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Tax Breaks for Special Interests in compromised bill


Posted: Dec 12, 2010

So, now the dems have added more to the pot.

Dozens of tax breaks designed to help a wide variety of interests - students, teachers, energy companies and lots of others - are due to expire at the end of the year, and most of them have been tacked on to the White House/Republican tax-cut deal to help it get through Congress

The final package, released late Thursday, would extend tax credits for producing ethanol and for hiring American Indians. It would maintain deductions for teachers who buy their own supplies and businesses that donate books to charity.

It has tax breaks for restaurants, movie producers and NASCAR track owners. It has a special "economic development credit" for investors in American Samoa.

Most of the smaller measures weren't included in the original "framework" that President Barack Obama and Republican congressional leaders announced Monday, which led many senators and members of the House of Representatives to protest.

"Any compromise reached must have important (Gulf Coast) zone tax-credit extensions that are so desperately needed in Louisiana," said Sen. Mary Landrieu, D-La.

On Thursday, 17 senators, led by Sen. Dianne Feinstein, D-Calif., wrote a letter saying they'd find it "difficult" to support the tax deal unless it continued a program, also due to expire Dec. 31, that allows renewable energy companies to continue using certain existing tax credits.

The energy program and some help for the Gulf were added when the package expanded. It was unclear how many votes the expansion gained for the overall bill, but Senate leaders are confident that it will pass fairly easily. A Landrieu spokesman said she appreciated the Gulf provisions but that she remained concerned about the overall package, and Feinstein is still undecided about the bill.

The bill also now extends dozens of other expiring provisions, usually for a year or two. Among them: help for elementary and secondary school teacher expenses, those who employ people who work on or near Indian reservations, domestic film and television producers, economically depressed areas of Washington, D.C., and areas devastated by 2005's Hurricane Katrina.


Read more: http://www.thenewstribune.com/2010/12/12/1461831/tax-breaks-for-special-interests.html#ixzz17uzIYU2a
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why am I not surprised? - nm

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nm

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