for property used mostly on an Indian reservation
50% tax credit for some expenditures on maintaining railroad tracks
7-year recovery period for motorsports racetrack property
Expensing of cleaning up "brownfield" contaminated sites
Enhanced deductions for businesses donating computers and books to schools, and for food donations
Deduction for income from domestic production in Puerto Rico
Tax credit for employees in Hurricane Katrina disaster area
Tax incentives for investments in poor neighborhoods in D.C.
Increased rehabilitation credit for buildings in Gulf area
Reduction of import duties on some imported wool fabrics, transfers other duties to Wool Trust Fund to promote competitiveness of American wool
Special expensing rules for film and TV productions
And there's more:
Increasing cover of rum excise tax revenues to Puerto Rico and the Virgin Islands
Making it easier for film and TV companies to use deduction for domestic production
Exempting children's wooden arrows from excise tax
Income averaging for Exxon Valdez litigants for tax purposes
(WSJ)
