||[May. 11th, 2004|03:41 am]
Spot the Boondoggles|
Some of the tax breaks in corporate tax bill assembled by the Senate would:Tax relief for owners of private jets! And let's put those poor family-owned military shipbuilders back to work (a complete list: General Dynamics, General Dynamics and General Dynamics). But my personal favorite is the one that would allow farmers in drought-hit states a big tax credit to help them USE MORE WATER.
_Allow auto racing tracks to write off cost of their grandstand facilities over seven years instead of 15 years, at a cost of $92 million.
_Encourage studios to film small and independent films and television in the United States, particularly the Delta Regional Authority states along the Mississippi River, at a cost of $1.2 billion.
_Give farmers and ranchers in drought areas a 30 percent tax credit on the purchase and installation of irrigation equipment.
_Help dealers who sold Oldsmobiles, a line that General Motors stopped making last month, at a cost of $189 million.
_Enhance depreciation of small jets and planes.
_Permit naval shipbuilders to change their accounting methods to get better tax treatment at a cost of $310 million.
_Delay for the cruise ship industry its payment of taxes on the airplane tickets, hotels and other services sold in the United States as part of packages.