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[May. 11th, 2004|03:41 am]
Spot the Boondoggles
Some of the tax breaks in corporate tax bill assembled by the Senate would:

_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.
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.