Fiscal cliff bill includes favors for Hollywood and green energy

biz pac review ^ | 1-2-13 | Michael Dorstewitz

[TurboZamboni]

One item within the bill that was hurriedly passed in the wee hours — presumedly without reading it — was a one-year extension of a tax credit for wind energy. For new installations, it gives the industry a 2.2-cent credit per kilowatt-hour of energy produced for the first 10 years the installation is in operation. In a related story, Breitbart.com reported an extension of a tax incentive favoring the film industry. Section 317 of the freshly approved legislation includes an extension for “special expensing rules for certain film and television productions.” Congress first enacted production tax incentives favorable to the domestic entertainment industry in 2004, and extended them in 2008, but the deal was meant to expire in 2011. The Breitbart article noted that, “Hollywood players routinely beg the government to raise their taxes so they can pay their “fair share.” It’s good to have friends in high places.

[jmcenanly]

I’m certain that those tax breaks for Hollywood will come with conditions. The late Gerry Anderson wasn’t the only person to control his actors with strings.

[BubbaJunebug]

Favors for the Honey Boo Boo NASCAR crowd also...dont forget