The latest bill is here.
Updated Sunday afternoon 10/5
There appears to be an effort to set the table for a carbon tax or cap and trade in the bill. The Senate bill was a gut and stuff from a house carbon bill. Here are a couple of items we see:
From NYT:
It would also freeze a tax deduction that oil and gas companies get for certain domestic production activities. The deduction, now 6 percent, is scheduled to rise to 9 percent in 2010.
“With oil and gas prices on the rise, the oil and gas industry does not need tax incentives that it may have needed in the past,” said Senator Max Baucus, Democrat of Montana and the chairman of the Finance Committee.
The latest version, virtually identical to that passed overwhelmingly by the Senate on Sept. 23, would extend the business tax credit for research and development, expand the child tax credit and protect millions of middle-income families from the alternative minimum tax, originally aimed at high-income families. It would also provide tax relief to victims of recent natural disasters, including floods, tornadoes and severe storms
The Senate version of the bailout package is technically an amendment to a House bill that would require group health insurance plans to provide equivalence, or parity, in the coverage of mental and physical illnesses.
From the text of the bill it looks like the coal industry is in trouble from the enviros:
Subtitle B—Carbon Mitigation and Coal Provisions
Sec. 111. Expansion and modification of advanced coal project investment credit.
Sec. 112. Expansion and modification of coal gasification investment credit.
Sec. 113. Temporary increase in coal excise tax; funding of Black Lung Disability
Trust Fund.
Sec. 114. Special rules for refund of the coal excise tax to certain coal producers
and exporters.
Sec. 115. Tax credit for carbon dioxide sequestration.
Sec. 116. Certain income and gains relating to industrial source carbon dioxide
treated as qualifying income for publicly traded partnerships.
Sec. 117. Carbon audit of the tax code.
Oh and Earl may not have voted for this but he got his bicycle tax credit in there:
‘‘(F) DEFINITIONS RELATED TO BICYCLE
18 COMMUTING REIMBURSEMENT.—
19 ‘‘(i) QUALIFIED BICYCLE COMMUTING
20 REIMBURSEMENT.—The term ‘qualified bi21
cycle commuting reimbursement’ means,
22 with respect to any calendar year, any em23
ployer reimbursement during the 15-month
24 period beginning with the first day of such
25 calendar year for reasonable expenses in26
curred by the employee during such cal
Lookie here. It’s the oversight board. Well, at least the congressional reps can’t screw it up again, or can they?
(b) MEMBERSHIP.—The Financial Stability Over7 sight Board shall be comprised of— 8 (1) the Chairman of the Board of Governors of 9 the Federal Reserve System; 10 (2) the Secretary; 11 (3) the Director of the Federal Housing Fi12 nance Agency; 13 (4) the Chairman of the Securities Exchange 14 Commission; and 15 (5) the Secretary of Housing and Urban Devel16 opment.
The Tax Foundation has a list here. Here’s a shortened version:
Energy Related Targeted Tax Credits and Changes
Sec. 101. Renewable energy credit.
Sec. 102. Production credit for electricity produced from marine renewables.
Sec. 103. Energy credit.
Sec. 104. Energy credit for small wind property.
Sec. 105. Energy credit for geothermal heat pump systems.
Sec. 106. Credit for residential energy efficient property.
Sec. 107. New clean renewable energy bonds.
Sec. 108. Credit for steel industry fuel.
Sec. 109. Special rule to implement FERC and State electric restructuring policy.
Sec. 111. Expansion and modification of advanced coal project investment credit.
Sec. 112. Expansion and modification of coal gasification investment credit.
Sec. 113. Temporary increase in coal excise tax; funding of Black Lung Disability Trust Fund.
Sec. 114. Special rules for refund of the coal excise tax to certain coal producers and exporters.
Sec. 115. Tax credit for carbon dioxide sequestration.
Sec. 116. Certain income and gains relating to industrial source carbon dioxide treated as qualifying income for publicly traded partnerships.
Sec. 117. Carbon audit of the tax code.
Sec. 201. Inclusion of cellulosic biofuel in bonus depreciation for biomass ethanol plant property.
Sec. 202. Credits for biodiesel and renewable diesel.
Sec. 203. Clarification that credits for fuel are designed to provide an incentive for United States production.
Sec. 204. Extension and modification of alternative fuel credit.
Sec. 205. Credit for new qualified plug-in electric drive motor vehicles.
Sec. 206. Exclusion from heavy truck tax for idling reduction units and advanced insulation.
Sec. 207. Alternative fuel vehicle refueling property credit.
Sec. 208. Certain income and gains relating to alcohol fuels and mixtures, biodiesel fuels and mixtures, and alternative fuels and mixtures treated as qualifying income for publicly traded partnerships.
Sec. 209. Extension and modification of election to expense certain refineries.
Sec. 210. Extension of suspension of taxable income limit on percentage depletion for oil and natural gas produced from marginal properties.
Sec. 211. Transportation fringe benefit to bicycle commuters.
Sec. 301. Qualified energy conservation bonds.
Sec. 302. Credit for nonbusiness energy property.
Sec. 303. Energy efficient commercial buildings deduction.
Sec. 304. New energy efficient home credit.
Sec. 305. Modifications of energy efficient appliance credit for appliances produced after 2007.