10/02/2008

Some of the goodies in the "Bailout Bill"

You can find the bill here:

Sec. 501. $8,500 income threshold used to calculate refundable portion of child tax credit.
Sec. 502. Provisions related to film and television productions.
Sec. 503. Exemption from excise tax for certain wooden arrows designed for use by children.
Sec. 504. Income averaging for amounts received in connection with the Exxon Valdez litigation.
Sec. 505. Certain farming business machinery and equipment treated as 5-year property.
Sec. 506. Modification of penalty on understatement of taxpayer’s liability by tax return preparer.
Subtitle B—Paul Wellstone and Pete Domenici Mental Health Parity and
Addiction Equity Act of 2008
Sec. 511. Short title.
Sec. 512. Mental health parity.
TITLE VI—OTHER PROVISIONS
Sec. 601. Secure rural schools and community self-determination program.
Sec. 602. Transfer to abandoned mine reclamation fund.
TITLE VII—DISASTER RELIEF
Subtitle A—Heartland and Hurricane Ike Disaster Relief
Sec. 701. Short title.
Sec. 702. Temporary tax relief for areas damaged by 2008 Midwestern severe storms, tornados, and flooding.
Sec. 703. Reporting requirements relating to disaster relief contributions.
Sec. 704. Temporary tax-exempt bond financing and low-income housing tax relief for areas damaged by Hurricane Ike.
Subtitle B—National Disaster Relief
Sec. 706. Losses attributable to federally declared disasters.
Sec. 707. Expensing of Qualified Disaster Expenses.
Sec. 708. Net operating losses attributable to federally declared disasters.
Sec. 709. Waiver of certain mortgage revenue bond requirements following federally declared disasters.
Sec. 710. Special depreciation allowance for qualified disaster property.
Sec. 711. Increased expensing for qualified disaster assistance property.
Sec. 712. Coordination with Heartland disaster relief.

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3 Comments:

Blogger Harry Schell said...

So much for the idea we have a crisis as opposed to another funding bill to tack neato keeno stuff to.

And whoever thought of the idea of putting an excise tax on wooden arrows for children to play with? I bet that is a real critical source of revenue for Treasury.

Buffoonery writ large.

10/02/2008 4:42 PM  
Blogger David said...

For each unrelated pork chop, I for one would like to see a list of the legislators responsible for the installment.

10/03/2008 10:06 AM  
Blogger John said...

Thanks for posting the link and highlighting just how broken Congress is .

No fraud left behind..........

10/03/2008 10:32 AM  

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