1) The bailout bill calls for freezing tax deductions that oil and gas companies get for their domestic manufacturing operations while raising it for other industries.
"WASHINGTON — The oil companies may not be able to duck a final punch from Capitol Hill.
Before approving a massive financial bailout package Wednesday, the Senate attached language that would hit the oil and gas companies up for higher taxes to help fund tax credits for renewable energy and other tax breaks.
The House is expected to take up the measure Friday.
The legislation would freeze the tax deduction oil and gas companies receive for their domestic manufacturing operations at 6 percent, while other American manufacturers will see that deduction rise to 9 percent in 2010.
That provision will raise $4.9 billion over 10 years.
The legislation would raise another $2.2 billion by tightening the rules applying to oil and gas companies' taxes on income earned overseas.
And the new measure would raise $1.7 billion by increasing what producers must pay to the Oil Spill Liability Trust Fund from 5 cents per barrel to 8 cents per barrel starting in 2009 and then 9 cents a barrel in 2017.
Oil industry leaders oppose those provisions but recognize they will probably pass both houses.
"Congress continues to talk a lot about producing more energy here in the United States, but now they want to pass tax increases that are actually going to discourage that new oil and gas production," said Mark Kibbe, a tax policy analyst for the American Petroleum Institute, an industry trade group.
"And that makes very little sense to us.""
2)A Pro-Hollywood provision would extend and modify temporary expensing rules (they were to expire at the end of this year) that are meant to discourage the flight of TV and film production to Canada and elsewhere by expanding the number and type of deductions that can be taken in the year of production.
3)In one of the more bizarre provisions of the $700 billion bailout bill, Senators tacked on a repeal of the excise tax on wooden arrows designed for children.
The provision was originally proposed by the two Oregon senators and "will save manufacturers such as Rose City Archery in Myrtle Point, Oregon, about $200,000 a year," according to Bloomberg News.
4) It's one of dozens of tax breaks benefiting Hollywood producers, stock-car racetrack owners and Virgin Islands rum-makers included in the broader legislation in an effort to win support from House Republicans, whose defection contributed to a rejection of an earlier version of the legislation two days ago on a 228-205 vote.
"This is how Washington works,'' said Keith Ashdown, chief investigator at Taxpayers for Common Sense, a Washington research group. "A big pot of pork is their recipe for final passage.''
5)One proposal gives a research tax credit that will save $8.3 billion a year for companies such as Microsoft and Harley-Davidson.
"WASHINGTON — The oil companies may not be able to duck a final punch from Capitol Hill.
Before approving a massive financial bailout package Wednesday, the Senate attached language that would hit the oil and gas companies up for higher taxes to help fund tax credits for renewable energy and other tax breaks.
The House is expected to take up the measure Friday.
The legislation would freeze the tax deduction oil and gas companies receive for their domestic manufacturing operations at 6 percent, while other American manufacturers will see that deduction rise to 9 percent in 2010.
That provision will raise $4.9 billion over 10 years.
The legislation would raise another $2.2 billion by tightening the rules applying to oil and gas companies' taxes on income earned overseas.
And the new measure would raise $1.7 billion by increasing what producers must pay to the Oil Spill Liability Trust Fund from 5 cents per barrel to 8 cents per barrel starting in 2009 and then 9 cents a barrel in 2017.
Oil industry leaders oppose those provisions but recognize they will probably pass both houses.
"Congress continues to talk a lot about producing more energy here in the United States, but now they want to pass tax increases that are actually going to discourage that new oil and gas production," said Mark Kibbe, a tax policy analyst for the American Petroleum Institute, an industry trade group.
"And that makes very little sense to us.""
2)A Pro-Hollywood provision would extend and modify temporary expensing rules (they were to expire at the end of this year) that are meant to discourage the flight of TV and film production to Canada and elsewhere by expanding the number and type of deductions that can be taken in the year of production.
3)In one of the more bizarre provisions of the $700 billion bailout bill, Senators tacked on a repeal of the excise tax on wooden arrows designed for children.
The provision was originally proposed by the two Oregon senators and "will save manufacturers such as Rose City Archery in Myrtle Point, Oregon, about $200,000 a year," according to Bloomberg News.
4) It's one of dozens of tax breaks benefiting Hollywood producers, stock-car racetrack owners and Virgin Islands rum-makers included in the broader legislation in an effort to win support from House Republicans, whose defection contributed to a rejection of an earlier version of the legislation two days ago on a 228-205 vote.
"This is how Washington works,'' said Keith Ashdown, chief investigator at Taxpayers for Common Sense, a Washington research group. "A big pot of pork is their recipe for final passage.''
5)One proposal gives a research tax credit that will save $8.3 billion a year for companies such as Microsoft and Harley-Davidson.
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