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Economic Stabilization or Pork?

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Updated at 10:51 AM

The Senate version of the bill that passed last night includes a whole lot of stuff that has nothing to do with solving the current problem--restoring liquidity to the financial system. Doesn't all this stuff mean the real price of the bill will be hundreds of billions of dollars more than the $700 billion?

Update: This Forbes story indicates that the added provisions could increase the cost of the bill by $110.4 billion over the next 10 years. The energy provisions, meanwhile, are paid for.

TITLE I—ENERGY PRODUCTION INCENTIVES

Subtitle A—Renewable Energy Incentives

Sec. 101. Renewable energy credit.

Sec. 102. Production credit for electricity produced from marine renewables.

Sec. 103. Energy credit.

Sec. 104. Energy credit for small wind property.

Sec. 105. Energy credit for geothermal heat pump systems.

Sec. 106. Credit for residential energy efficient property.

Sec. 107. New clean renewable energy bonds.

Sec. 108. Credit for steel industry fuel.

Sec. 109. Special rule to implement FERC and State electric restructuring policy.

Subtitle B—Carbon Mitigation and Coal Provisions

Sec. 111. Expansion and modification of advanced coal project investment credit.

Sec. 112. Expansion and modification of coal gasification investment credit.

Sec. 113. Temporary increase in coal excise tax; funding of Black Lung Disability

Trust Fund.

Sec. 114. Special rules for refund of the coal excise tax to certain coal producers

and exporters.

Sec. 115. Tax credit for carbon dioxide sequestration.

Sec. 116. Certain income and gains relating to industrial source carbon dioxide

treated as qualifying income for publicly traded partnerships.

Sec. 117. Carbon audit of the tax code.

TITLE II—TRANSPORTATION AND DOMESTIC FUEL SECURITY

PROVISIONS

Sec. 201. Inclusion of cellulosic biofuel in bonus depreciation for biomass ethanol

plant property.

Sec. 202. Credits for biodiesel and renewable diesel.

Sec. 203. Clarification that credits for fuel are designed to provide an incentive

for United States production.

Sec. 204. Extension and modification of alternative fuel credit.

Sec. 205. Credit for new qualified plug-in electric drive motor vehicles.

Sec. 206. Exclusion from heavy truck tax for idling reduction units and advanced

insulation.

Sec. 207. Alternative fuel vehicle refueling property credit.

Sec. 208. Certain income and gains relating to alcohol fuels and mixtures, biodiesel

fuels and mixtures, and alternative fuels and mixtures

treated as qualifying income for publicly traded partnerships.

Sec. 209. Extension and modification of election to expense certain refineries.

Sec. 210. Extension of suspension of taxable income limit on percentage depletion

for oil and natural gas produced from marginal properties.

Sec. 211. Transportation fringe benefit to bicycle commuters.

TITLE III—ENERGY CONSERVATION AND EFFICIENCY

PROVISIONS

Sec. 301. Qualified energy conservation bonds.

Sec. 302. Credit for nonbusiness energy property.

Sec. 303. Energy efficient commercial buildings deduction.

Sec. 304. New energy efficient home credit.

Sec. 305. Modifications of energy efficient appliance credit for appliances produced

after 2007.

Sec. 306. Accelerated recovery period for depreciation of smart meters and

smart grid systems.

Sec. 307. Qualified green building and sustainable design projects.

Sec. 308. Special depreciation allowance for certain reuse and recycling property.

TITLE IV—REVENUE PROVISIONS

Sec. 401. Limitation of deduction for income attributable to domestic production

of oil, gas, or primary products thereof.

Sec. 402. Elimination of the different treatment of foreign oil and gas extraction

income and foreign oil related income for purposes of the

foreign tax credit.

Sec. 403. Broker reporting of customer's basis in securities transactions.

Sec. 404. 0.2 percent FUTA surtax.

Sec. 405. Increase and extension of Oil Spill Liability Trust Fund tax.

TITLE I—ALTERNATIVE MINIMUM TAX RELIEF

Sec. 101. Extension of alternative minimum tax relief for nonrefundable personal

credits.

Sec. 102. Extension of increased alternative minimum tax exemption amount.

Sec. 103. Increase of AMT refundable credit amount for individuals with longterm

unused credits for prior year minimum tax liability, etc.

TITLE II—EXTENSION OF INDIVIDUAL TAX PROVISIONS

Sec. 201. Deduction for State and local sales taxes.

Sec. 202. Deduction of qualified tuition and related expenses.

Sec. 203. Deduction for certain expenses of elementary and secondary school

teachers.

Sec. 204. Additional standard deduction for real property taxes for nonitemizers.

Sec. 205. Tax-free distributions from individual retirement plans for charitable

purposes.

Sec. 206. Treatment of certain dividends of regulated investment companies.

Sec. 207. Stock in RIC for purposes of determining estates of nonresidents not

citizens.

Sec. 208. Qualified investment entities.

TITLE III—EXTENSION OF BUSINESS TAX PROVISIONS

Sec. 301. Extension and modification of research credit.

Sec. 302. New markets tax credit.

Sec. 303. Subpart F exception for active financing income.

Sec. 304. Extension of look-thru rule for related controlled foreign corporations.

Sec. 305. Extension of 15-year straight-line cost recovery for qualified leasehold

improvements and qualified restaurant improvements; 15-year

straight-line cost recovery for certain improvements to retail

space.

Sec. 306. Modification of tax treatment of certain payments to controlling exempt

organizations.

Sec. 307. Basis adjustment to stock of S corporations making charitable contributions

of property.

Sec. 308. Increase in limit on cover over of rum excise tax to Puerto Rico and

the Virgin Islands.

Sec. 309. Extension of economic development credit for American Samoa.

Sec. 310. Extension of mine rescue team training credit.

Sec. 311. Extension of election to expense advanced mine safety equipment.

Sec. 312. Deduction allowable with respect to income attributable to domestic

production activities in Puerto Rico.

Sec. 313. Qualified zone academy bonds.

Sec. 314. Indian employment credit.

Sec. 315. Accelerated depreciation for business property on Indian reservations.

Sec. 316. Railroad track maintenance.

Sec. 317. Seven-year cost recovery period for motorsports racing track facility.

Sec. 318. Expensing of environmental remediation costs.

Sec. 319. Extension of work opportunity tax credit for Hurricane Katrina employees.

Sec. 320. Extension of increased rehabilitation credit for structures in the Gulf

Opportunity Zone.

Sec. 321. Enhanced deduction for qualified computer contributions.

Sec. 322. Tax incentives for investment in the District of Columbia.

Sec. 323. Enhanced charitable deductions for contributions of food inventory.

Sec. 324. Extension of enhanced charitable deduction for contributions of book

inventory.

Sec. 325. Extension and modification of duty suspension on wool products; wool

research fund; wool duty refunds.

TITLE IV—EXTENSION OF TAX ADMINISTRATION PROVISIONS

Sec. 401. Permanent authority for undercover operations.

Sec. 402. Permanent authority for disclosure of information relating to terrorist

activities.

Subtitle A—General Provisions

Sec. 501. $8,500 income threshold used to calculate refundable portion of child

tax credit.

Sec. 502. Provisions related to film and television productions.

Sec. 503. Exemption from excise tax for certain wooden arrows designed for

use by children.

Sec. 504. Income averaging for amounts received in connection with the Exxon

Valdez litigation.

Sec. 505. Certain farming business machinery and equipment treated as 5-year

property.

Sec. 506. Modification of penalty on understatement of taxpayer's liability by

tax return preparer.

Subtitle B—Paul Wellstone and Pete Domenici Mental Health Parity and

Addiction Equity Act of 2008

Sec. 511. Short title.

Sec. 512. Mental health parity.

TITLE VI—OTHER PROVISIONS

Sec. 601. Secure rural schools and community self-determination program.

Sec. 602. Transfer to abandoned mine reclamation fund.

TITLE VII—DISASTER RELIEF

Subtitle A—Heartland and Hurricane Ike Disaster Relief

Sec. 701. Short title.

Sec. 702. Temporary tax relief for areas damaged by 2008 Midwestern severe

storms, tornados, and flooding.

Sec. 703. Reporting requirements relating to disaster relief contributions.

Sec. 704. Temporary tax-exempt bond financing and low-income housing tax relief

for areas damaged by Hurricane Ike.

Subtitle B—National Disaster Relief

Sec. 706. Losses attributable to federally declared disasters.

Sec. 707. Expensing of Qualified Disaster Expenses.

Sec. 708. Net operating losses attributable to federally declared disasters.

Sec. 709. Waiver of certain mortgage revenue bond requirements following federally

declared disasters.

Sec. 710. Special depreciation allowance for qualified disaster property.

Sec. 711. Increased expensing for qualified disaster assistance property.

Sec. 712. Coordination with Heartland disaster relief.

TITLE VIII—SPENDING REDUCTIONS AND APPROPRIATE

REVENUE RAISERS FOR NEW TAX RELIEF POLICY

Sec. 801. Nonqualified deferred compensation from certain tax indifferent parties.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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