Motorsports Racetrack Property Aid? Puerto Rico Rum Taxes? In the Economic Rescue Bill?

ABC News Political Punch ^ | 10/2/08 | Jake Tapper

[SilvieWaldorfMD]

The Senate Finance Committee has published a summary of some of the additions to the Emergency Economic Stabilization Act.

There are many provisions in the bill that will directly benefit millions of Americans -- what's called the "AMT patch," for instance, which will protect 20 million middle class Americans from seeing a tax increase in 2009.

Or tax deductions for tuition, and for teacher expenses.

Corporations will see extensions of popular tax cuts -- for research and development, or renewable energies.

But there's also some other stuff.

My colleague Z. Bryon Wolf points out that it bears mentioning that all of the following provisions were in the "tax extender" package the Senate (and the House) had already voted on, but were arguing over whether or not to "pay for."

But what's in here also bears mentioning:

* Rum Excise Taxes to Puerto Rico and the Virgin Islands -- Cost: $192 million over 10 years

Current law imposes a $13.50 per proof gallon excise tax on distilled spirits produced in or imported into the United States -- of which $13.25 per proof gallon was made as a payment to Puerto Rico and the Virgin Islands until the end of 2007, after which it was lowered to $10.50 per proof gallon. This retroactively extends that provision from December 31, 2007 through the end of 2009.

* American Samoa Economic Development Credit -- Cost: $33 million over 10 years

Certain domestic corporations operating in American Samoa were eligible for a possessions tax credit, which offsets their U.S. tax liability on income earned in American Samoa from active business operations, sales of assets used in a business, or certain investments in American Samoa. The tax credit expired on December 31, 2007. This retroactively restores it and extends it until the end of 2009.

[SilvieWaldorfMD]

$192 million for rum distillers in Puerto Rico and the Virgin Islands? It makes perfect sense -- we'll get addicted to alcohol once we see the bill for all of this and our taxes continuing to go 'sky high'....

[SilvieWaldorfMD]

For your Puerto Rico ping list.

[gotribe]

I hope the house kills this.

[SilvieWaldorfMD]

THAT'S ME WITH MY FAVORITE RADIO TALK SHOW HOST, CHRIS PLANTE OF 630WMAL IN JULY, AS WE 'SHARE' A BOTTLE OF PUERTO RICO'S FINEST RUM -- RON BUGALU:

THIS PHOTO IS BROUGHT TO YOU BY A $192 MILLION RUM EXCISE TAX, COURTESY OF THE U.S. CONGRESS 'BAILOUT BILL'!

[frogjerk]

Certain domestic corporations operating in American Samoa were eligible for a possessions tax credit, which offsets their U.S. tax liability on income earned in American Samoa from active business operations, sales of assets used in a business, or certain investments in American Samoa. The tax credit expired on December 31, 2007. This retroactively restores it and extends it until the end of 2009.

%9 Nancy's hubby is rollin' in Del Monte!

[JoanneSD]

* American Samoa Economic Development Credit -- Cost: $33 million over 10 years Certain domestic corporations operating in American Samoa were eligible for a possessions tax credit seems I remember ( could be wrong) but did not Pelosi have something to do with the fishing industry in the Samoa? like she owns some there companies there.

[frogjerk]

Nancy’s hubby owns $17 million in Del Monte Stock which is the biggest business in American Samoa.

[Brookhaven]

I’m starting to wonder if we should ammend the Constitution to say ALL bills must originate in the house, and that the Senate may not change a bill in any way.

Either that or repeal the amendment that says senators are to be elected and go back to the old days when they were appointed by the state legislature.

[cll]

Puerto Rico Ping! Please Freepmail me if you want on or off the list.

[Clemenza]

You are a hottie! If I wasn’t otherwise involved, I would pay a visit to Waldorf when your hubbie was out of town...

[SilvieWaldorfMD]

HA!

That’s very nice of you, C!

[GreaterSwiss]

Hey, didn’t Pelosi have economic interest down in Samoa

American Samoa Economic Development Credit — Cost: $33 million over 10 years

Certain domestic corporations operating in American Samoa were eligible for a possessions tax credit, which offsets their U.S. tax liability on income earned in American Samoa from active business operations, sales of assets used in a business, or certain investments in American Samoa. The tax credit expired on December 31, 2007. This retroactively restores it and extends it until the end of 2009.