Tax breaks in bailout bill :
The financial rescue measure passed by the Senate on Wednesday included a series of tax incentives benefiting specific industries or states.
Wooden arrows: This tax break, backed by Oregon’s two senators, would benefit an Oregon manufacturer of wooden arrows for children by $2 million over 10 years.
Racetracks: Earmark would allow auto racetrack owners to depreciate their facilities over seven years, saving the industry $100 million over two years.
Rum: Offers rum producers in Puerto Rico and the Virgin Islands a rebate on excise taxes worth $192 million over two years.
Wool: Reduces tariffs for U.S. makers of wool fabric that use imported yarn, worth $148 million over five years. The measure was pushed by Reps. Louise Slaughter, D-N.Y., and Melissa Bean, D-Ill.
Exxon Valdez : Plaintiffs in the suit over the 1989 oil spill could spread their tax payments on punitive damages over three years, cutting their tax bill by $49 million. The measure was backed by Rep. Don Young, R-Alaska.
American Samoa: Allows certain corporations to reduce their tax liability on income earned in American Samoa, at a cost of $33 million over two years. (hko- largely benefits Starkist, headquartered in Pelosi’s San Francisco- her husband is a large shareholder.)
Hollywood: Extends a tax break for film and TV companies that keep their production in the United States, worth $478 million over 10 years. The provision was originally pushed by Rep. Diane Watson, D-Los Angeles. (guess who Hollywood largely supports)
Source: Taxpayers for Common Sense reported in The San Francisco Chronicle .