Winners All Around
Tuesday, July 13, 2004; Page A04
General Electric fared well in the corporate tax legislation pending in Congress, but the bills apportion benefits widely.
• Restaurant owners: House bill includes $640 million provision to extend the length of time improvements can be deducted from taxes.
• Bank directors: House bill includes $148 million measure to lower taxes on director shares of small banks.
• High-tech companies: Won lucrative provisions in both bills to allow overseas profits to be brought home at low "tax holiday" rate.
• Private collection agencies: Secured potentially valuable provisions in both bills to allow private debt collectors to recover delinquent taxes for the Internal Revenue Service.
• Home Depot: Won last-minute, $28 million addition to House bill to suspend customs duties on Chinese ceiling fans.
• Foreign gamblers: Senate bill includes $25 million tax cut for horse- and dog-track winnings.
• Hollywood: Senate bill includes a tax break, worth $1.2 billion through 2008, on domestic television and film production.
• NASCAR: Senate bill would allow track owners to write off the cost of some facilities, for a tax savings of $85 million through 2008.
• Life insurance companies: Won a provision in the Senate bill to distribute surplus accounts tax free, saving $482 million through 2013.
• Oldsmobile dealerships: The Senate bill includes a provision, worth $204 million through 2008, to help dealers of discontinued Oldsmobiles find new work.
• Cessna and Learjet: Won provisions in both bills to lower taxes on small-airplane manufacturing. The more generous Senate tax break is worth $519 million over 10 years.
© 2004 The Washington Post Company