A box accompanying a July 13 article on General Electric lobbying misstated the length of a tax break in the Senate corporate tax bill that would benefit private airplane manufacturers such as Cessna and Learjet. Under the proposal, the companies would get a break worth $519 million over five years, not 10 years. (Published 7/15/04)
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.