October 01, 2008
At about page 279, the tag-along clause party starts in earnest:
11 SEC. 308. INCREASE IN LIMIT ON COVER OVER OF RUM EX-
12               CISE TAX TO PUERTO RICO AND THE VIRGIN
13               ISLANDS.
14      (a) IN GENERAL.—Paragraph (1) of section 7652(f)
15 is amended by striking ‘‘January 1, 2008’’ and inserting
16 ‘‘January 1, 2010’’.
17      (b) EFFECTIVE DATE.—The amendment made by
18 this section shall apply to distilled spirits brought into the
19 United States after December 31, 2007.
If they pass this thing, we will all be needing some cheaper rum.
 6 SEC. 310. EXTENSION OF MINE RESCUE TEAM TRAINING
 7               CREDIT.
 8      Section 45N(e) (relating to termination) is amended
 9 by striking ‘‘December 31, 2008’’ and inserting ‘‘Decem-
10 ber 31, 2009’’.
Does this have something to do with the deep hole that these suits have been digging?
11 SEC. 311. EXTENSION OF ELECTION TO EXPENSE AD-
12               VANCED MINE SAFETY EQUIPMENT.
13      Section 179E(g) (relating to termination) is amended
14 by striking ‘‘December 31, 2008’’ and inserting ‘‘Decem-
15 ber 31, 2009’’.
Might be relevant and even needed - but why in this bill?
16 SEC. 312. DEDUCTION ALLOWABLE WITH RESPECT TO IN-
17               COME ATTRIBUTABLE TO DOMESTIC PRO-
18               DUCTION ACTIVITIES IN PUERTO RICO.
19      (a) IN GENERAL.—Subparagraph (C) of section
20 199(d)(8) (relating to termination) is amended—
21            (1) by striking ‘‘first 2 taxable years’’ and in-
22      serting ‘‘first 4 taxable years’’, and
23            (2) by striking ‘‘January 1, 2008’’ and insert-
24      ing ‘‘January 1, 2010’’.
 1        (b) EFFECTIVE DATE.—The amendments made by
 2 this section shall apply to taxable years beginning after
 3 December 31, 2007.
Efficient. They tacked on 2 years by just changing one number.
13 SEC. 314. INDIAN EMPLOYMENT CREDIT.
14      (a) IN GENERAL.—Subsection (f) of section 45A (re-
15 lating to termination) is amended by striking ‘‘December
16 31, 2007’’ and inserting ‘‘December 31, 2009’’.
17      (b) EFFECTIVE DATE.—The amendment made by
18 this section shall apply to taxable years beginning after
19 December 31, 2007.
What exactly is employment credit? Did they mean sub-prime employment credit?
20 SEC. 315. ACCELERATED DEPRECIATION FOR BUSINESS
21               PROPERTY ON INDIAN RESERVATIONS.
22      (a) IN GENERAL.—Paragraph (8) of section 168(j)
23 (relating to termination) is amended by striking ‘‘Decem-
24 ber 31, 2007’’ and inserting ‘‘December 31, 2009’’.
(Pg 289)
 1        (b) EFFECTIVE DATE.—The amendment made by
 2 this section shall apply to property placed in service after
 3 December 31, 2007.
Something about the wording in this one seems almost indecent.
4 SEC. 316. RAILROAD TRACK MAINTENANCE.
5      (a) IN GENERAL.—Subsection (f) of section 45G (re-
6 lating to application of section) is amended by striking
7 ‘‘January 1, 2008’’ and inserting ‘‘January 1, 2010’’.
Two more years of something (that most likely costs us alot of money and will never be examined by anyone).
1 SEC. 317. SEVEN-YEAR COST RECOVERY PERIOD FOR MO-
2               TORSPORTS RACING TRACK FACILITY.
3      (a) IN GENERAL.—Subparagraph (D) of section
4 168(i)(15) (relating to termination) is amended by strik-
5 ing ‘‘December 31, 2007’’ and inserting ‘‘December 31,
6 2009’’.
7      (b) EFFECTIVE DATE.—The amendment made by
8 this section shall apply to property placed in service after
9 December 31, 2007.
A bone to the NASCAR voters?
18 SEC. 319. EXTENSION OF WORK OPPORTUNITY TAX CREDIT
19              FOR HURRICANE KATRINA EMPLOYEES.
20      (a) IN GENERAL.—Paragraph (1) of section 201(b)
21 of the Katrina Emergency Tax Relief Act of 2005 is
22 amended by striking ‘‘2-year’’ and inserting ‘‘4-year’’.
23      (b) EFFECTIVE DATE.—The amendment made by
24 subsection (a) shall apply to individuals hired after August
25 27, 2007.
Yousa. Katrina was over 3 years ago. Don't those of us hit by Ike get something? (I bet that comes later.)
1 SEC. 320. EXTENSION OF INCREASED REHABILITATION
2               CREDIT FOR STRUCTURES IN THE GULF OP-
3               PORTUNITY ZONE.
4       (a) IN GENERAL.—Subsection (h) of section 1400N
5 is amended by striking ‘‘December 31, 2008’’ and insert-
6 ing ‘‘December 31, 2009’’.
7       (b) EFFECTIVE DATE.—The amendment made by
8 this section shall apply to expenditures paid or incurred
9 after the date of the enactment of this Act.
I think this is more Katrina relief, if 'Gulf' means what I think it means. (Gulf of Mexico...or is it Gulf of Sidra? The Persian Gulf?)
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