Save the world economy! Save the wooden arrows for children! The Senate is doing both tonight. The 451-page Emergency Economic Stabilization Act of 2008 includes a number of tax relief measures added in presumably to garner votes; certainly few seem to respond to an emergency, or do anything particularly stabilizing. Here are the juicy bits from the bill that help some special interests or regions.Perhaps modifications like this will help get them the votes they need in the House.
DIVISION C-TAX EXTENDERS AND ALTERNATIVE MINIMUM TAX RELIEF
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. 317. SEVEN-YEAR COST RECOVERY PERIOD FOR MOTORSPORTS RACING TRACK FACILITY.
SEC. 325. EXTENSION AND MODIFICATION OF DUTY SUSPENSION ON WOOL PRODUCTS; WOOL RESEARCH FUND; WOOL DUTY REFUNDS.
SEC. 503. EXEMPTION FROM EXCISE TAX FOR CERTAIN WOODEN ARROWS DESIGNED FOR USE BY CHILDREN.
Edit: According to Forbes, the additional provisions add $110 billion to the cost of the bailout, which makes it an $810 billion package.