October 01, 2008
At about page 279, the tag-along clause party starts in earnest:
If they pass this thing, we will all be needing some cheaper rum.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.
Does this have something to do with the deep hole that these suits have been digging?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’’.
Might be relevant and even needed - but why in this bill?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’’.
Efficient. They tacked on 2 years by just changing one number.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.
What exactly is employment credit? Did they mean sub-prime employment credit?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.
Something about the wording in this one seems almost indecent.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.
Two more years of something (that most likely costs us alot of money and will never be examined by anyone).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’’.
A bone to the NASCAR voters?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.
Yousa. Katrina was over 3 years ago. Don't those of us hit by Ike get something? (I bet that comes later.)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.
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?)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.



