Some interesting items in the new bill
By spalladino
@spalladino (17891)
United States
October 2, 2008 1:31pm CST
What the he!! is wrong with our elected officials? Who thinks this latest effort to insert as much special interest garbage in the economic rescue bill is going to pass?
Sec. 113. Temporary increase in coal excise tax; Funding of Black Lung DisabilityTrust Fund.
ALLOWANCE AGAINST ALTERNATIVE MINIMUM TAX
SEC. 305. MODIFICATIONS OF ENERGY EFFICIENT APPLIANCE CREDIT FOR APPLIANCES PRODUCED AFTER 2007. Includes: dishwasher, top loading clothes washer, refrigerator
SEC. 306. ACCELERATED RECOVERY PERIOD FOR DEPRECIATION OF UTILITY COMPANY SMART METERS AND SMART GRID SYSTEMS.
TITLE V—ADDITIONAL TAX RELIEF AND OTHER TAX PROVISIONS
Subtitle A—General Provisions
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. 601. Secure rural schools and community self-determination program.
Sec. 602. Transfer to abandoned mine reclamation fund.
Heartland and Hurricane Ike Disaster Relief.
DEDUCTION OF QUALIFIED TUITION AND RELATED EXPENSES.
SEC. 203. DEDUCTION FOR CERTAIN EXPENSES OF ELEMENTARY AND SECONDARY SCHOOL TEACHERS.
SEC. 205. TAX-FREE DISTRIBUTIONS FROM INDIVIDUAL RETIREMENT PLANS FOR CHARITABLE PURPOSES.
TITLE III—EXTENSION OF BUSINESS TAX PROVISIONS
SEC. 305. EXTENSION OF 15-YEAR STRAIGHT-LINE COST RECOVERY FOR QUALIFIED LEASEHOLD PROVEMENTS AND QUALIFIED RESTAURANT IMPROVEMENTS; 15-YEAR STRAIGHT-LINE
COST RECOVERY FOR CERTAIN IMPROVEMENTS TO RETAIL SPACE.
RECOVERY PERIOD FOR DEPRECIATION OF CERTAIN IMPROVEMENTS TO RETAIL SPACE
SEC. 309. EXTENSION OF ECONOMIC DEVELOPMENT CREDIT FOR AMERICAN SAMOA.
SEC. 310. EXTENSION OF MINE RESCUE TEAM TRAINING CREDIT.
SEC. 312. DEDUCTION ALLOWABLE WITH RESPECT TO INCOME ATTRIBUTABLE TO DOMESTIC PRODUCTION ACTIVITIES IN PUERTO RICO. (Rum Producers)
SEC. 54E. QUALIFIED ZONE ACADEMY BONDS. a qualified zone academy established by an eligible local education agency
SEC. 314. INDIAN EMPLOYMENT CREDIT.
SEC. 315. ACCELERATED DEPRECIATION FOR BUSINESS PROPERTY ON INDIAN RESERVATIONS.
SEC. 316. RAILROAD TRACK MAINTENANCE.
SEC. 317. SEVEN-YEAR COST RECOVERY PERIOD FOR MOTORSPORTS RACING TRACK FACILITY.
SEC. 319. EXTENSION OF WORK OPPORTUNITY TAX CREDIT FOR HURRICANE KATRINA EMPLOYEES.
SEC. 320. EXTENSION OF INCREASED REHABILITATION CREDIT FOR STRUCTURES IN THE GULF OPPORTUNITY ZONE.
SEC. 321. ENHANCED DEDUCTION FOR QUALIFIED COMPUTER CONTRIBUTIONS.
SEC. 322. TAX INCENTIVES FOR INVESTMENT IN THE DISTRICT OF COLUMBIA.
SEC. 323. ENHANCED CHARITABLE DEDUCTIONS FOR CONTRIBUTIONS OF FOOD INVENTORY.
SEC. 324. EXTENSION OF ENHANCED CHARITABLE DEDUCTION FOR CONTRIBUTIONS OF BOOK INVENTORY.
SEC. 325. EXTENSION AND MODIFICATION OF DUTY SUSPENSION ON WOOL PRODUCTS; WOOL RESEARCH FUND; WOOL DUTY REFUNDS.
TITLE IV—EXTENSION OF TAX ADMINISTRATION PROVISIONS
SEC. 402. PERMANENT AUTHORITY FOR DISCLOSURE OF INFORMATION RELATING TO TERRORIST ACTIVITIES.
TITLE V—ADDITIONAL TAX RELIEF AND OTHER TAX PROVISIONS
SEC. 501. $8,500 INCOME THRESHOLD USED TO CALCULATE REFUNDABLE PORTION OF CHILD TAX CREDIT.
SEC. 502. PROVISIONS RELATED TO FILM AND TELEVISION PRODUCTIONS.
(4) SPECIAL RULE FOR ROTH IRAS AND ROTH 401(k)S.—
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.
SEC. 601. SECURE RURAL SCHOOLS AND COMMUNITY SELF DETERMINATION PROGRAM.
TITLE I—SECURE PAYMENTS FOR STATES AND COUNTIES CONTAINING FEDERAL LAND
DISTRIBUTION OF PAYMENTS IN CALIFORNIA.
TITLE II—SPECIAL PROJECTS ON FEDERAL LAND
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.
5 responses
@Barbietre (1438)
• United States
2 Oct 08
The real problem is the fact they HAD add these things to entice the others to vote for it. Too bad we should have all applied pressure to the non voters directly.
But you know the real truth is that most bills that are passed have all kind of thing in addendum that make no sense.

1 person likes this
@ParaTed2k (22940)
• Sheboygan, Wisconsin
2 Oct 08
Too bad we don't have a Senate and House with members that are mature enough to each vote their conscience and let the tally come out as it may.
1 person likes this
@rodney850 (2145)
• United States
2 Oct 08
Spalladino,
This is the most convincing evidence of the need for term limits I have ever seen! These people (most of them) have been in Washington so long they can't even imagine a bill without "attachments" for their own special interests! It can't be something simple and to the point, it has to be a monstrosity that takes 10 Philly lawyers to decipher.
1 person likes this
@ParaTed2k (22940)
• Sheboygan, Wisconsin
2 Oct 08
So we see the truth, what is meant to be a "rescue" bill is nothing but an opportunty for unethical infants to "rescue" pet projects that couldn't stand on their own.
So much for Harry Reid's "Most open and ethical Senate". How would he know, there is nothing ethical about Reid.
@ParaTed2k (22940)
• Sheboygan, Wisconsin
2 Oct 08
Nope, they can't. Of course, since they both voted for it, niether of them can point fingers at the other either.
1 person likes this
@irishidid (8687)
• United States
2 Oct 08
Wooden arrows???? WTF!!!
I think it is time for those pitch forks that people have been sending Glenn Beck. 
I think it is time for those pitch forks that people have been sending Glenn Beck. 
1 person likes this



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