- $430 million for Hollywood through “special expensing rules” to encourage TV and film production in the United States. Producers can expense up to $15 million of costs for their projects.
- $331 million for railroads by allowing short-line and regional operators to claim a tax credit up to 50 percent of the cost to maintain tracks that they own or lease.
- $222 million for Puerto Rico and the Virgin Islands through returned excise taxes collected by the federal government on rum produced in the islands and imported to the mainland.
- $70 million for NASCAR by extending a “7-year cost recovery period for certain motorsports racing track facilities.”
- $59 million for algae growers through tax credits to encourage production of “cellulosic biofuel” at up to $1.01 per gallon.
- $4 million for electric motorcycle makers by expanding an existing green-energy tax credit for buyers of plug-in vehicles to include electric motorbikes.
And how is the speaker of the house going to treat the crap sandwich? He is going to bring it to the house floor–unchanged.
The House Rules Committee sent the Senate-passed “fiscal cliff” bill to the floor late Tuesday with a vote in the full chamber to take place around 10:30pm to 11pm.
After a day of lengthy internal GOP wrangling over whether to amend the Senate-approved bill, House GOP leaders decided that they did not have enough support to pass an amendment with Republican votes alone.
Earlier in the day, Republicans said they were considering an attempt to amend the Senate measure, but lawmakers said there was no consensus on what to attach to the bill to garner enough GOP support.
The two choices were: amend the bill with spending cuts — likely killing it for the 112th Congress — or vote to adopt the Senate measure and send it to President Obama for his signature.
Rep. Rich Nugent (R-Fla.) said Tuesday night that Speaker John Boehner (R-Ohio) told rank-and-file members, in response to a direct question, that if the House GOP could not muster enough votes to amend the bill, he would personally vote “yes” on the unchanged legislation. Speakers by tradition rarely vote on the floor, and Boehner has only voted on a handful of bills, generally when he wants to show solidarity with members taking politically difficult votes.
Sorry Mr. Speaker but this is a violation of the trust America has placed in your hands.